financial services and insurance (bfsi) security Market Competitor Analysis, Trends, Insights, Market Report 2024 - 2033

The rise of blockchain technology in 2008 revolutionised different industrial sectors.

It is considered to be the ground-breaking innovation of the internet era.

A major breakthrough in information storage and transmission, blockchain is likely to transform the existing operating models of the BFSI industry.The technology experts Dr Garrick Hileman & Michel Rauchs in 2017 surveyed 132 use cases of blockchain technology and grouped them into different industry segments.

The below pie chart depicts the percentage share of blockchain technology in various industries.

Reduced FraudA cybercrime data says 45% of the banking and finance sectors suffer from financial crime annually.

It has gained popularity across financial intermediaries like stock exchange and money transfer services.

The global economy drives on the BFSI (Banking, Financial Services, and Insurance) sector.

In the contemporary times, the transformation of digital transactions into more sophisticated and convenient mobile-based settlement becomes inevitable.

The young and rich customers have embraced mobile banking wholeheartedly and middle age people also gradually shift toward this trend globally.

Some noteworthy changes brought by enterprise mobility in the banking and finance industry are:

Smartphone and tablets have replaced personal computers among bank employees.

People can readily carry out financial transactions as well as other processes with the help of mobile devices

There is an exciting mix of technologies like AI-blockchain and IoT looking forward to transform the BFSI industry in different ways.

There is a huge scope of modeling various localized but highly integrated IT-enabled banking and financial systems.

But it helps to be a lot more futuristic with products and build a pathway better than grassroots level understanding of customer expectations and core requirements.

It allows you to take the company the extra mile to fulfill them.

One-tap onboardingIoT devices, biometric collection centers, and seamless integration with unique identity management systems at a global level are all possible with the Internet of things.

Further, it lets the commuted taxi ride a pay just by scanning a QR code available on an integrated digital terminal within the entertainment system.

Reports of Market Research Future (MRFR) suggests that the global market is expected to reach around USD 71 Bn during the forecasted period (2016-2022) growing at a CAGR of 14%.

BFSI serves as the foundation for various financial exchanges that take place in diverse sectors and is now an integral part of national infrastructure systems.

Security and safety measures have given biometrics the much-needed impetus in opening up market possibilities.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1810Drivers and RestraintsWith an increasing number of ATMs and online banking solutions, BFSI sector has become prone to cyber threats.

Several governments have now stepped in with various regulations and policies and insisting on the stringent implementation of adequate security protocols and compliances.

Virtual security deals with encryption, firewall, IDS/IPS, web filtering, data loss protection among others.Vertical-wise segmentation of BFSI security includes banking, insurance companies, and others.

Insurance segment is expected to experience the fastest growth rate owing to tremendous transformation in deregulation, globalization and terror attacks.Regional AnalysisRegion-wise segmentation results in three prominent groups; North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).

COVID-19 Impact Analysis on BFSI Security Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.

The report encompasses data regarding market share and recent developments by key players.

Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.

The major players in the BFSI Security Market include Comarch SA, Accenture, ClickSoftware Technologies Klugo Group, Infor, SAP SE, Trimble Navigation Limited, Astea International, Inc., and Tech Mahindra Limited, among others.

This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global BFSI Security Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bfsi-security-market/download-sampleMarket SegmentationThe broad BFSI Security Market has been sub-grouped into the Physical Security, Information Security, End-Use and Region.

The report studies these subsets with respect to the geographical segmentation.

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