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.
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 Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
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. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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.
BFSI Security Market: Regional Segment Analysis
List of Figures
FIG. 1 Research Methodology
FIG. 2 Research Methodology – Basic Overview
FIG. 3 Research Methodology – Detailed View
FIG. 4 Global BFSI Security Market Revenue, 2016 - 2026 (USD Million)
FIG. 5 Porter’s Five Forces Analysis for Global BFSI Security Market
FIG. 6 Global BFSI Security Market Attractiveness, By Security Type
FIG. 7 Global BFSI Security Market Attractiveness, By Physical Security
FIG. 8 Global BFSI Security Market Attractiveness, By Information Security
FIG. 9 Global BFSI Security Market Attractiveness, By End-Use
FIG. 10 Global BFSI Security Market Attractiveness, By End-User
FIG. 11 Company Share Analysis, 2019
FIG. 12 Global BFSI Security Market Revenue Share, by Security Type, 2019 & 2026
FIG. 13 Global BFSI Security Market for Physical Security, Revenue (USD Million) 2016 - 2026
FIG. 14 Global BFSI Security Market for Information Security, Revenue (USD Million) 2016 - 2026
FIG. 15 Global BFSI Security Market Revenue Share, by Physical Security, 2019 & 2026
FIG. 16 Global BFSI Security Market for Video Surveillance, Revenue (USD Million) 2016 - 2026
FIG. 17 Global BFSI Security Market for Access Control, Revenue (USD Million) 2016 - 2026
FIG. 18 Global BFSI Security Market for Intrusion and Fire Detection, Revenue (USD Million) 2016 - 2026
FIG. 19 Global BFSI Security Market for System Integration, Revenue (USD Million) 2016 - 2026
FIG. 20 Global BFSI Security Market for Physical Security Information Management (PSIM), Revenue (USD Million) 2016 - 2026
FIG. 21 Global BFSI Security Market for Maintenance and Support, Revenue (USD Million) 2016 - 2026
FIG. 22 Global BFSI Security Market for Design and Consulting, Revenue (USD Million) 2016 - 2026
FIG. 23 Global BFSI Security Market Revenue Share, by Information Security, 2019 & 2026
FIG. 24 Global BFSI Security Market for Risk and Compliance Management, Revenue (USD Million) 2016 - 2026
FIG. 25 Global BFSI Security Market for Identity and Access Management, Revenue (USD Million) 2016 - 2026
FIG. 26 Global BFSI Security Market for Encryption, Revenue (USD Million) 2016 - 2026
FIG. 27 Global BFSI Security Market for Unified Threat Management (UTM), Revenue (USD Million) 2016 - 2026
FIG. 28 Global BFSI Security Market for Disaster Recovery, Revenue (USD Million) 2016 - 2026
FIG. 29 Global BFSI Security Market for Firewall, Revenue (USD Million) 2016 - 2026
FIG. 30 Global BFSI Security Market for Data Loss Protection, Revenue (USD Million) 2016 - 2026
FIG. 31 Global BFSI Security Market for Web Filtering, Revenue (USD Million) 2016 - 2026
FIG. 32 Global BFSI Security Market Revenue Share, by End-Use, 2019 & 2026
FIG. 33 Global BFSI Security Market for Banking, Revenue (USD Million) 2016 - 2026
FIG. 34 Global BFSI Security Market for Financial Services, Revenue (USD Million) 2016 - 2026
FIG. 35 Global BFSI Security Market for Insurance Companies, Revenue (USD Million) 2016 - 2026
FIG. 36 Global BFSI Security Market Revenue Share, by Region, 2019 & 2026
FIG. 37 North America BFSI Security Market Revenue, 2016 - 2026 (USD Million)
FIG. 38 Europe BFSI Security Market Revenue, 2016 - 2026 (USD Million)
FIG. 39 Asia Pacific BFSI Security Market Revenue, 2016 - 2026 (USD Million)
FIG. 40 Latin America BFSI Security Market Revenue, 2016 - 2026 (USD Million)
FIG. 41 The Middle-East and Africa BFSI Security Market Revenue, 2016 - 2026 (USD Million)
FIG. 42 Computer Sciences Corporation (CSC) Business Segment Revenue Share, 2018 (%)
FIG. 43 Computer Sciences Corporation (CSC) Geographical Segment Revenue Share, 2018 (%)
List of Tables
TABLE 1 Global BFSI Security Market: Snapshot
TABLE 2 Drivers of the BFSI Security Market: Impact Analysis
TABLE 3 Restraints for the BFSI Security Market: Impact Analysis
TABLE 4 Global BFSI Security Market Revenue, by Region, 2016 – 2026 (USD Million)
TABLE 5 North America BFSI Security Market Revenue, by Country, 2016 – 2026 (USD Million)
TABLE 6 North America BFSI Security Market Revenue, by Security Type, 2016 – 2026 (USD Million)
TABLE 7 North America BFSI Security Market Revenue, by Physical Security, 2016 – 2026 (USD Million)
TABLE 8 North America BFSI Security Market Revenue, by Information Security, 2016 – 2026 (USD Million)
TABLE 9 North America BFSI Security Market Revenue, by End-Use, 2016 – 2026 (USD Million)
TABLE 10 Europe BFSI Security Market Revenue, by Country, 2016 – 2026 (USD Million)
TABLE 11 Europe BFSI Security Market Revenue, by Security Type, 2016 – 2026 (USD Million)
TABLE 12 Europe BFSI Security Market Revenue, by Physical Security, 2016 – 2026 (USD Million)
TABLE 13 Europe BFSI Security Market Revenue, by Information Security, 2016 – 2026 (USD Million)
TABLE 14 Europe BFSI Security Market Revenue, by End-Use, 2016 – 2026 (USD Million)
TABLE 15 Asia Pacific BFSI Security Market Revenue, by Country, 2016 – 2026 (USD Million)
TABLE 16 Asia Pacific BFSI Security Market Revenue, by Security Type, 2016 – 2026 (USD Million)
TABLE 17 Asia Pacific BFSI Security Market Revenue, by Physical Security, 2016 – 2026 (USD Million)
TABLE 18 Asia Pacific BFSI Security Market Revenue, by Information Security, 2016 – 2026 (USD Million)
TABLE 19 Asia Pacific BFSI Security Market Revenue, by End-Use, 2016 – 2026 (USD Million)
TABLE 20 Latin America BFSI Security Market Revenue, by Country, 2016 – 2026 (USD Million)
TABLE 21 Latin America BFSI Security Market Revenue, by Security Type, 2016 – 2026 (USD Million)
TABLE 22 Latin America BFSI Security Market Revenue, by Physical Security, 2016 – 2026 (USD Million)
TABLE 23 Latin America BFSI Security Market Revenue, by Information Security, 2016 – 2026 (USD Million)
TABLE 24 Latin America BFSI Security Market Revenue, by End-Use, 2016 – 2026 (USD Million)
TABLE 25 The Middle-East and Africa BFSI Security Market Revenue, by Country, 2016 – 2026 (USD Million)
TABLE 26 The Middle-East and Africa BFSI Security Market Revenue, by Security Type, 2016 – 2026 (USD Million)
TABLE 27 The Middle-East and Africa BFSI Security Market Revenue, by Physical Security, 2016 – 2026 (USD Million)
TABLE 28 The Middle-East and Africa BFSI Security Market Revenue, by Information Security, 2016 – 2026 (USD Million)
TABLE 29 The Middle-East and Africa BFSI Security Market Revenue, by End-Use, 2016 – 2026 (USD Million)
Request the coronavirus impact analysis across industries and markets
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.
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