Saudi Arabia BFSI security market is flourishing because of deepening internet penetration, high adoption of security solutions depending on the Internet of Things (IoT), and increasing adoption of digitalization.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia BFSI (Banking, Financial Services and Insurance) security market size to grow at a CAGR of 9.4% during the forecast period between 2023 and 2029. Major growth factors for Saudi Arabia BFSI security market include increasing internet penetration and growing adoption of digitalization. Owing to the increasing risk of cyberattacks, BFSI security is widely used to enable secure and convenient financial transactions through the installation of surveillance cameras, security scanners, firewalls, biometric authentication, and anti-malware protection solutions. The increased use of encryption software to prevent illegal access and protect critical consumer data and financial activities is boosting market growth. Also, technology advancements, such as the integration of connected devices with the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI) solutions, are boosting the market growth. These technologies assist in transaction monitoring, tracing the location of financial crime, risk mitigation, fraud detection, and regulatory compliance management. As a result, increased worries about data security, such as private corporate information and personal and commercial banking details, are favorably impacting market growth. Other reasons, such as growing digitalization and an increase in cyberattacks, are expected to propel the Saudi Arabia BFSI security market during the period in analysis. However, risk of third-party services could restrain the market growth.
Saudi Arabia BFSI Security Market – Overview
Banking, financial services, and insurance (BFSI) security refers to financial firms’ use of security services and solutions to avoid monetary fraud and reduce the risk of security breaches. Some typical forms of security services and solutions include antivirus, access control, encryption, firewall, video surveillance, identity and access management, risk and compliance management, and intrusion and fire detection. BFSI security offers a dependable, safe, and cost-effective platform that protects against ongoing dangers of cyber security breaches. It also secures a variety of functions, including accepting cash deposits, giving loans, advances, overdrafts, credits, and bill discounting.
Saudi Arabia BFSI Security Market – By Type
Saudi Arabia BFSI Security market is bifurcated Physical Security and Cyber Security segments. The physical security is subdivided into system and service. The system subsegment includes physical access system, video surveillance system, perimeter intrusion & detection and physical security information management. In the system sub segment, video surveillance holds the higher market share in 2021. Surveillance systems are often used to protect the physical infrastructure of financial institutions, identify physical breaches, and secure the premises. Based on client needs, market participants’ offer customized video surveillance systems. Video surveillance systems are simple to integrate with networks and information technology systems. Physical security information management (PSIM) could lead the market. The surge may be attributed to the PSIM system’s sophisticated data processing capabilities, which offer insights and enhanced accountability of gathered data relating to clients and their financial actions. The technology has been shown to improve the efficiency and effectiveness of the BFSI industry’s threat management system. Low-cost solutions have been developed due to technology innovations.
Impact of COVID -19 on Saudi Arabia BFSI Security Market
COVID-19 virus spread to nearly every country on the earth since its discovery in December 2019, causing the World Health Organization (WHO) to declare it a public health emergency. The COVID-19 pandemic had a significant impact on the BFSI security market because to the rising use and adoption of online and digitalized financial services around the world. Furthermore, several nations have required virus lockdowns to limit viral spread; as a result, BFSI security companies are increasingly offering software-as-a-service under security platforms, which is gaining traction during the pandemic. As a result, in the mid of the global health crisis, this has emerged as one of the key growth drivers for the BFSI security market.
Major players operating in Saudi Arabia BFSI Security market include SITE, Sirar by STC, IBM, Palo Alto Networks, SBM, Cipher, NourNet, Trusted Partners, Trend Micro Incorporated, Hewlett Packard Enterprise, Norton LifeLock Inc., Dell Technologies, and SAT Microsystems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics Saudi Arabia BFSI Security Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia BFSI Security Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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