Banking, financial services and insurance (BFSI) security represents the adoption of security solutions and services by financial organizations to mitigate the risk of security breaches and prevent monetary frauds. Some common types of BFSI security services and tools include encryption, access control, firewalls, video surveillance, identity and access management, risk and compliance management, intrusion and fire detection, antivirus applications, etc. BFSI security solutions are reliable, secure, cost-effective, and provide round-the-clock protection against various cybersecurity threats.
Base Year: 2021
Forecast Year: 2022-2027
The global BFSI security market reached a value of US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027.
BFSI Security Industry Trends and Drivers:
The inflating need to manage threats related to employee health, financial viability, overall public safety, etc., is primarily driving the BFSI security market. Additionally, the widespread adoption of these security solutions to enable convenient, safe, and seamless financial transactions is further catalyzing the market growth.
Besides this, the escalating demand for encryption software to protect sensitive customer data and financial transactions is acting as another significant growth-inducing factor. Moreover, the growing consumer concerns towards the security of data, including personal and commercial banking details and confidential corporate information, are also augmenting the global market.
Apart from this, numerous technological advancements, such as the integration of machine learning (ML), Internet of Things (IoT), and artificial intelligence (AI) solutions to assist in tracking the location of the financial criminals, monitoring transactions, mitigating risks, detecting frauds, managing regulatory compliances, etc., are anticipated to fuel the BFSI security market over the forecasted period.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global BFSI Security Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Axis Communications AB, Booz Allen Hamilton Holding Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Robert Bosch GmbH, Seico Inc., Sophos Ltd. and Trend Micro Incorporated.
The report has segmented the market on the basis of region, type, physical security offering, information security offering, enterprise size and end user.
Breakup by Type:
- Physical Security
- Cyber Security
Breakup by Physical Security Offering:
- Physical Access System
- Video Surveillance System
- Perimeter Intrusion and Detection
- Physical Security Information Management
- Remote Monitoring Services
- Security Systems Integration Services
Breakup by Information Security Offering:
- Identity and Access Management (IAM)
- Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
- Data Loss Prevention (DLP)
- Disaster Recovery
- Distributed Denial of Service (DDoS)
- Implementation and Integration Service
- Consulting Service
- Support and Maintenance Service
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by End User
- Insurance Companies
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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