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BFSI Security Market Size USD 108.36 Billion By 2030, Expanding at 12.8% CAGR – Report by Market Research Future (MRFR)

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New York, US, Feb. 22, 2023 (GLOBE NEWSWIRE) — BFSI Security Market Analysis 

According to a comprehensive research report by Market Research Future (MRFR), “BFSI Security Market Research Report By Type, By Verticals and By Region— Forecast till 2030, the global BFSI security market is forecasted to reach USD 108.36 Billion by 2030, growing at a 12.8% CAGR throughout the assessment period (2020-2030).

The global BFSI security market is likely to witness significant revenue growth in the coming years. Rapid growth in the BFSI sector and the growing focus on cloud security in finance operations are key driving forces.

Banking, financial services, and insurance (BFSI) sectors worldwide are becoming a priority focus industry for economic development based on inclusive growth. Besides, the steady economic growth, increasing technological innovations & finance products, expanding distribution & networking, and increasing customer awareness of financial products drive the growth in the BFSI sector. 

BFSI Security Market Key Players 

Players leading the global BFSI security market include:

  • Honeywell International, Inc. (US)
  • Cisco Systems, Inc. (US)
  • McAfee, Inc. (US)
  • IBM Corporation (US)
  • Symantec Corporation (US)
  • Dell EMC (US)
  • Bosch Security Systems (Germany)
  • Axis Communications (Sweden)
  • Booz Allen Hamilton Inc. (US)
  • Hewlett Packard Enterprise (US)

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The BFSI sector has been a pioneer in adapting advanced technologies. With improved financial regulations & policies and technological advances, the BFSI has become more streamlined and updated than ever before. However, the proliferation of the internet and growing online transactions bring along significant cybersecurity risks. Therefore, cybersecurity has become crucial for the BFSI sector, including banks and financial institutions, to safeguard various customer assets and data.

To respond to the growing data privacy threats and cybercrimes in the BFSI sector, banks and financial institutions are increasingly spending on technology to prevent cybercrimes and protect customer data as their products and services become popular. Banking regulators mandate banks and finance companies to ensure compliance with various cybersecurity standards.

Also, the introduction of clear and vigorous guidelines on data privacy, cybersecurity, and other cyber-related threats has ensured that the BFSI sector remains compliant and ready for future risks. In recent years, BFSI players like banks, investment banks, insurance firms, and other financial institutions are increasingly implementing the best safety solutions as they become more dependent on technology and digitalization.

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Industry Trends

There has been a sharp uptick in cyberattacks over recent years due to the growing digitization worldwide. Frauds related to credit & debit cards and Internet banking have increased significantly over the past couple of years. Companies operating in the BFSI sectors are spending significantly on data security and information security to adhere to different compliances, which drives the market growth.

Moreover, Increasing alliances between financial companies and external entities and ethical hackers to ensure the safety of data and information technology systems positively impact the BFSI security market growth. Finance regulators govern and advise financial services providers, insurance firms, and banks with a series of best practices and issue timely notifications on the cyber security framework.

Also, payment aggregators and payment gateway companies are given guidelines on regulations to help them ensure the security of payment systems. On the other hand, BFSI security providers are committed to driving financial inclusion to help financial institutions increase their coverage across segments through secure digital solutions. They strive to provide BFSI companies with comprehensive solutions to digitally transform their operations for a better customer experience and accelerated business growth.

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Segments

The BFSI security market is segmented into types, technologies, services, deployment types, organization size, verticals, and regions. The type segment is sub-segmented into physical security and virtual security. The technology segment is sub-segmented into CRM, HCM, ERP, ECM, cyber security, unified communication, artificial intelligence, business intelligence, and others.

The service segment is sub-segmented into managed services, professional services, consulting, system integration, support & maintenance, and others. The deployment type segment is sub-segmented into cloud and on-premises. The organization size segment is sub-segmented into SMEs and large enterprises. The vertical segment is sub-segmented into banking and insurance companies. By region, the BFSI security market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World.

Regional Analysis

North America dominates the global BFSI security market. The market is largely driven by the presence of many key technology providers and prominent banks, like JP Morgan Chase, Bank of America, and Citibank, creating a vast demand for sophisticated cybersecurity technologies to establish round-the-clock protection against hackers. Besides, large advancements in cyber security technologies and the growing demand for data risk detection solutions boost the market size. In the United States and Canada, BFSI security technologies are witnessing huge popularity.

Competitive Analysis

The market appears to be competitive, with the presence of several large and small players operating in the market. Players operating in the market focus on optimized situational awareness for customers and ensure their mission success. These players invest heavily in R&D, global expansion, advanced technologies, and product launches to gain a larger competitive edge.

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For instance, on Feb. 18, 2023, Craft Silicon, a leading financial technology provider in India, announced a strategic partnership with Leegality partners to accelerate digital adoption. The partnership will transform the Microlending (Microfinance) Industry allowing it to deliver a delightful and paperless experience.

