The global BFSI Security market is currently valued at $34.241 billion and is expected to grow at a CAGR of 9.72% to attain an estimated value of $59.755 billion by 2026 within the forecast period of 2021-2026.
Commercial banks, insurance firms, non-banking financial companies, cooperatives, mutual funds, retail, and other entities make up the Banking, Financial, Services, and Insurance (BFSI) sector. Banking transactions carried out through the internet run the risk of disclosing the client's confidential information. The banking, financial, and insurance industry, or BFSI, was created to address the ongoing threat of cybersecurity breaches. This system's deployment has been tremendously successful since it has produced a more trustworthy platform on which clients can be assured that their data will not be modified or stolen.
There is an ever-increasing risk of data loss as cloud-based solutions become more widely used in the information technology sector. This aspect, along with the use of Internet of Things based security solutions, is expected to boost the BFSI Security Market over the anticipated period. Furthermore, the market is likely to be driven by growing concerns about the security of sensitive data such as personal banking information, private corporate information, commercial banking details, and personally identifiable information in the forecast period.
One of the challenges for the growth of this industry is the initial expenditure required to set up security infrastructure, as well as a lack of awareness among clients.
The BFSI security market was dominated by the video surveillance segment. Surveillance systems are commonly employed to protect financial institutions' physical infrastructure, detect physical intrusions, and secure the premises. Market participants provide customers with customised video surveillance solutions based on their needs. Video surveillance systems are also simple to connect to networks and IT systems.
Over the projected period, Physical Security Information Management (PSIM) is expected to be the fastest-growing segment. The PSIM system's sophisticated data processing capabilities, which enable insights and greater accountability of obtained data relating to clients and their financial transactions, are credited with the increase. The technology is known to improve the efficiency and efficacy of the BFSI industry's threat management system.
Over the projected period, encryption software is expected to be the fastest-growing segment. To prevent illegal access and protect data relating to financial transactions and customer data, data encryption is frequently utilised. End-to-end encryption solutions are provided by industry participants to prevent unauthorised access to sensitive data.
Over the projected period, banking is expected to be the largest and fastest-growing end-use segment. Increased digitization adoption across the banking industry is projected to boost growth. Demand for enhanced security solutions is increasing as mobile wallets or digital wallets become more popular for online transactions. In growing regions like the Asia Pacific, BFSI security is being applied on a big scale. By preserving existing clients' data, banks are increasingly implementing advanced security solutions, keeping and maximising their potential.
Over the projection period, the insurance firms segment is expected to increase significantly. Because of the increasing complexity of assaults and the outsourcing of cybersecurity to third-party suppliers, mid-sized insurance businesses are more vulnerable to cyberattacks. In the approaching years, this aspect will be the driving force behind the segment. Insurance firms put money on dependable solutions to protect their clients' financial and personal data. Furthermore, businesses are concentrating on low-risk financial services. Insurance businesses are projected to embrace BFSI security solutions as a result of these considerations.
North America held the biggest market share in 2020 and is expected to maintain this position throughout the projected period. The existence of important market companies such as DXC Technology Company, McAfee, Inc., and Symantec Corporation is credited with this. These firms provide a wide range of data protection devices, including cameras, displays, detection sensors, and software, to the banking, financial services, and insurance security markets.
The fastest-growing regional market is predicted to be the Asia Pacific, owing to the increasing usage of advanced banking solutions in China, Japan, India, and Australia. Furthermore, the regional market is being driven by the increased digitalization of BFSI enterprises to deliver online financial services. Financial institutions have been encouraged to create threat management systems to secure their digital assets and consumer data as a result of digitalization. Credit or debit card numbers, bank account numbers, and payment information are all examples of sensitive client information. Customers can now make online payments for food, transportation, and leisure activities owed to the introduction of fintech services in the region. The growing use of mobile payments in emerging nations like India and China has prompted banks to implement a strong threat management system to protect financial data. The growing necessity to secure data from hackers has prompted the region's adoption of BFSI security solutions.
McAfee is the largest cybersecurity company in terms of market size. While Sophos is the global leader of cybersecurity in terms of innovation.
The COVID-19 pandemic has had a significant impact on the BFSI security market because of the rising use and adoption of online and digitalized financial services around the world. Furthermore, to prevent virus spread, many nations have required lockdowns; as a result, BFSI security providers are increasingly offering software-as-a-service under security platforms, which is gaining traction during the pandemic situation. As a result, during the global health crisis, this has emerged as one of the leading growth drivers for the BFSI security market.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 BFSI Security Market, By Physical Security
6.1.1 Video Surveillance
6.1.2 Access Control
6.1.3 Intrusion & Fire Detection
6.1.4 Physical Security Information Management (PSIM)
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 BFSI Security Market, By Information Security
6.2.1 Antivirus & Antimalware
6.2.2 Disaster Recovery
6.2.5 Identity Access Management
6.2.6 Security & Vulnerability Management
6.2.7 Unified Threat Management
6.2.8 Market Size Estimations & Forecasts (2021-2026)
6.2.9 Y-o-Y Growth Rate Analysis
6.2.10 Market Attractiveness Index
6.3 BFSI Security Market, By End-User
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Physical Security
7.2.3 By Information Security
7.2.4 By End-User
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Physical Security
7.3.3 By Information Security
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Physical Security
7.4.3 By Information Security
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Physical Security
7.5.3 By Information Security
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Physical Security
7.6.3 By Information Security
7.6.4 By End-User
8. Key Player Analysis
8.1 Booz Allen Hamilton
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Cisco Systems
8.4 Dell Inc
8.7 DXC Technology
8.9 Bosch Security Systems
8.10 Trend Micro
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures