BFSI Security Market Size, Share, Growth Report 2030

BFSI Security Market

BFSI Security Market - by Security Type (Physical Security (Video Surveillance, Access Control, Intrusion and Fire Detection, System Integration, Physical Security Information Management (PSIM), Maintenance and Support, Design and Consulting), and Information Security (Risk and Compliance Management, Identity and Access Management, Encryption, Unified Threat Management (UTM), Disaster Recovery, Firewall, Data Loss Protection, and Web Filtering)), End-Use (Banking, Financial Services, and Insurance Companies): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026

Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-231 Published Date: Oct-2020 Status : Published

According to the report published by Zion Market Research, global demand for BFSI security market was valued at approximately USD 10.05 Billion in 2019, and is expected to generate revenue of around USD 19.30 Billion by end of 2026, growing at a CAGR of around 9.5% between 2020 and 2026.

According to the report published by Zion Market Research, global demand for BFSI security market was valued at approximately USD 10.05 Billion in 2019, and is expected to generate revenue of around USD 19.30 Billion by end of 2026, growing at a CAGR of around 9.5% between 2020 and 2026.

Global BFSI Security Market: Overview

BFSI stands for Banking, Financial Services, and Insurance. BFSI usually consists of commercial banks, non-banking financial companies, insurance companies, cooperatives, mutual funds, pension funds, and other smaller financial entities. Banking includes core banking, private, retail, corporate, cards, and investment. Financial Services include stock broking, mutual funds, payment gateways, and so on. Insurance includes both life (living) and non-life (non-living). Electronic banking platforms have come into use as an efficient way to process banking transactions remotely. These banking transactions are executed from web-based applications over the Internet along with the security risk exposing user’s data to hackers.

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Global BFSI Security Market: Growth Factors

With an increasing number of cybercrimes activities, security of sensitive data such as personally identifiable information, commercial banking details, personal banking details, and the confidential corporate information is at a high risk. Owing to these reasons, the demand for BFSI security solutions has witnessed a high demand in the past few years and this trend will continue to grow in the near future. Bank and financial institutions are operated in the highly regulated environment. Any type of data breach incidences in such environment mainly occur due to non-compliance with various operational standards. Hence, there is increasing need for BFSI security in order to ensure the long-term security of banking and financial institutions and their data. BFSI security not only includes cyber security but it also includes physical security of banking and financial institutions.

Global BFSI Security Market: Segmentation

On the basis of the type of security, the global BFSI security market is segmented as physical security and information security. The physical security segment is further sub-segmented as video surveillance, access control, intrusion and fire detection, system integration, physical security information management (PSIM), maintenance and support, and design and consulting. The information security segment is further sub-segmented as risk and compliance management, identity and access management, encryption, unified threat management (UTM), disaster recovery, firewall, data loss protection, and web filtering. Further on the basis of end-use, the global BFSI security market is segmented as banking, financial services, and insurance companies. Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Report Scope:

Report Attributes Report Details
Report Name BFSI Security Market Research Survey Report
Market Size in 2019 USD 10.05 Billion
Market Forecast by 2026 USD 19.30 Billion
Compound Annual Growth Rate CAGR of 9.5%
Number of Pages 110
Forecast Units Value (USD Trillion), and Volume (Units)
Key Companies Covered Computer Sciences Corporation (CSC), Booz Allen Hamilton Inc, EMC Corporation, Honeywell International Inc, Cisco Systems Inc, and Mcafee Inc, IBM Corporation, Symantec Corporation, Sophos Group PLC, and Trend Micro Incorporated
Segments Covered Type of security, End-Use, By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
Countries Covered North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
Base Year 2019
Historical Year 2016 to 2018
Forecast Year 2020 - 2026
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Global BFSI Security Market: Regional Analysis

North America and Europe are anticipated to be the major players in the market owing to their early adoption of the technology; they are expected to continue this trend in the near future. In addition, owing to the presence of developing countries such as India, Australia, South Korea, and China, Asia Pacific is expected to be the fastest growing market for BFSI security. Rapid urbanization and increasing number of users on online platforms are the major factors boosting the demand for BSFI security solutions in this region.

Global BFSI Security Market: Competitive Players

Some of the major players dominating the global BFSI security market are Computer Sciences Corporation (CSC), Booz Allen Hamilton Inc., EMC Corporation, Honeywell International, Inc., Cisco Systems Inc., and Mcafee, Inc. Other key players influencing the global market are IBM Corporation, Symantec Corporation, Sophos Group PLC, and Trend Micro Incorporated.

Global BFSI Security Market Segmentation

On the basis of the Type of security

Physical security

  • Video surveillance
  • Access control
  • Physical security information management (PSIM)
  • Maintenance and support
  • Design and consulting
  • Intrusion and fire detection
  • System integration

Information security

  • Risk and compliance management
  • Identity and access management
  • Encryption
  • Unified threat management (UTM)
  • Disaster recovery
  • Firewall
  • Data loss protection
  • Web filtering

On the basis of end-use

  • Banking
  • Financial services
  • Insurance companies

BFSI Security Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Growing digitalization and rise in shifting interest towards the utilization of online financial transactions rather than the conventional banking and financial process is a predominant force of the market. Moreover, the surging demand for cloud-based security solutions at BFSI sector owing to the advancement in the technology is a major driving force in the market

According to Zion Market Research, global demand for BFSI Security market is expected to generate revenue of around USD 78.59 Billion by end of 2026, growing at a CAGR of around 10.6% between 2020 and 2026.

North America led the market of BFSI security owing to the increase in the cyber-attacks especially in the U.S. market. Growing implementation for cyber security solution in the banking sectors is likely to boost BFSI security market in the region over the upcoming years.

Some main participants of the BFSI Security market are Computer Sciences Corporation (CSC), Booz Allen Hamilton Inc., EMC Corporation, Honeywell International, Inc., Cisco Systems Inc., and Mcafee, Inc. Other key players influencing the global market are IBM Corporation, Symantec Corporation, Sophos Group PLC, and Trend Micro Incorporated., among others.

On the basis of the type of security, the global BFSI security market is segmented as physical security and information security. The physical security segment is further sub-segmented as video surveillance, access control, intrusion and fire detection, system integration, physical security information management (PSIM), maintenance and support, and design and consulting. The information security segment is further sub-segmented as risk and compliance management, identity and access management, encryption, unified threat management (UTM), disaster recovery, firewall, data loss protection, and web filtering. Further on the basis of end-use, the global BFSI security market is segmented as banking, financial services, and insurance companies.

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