The alliance will also address various logistical and operational challenges in the paperwork processing to enable seamless disbursal while enhancing technology adoption. This will further enable financial institutions to streamline field operations by providing secured digital verification, digital paperwork, and easy customer onboarding. The partnership between Craft Silicon and Leegality will open new avenues for financial institutions and offer a comprehensive solution to automate the documentation process securely & seamlessly.

Related Reports:

Cyber Security Market Information, by Solutions, by Service, Application Verticals, by Region – Forecast to 2030

Smart Personal Safety and Security Device Market Research Report: By Type, End User, Region – Forecast till 2030

IoT Security Market Research Report: Information By Type, By Solution, By Technology, By Vertical, and Region – Forecast till 2030

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Pearson augments nursing content with generative AI study tools to improve nursing education and address shortages

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HOBOKEN, N.J., May 17, 2024 /PRNewswire/ — Pearson (FTSE: PSON.L), the world’s leading learning company, today announced the integration of AI study tools into its Nursing: A Concept-Based Approach to Learning series, the only nursing concepts curriculum built from the ground up as a comprehensive, cohesive learning system.

Pearson’s AI study tools combine the power of generative AI technology with trusted Pearson content to provide scaffolded, guided help when students are stuck on homework problems, and personalized explanations, summaries, and practice problems for more efficient studying.
“Integrating AI study tools into our concept-based nursing series enhances the learning experience, giving nursing students and nurse educators the resources they need to efficiently study and master course concepts,” said Anne Fahlgren, GM of Pearson’s professional portfolio. “This technology will help more nursing candidates prepare for and enter the workforce, while also giving nurse educators the means to scale their teaching further, addressing major challenges in nursing education and society.”
The AI study tools beta will be available both in Pearson+ eTextbook and the accompanying MyLab Nursing course in time for Fall 2024. MyLab is an interactive teaching and learning platform, backed by content from Pearson authors. The platform, with integrated eTextbook, allows instructors to design their course, assign homework and assessments, and monitor student progress in real time.
The US is experiencing shortages of nurses and nurse educators. The National Academy of Medicine’s 2021 report on The Future of Nursing: 2020-2030 notes that, in order to provide sufficient care for an aging population over the next decade, a substantial increase in the nursing workforce will be needed that can practice “in community-based settings with diverse populations that face a variety of lived experiences.” The NAM’s report also references hundreds of nursing faculty position vacancies that have contributed to tens of thousands of qualified applicants being turned away from nursing school admission due to the inability to adequately meet student demand.
Concept-based nursing curriculum is designed to focus on key concepts emphasizing a holistic understanding of nursing principles that can be applied across different patient populations, healthcare settings, and situations. This approach strengthens clinical reasoning skills in the course of patient care. Incorporating generative AI tools into Pearson’s concept-based nursing content supports nurse educators in scaling their teaching and students’ ability to study more efficiently.
Dr. Michelle Aebersold, University of Michigan School of Nursing Clinical Professor and contributor to Nursing: A Concept-Based Approach to Learning, said “Technological advancements like generative AI are transforming the nursing profession. The ability to adapt in a rapidly changing environment is a critical healthcare skill, whether it’s in the course of patient care or in preparing our future nurses for the workforce. The ability of the AI study tools to provide a more user-centered, customized experience is a huge benefit for our students. I’m glad they will have access to Pearson’s AI tools that accommodate the variety of ways students learn and provide personalized support in the moment students need it most. This is the future of individualized learning.”
A Fall 2023 survey of students using Pearson’s AI study tools beta showed strong levels of engagement, with 75% of respondents saying the tools were helpful or very helpful to their studies.
The inclusion of generative AI study tools further solidifies Pearson’s dedication to providing the most comprehensive and effective learning and teaching resources for nursing students and nurse educators across the US. Pearson’s AI study tools are already available in more than 30 Pearson Mastering titles and are set to be integrated into more than 40 Pearson+ eTextbooks and MyLab and Mastering titles across math, science, business, and nursing for August of 2024.
Pearson is committed to investing in the responsible application of AI to advance product innovation and enhance the learning experience to educate, certify, and credential students and the workforce.
Pearson product experts are available to demo the AI study tools for members of the media. Please request demonstrations with the media contact below.
About Pearson
At Pearson, our purpose is simple: to add life to a lifetime of learning. We believe that every learning opportunity is a chance for a personal breakthrough. That’s why our c. 18,000 Pearson employees are committed to creating vibrant and enriching learning experiences designed for real-life impact. We are the world’s leading learning company, serving customers in nearly 200 countries with digital content, assessments, qualifications, and data. For us, learning isn’t just what we do. It’s who we are. Visit us at pearsonplc.com.
Media [email protected]
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Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software

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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.

The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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CUBE acquires global regulatory intelligence businesses from Thomson Reuters

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LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.

The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.” 
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.

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