BFSI Security Market Size, Share, Research Report, Trend Analysis and Global Forecast to 2022-2027

According to the latest report by IMARC Group, titled “Global BFSI Security Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global BFSI security market size reached US$ 49.9 Billion in 2021. Looking forward, the market value is anticipated to reach US$ 89.1 Billion by 2027, expanding at a CAGR of 10.10% during the forecast period (2022-2027).

Banking, financial services and insurance (BFSI) security is concerned with the employment of security services and solutions by financial organizations to alleviate the risk of security breaches and prevent monetary fraud. Some commonly used security services include antivirus, encryption, firewall, access control, video surveillance, identity and access management, risk and compliance management, fire detection, etc. BFSI security provides a secure, reliable, and cost-effective platform that provides protection against threats of cybersecurity breaches. It also secures various functions, such as granting loans, advances, overdrafts, credits, accepting cash deposits, discounting bills, etc. As a result, BFSI security finds extensive utilization across banks, financial, and insurance companies. 

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.

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Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027

BFSI Security Market Trends and Drivers:

The escalating developments in security services and solutions across countries are primarily driving the BFSI security market. Besides this, the widespread application of encryption software to prevent unauthorized access and protect sensitive customer data and financial transactions is further stimulating the market growth.

Apart from this, several technological advancements, such as machine learning (ML), the Internet of Things (IoT), artificial intelligence (AI) solutions, etc., are also catalyzing the global market. Moreover, the elevating requirement for security services in detecting frauds, monitoring transactions, tracking the location of the financial crime, mitigating risks, managing regulatory compliances, etc., is acting as another significant growth-inducing factor.

Furthermore, the increasing concerns towards the security of data, including confidential corporate information and personal and commercial banking details, are expected to bolster the BFSI security market in the coming years. 

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Global BFSI Security Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

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 type, physical security offering, information security offering, enterprise size and end user.

Breakup by Type:

  • Physical Security
  • CyberSecurity

Breakup by Physical Security Offering:

  • System
    • Physical Access System
    • Video Surveillance System
    • Perimeter Intrusion and Detection
    • Physical Security Information Management
    • Others
  • Service
    • Remote Monitoring Services
    • Security Systems Integration Services
    • Others

Breakup by Information Security Offering:

  • Solution
    • Identity and Access Management (IAM)
    • Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
    • Data Loss Prevention (DLP)
    • Disaster Recovery
    • Distributed Denial of Service (DDoS)
    • Antivirus/Antimalware
    • Encryption
    • Others
  • Service
    • Implementation and Integration Service
    • Consulting Service
    • Support and Maintenance Service
    • Support and Maintenance Service

Breakup by Enterprise Size:

  • Large Enterprises
    • Small and Medium Enterprises

Breakup by End User

  • Banks
  • Insurance Companies
  • Others

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

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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