The banking, financial services, and insurance sector, or the BFSI sector consists of commercial banks, insurance companies, and cooperatives. It also consists of non-banking financial companies, pension funds, and mutual funds. According to the industry research firm, the major reason that is driving the global market of BFSI is the growing demand for integrated solutions. Furthermore, the preference or common security platform is growing which reduces the rate and difficulties of financial services. This also subsidizes the optimistic growth of the BFSI market.
Market research analysis demonstrates that increased mobile usage and growing digitalization are also stimulating the demand of modern BFSI technologies and approaches in the global market. Moreover, strict government rules and regulations regarding data security along with the increasing implementation of the internet of things is also expected to deliver a constructive impact on the BFSI market. The demand for security solutions and facilities has increased for protecting the confidential data owing to the growing number of cyber-attacks in the BFSI sector in recent years. However, according to the market intelligence services’ reports, the lack of awareness regarding the modern BFSI system in the developing economies and the need for the conjunction of numerous security solutions are the major issues that are preventing the BFSI security market growth.
The global market insights have segmented the BFSI market into three parts that are based on their end-use, type, and region. As per type, the market is segmented into information security and physical security. The physical security is segmented into various parts such as video surveillance, physical security information management (PSIM), access control, and consulting. Furthermore, the information security is also segmented into various parts such as risk and compliance management, disaster recovery, web filtering, unified threat management (UTM), and identity and access management. The business market research has divided the BFSI market into four major regions that consist of Europe, Asia Pacific, North America, and the Rest of the world which includes South America, Middle East, and Africa. Check out the latest market research reports and in-depth data analysis to gain a better perspective of the BFSI market across the globe.