The global BFSI security market had a value of $31.3 billion in 2019 and is expected to reach $175.1 billion by 2030, advancing at a CAGR of 16.9% during the forecast period (2020–2030). This can be attributed to the increasing number of data breaches in the financial services industry.
Globally, Asia-Pacific (APAC) is predicted to witness the fastest growth during the forecast period. The rapid growth in the BFSI security market in APAC can be attributed to the rise in cloud-based technologies, increase in the number of commercial banks, surge in the number of cyberattacks, and stringent government regulations.
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For instance, it is mandatory for the commercial banks in China to put in place appropriate risk warning and monitoring systems in order to alleviate business risks.
The financial institutions and banks are in the process of shifting their core applications over cloud network, due to various factors such as increasing need for real-time analysis of large amounts of data, escalating risks related to the usage of conventional technologies, personalized customer experience, minimal capital expenditure, and superior operational control of platforms. As the data stored over the cloud network becomes more susceptible to security breaches, the BFSI industry is implementing cloud-based security solutions.
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It is expected that the adoption of such strict security measures will lead to more efficient management of operations over the cloud network.
Due to the involvement of financial assets and the presence of massive unstructured data, the financial services industry is one of the most lucrative targets for cybercriminals. In addition to this, the rapid rise in technological advancements including the shift toward digital operations and the wide-scale adoption of online banking, will increase the probability of data breaches, thus causing huge losses to the industry.
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