BFSI Security Market Size, Share, Analysis, Trends, Growth, 2032

BFSI Security Market Insights

According to Zion Market Research, the global BFSI Security Market was worth USD 58.38 Billion in 2023. The market is forecast to reach USD 171.23 Billion by 2032, growing at a compound annual growth rate (CAGR) of 12.7% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the BFSI Security industry over the next decade.

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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.

BFSI Security Market: Report Scope

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.
• Mcafee. Inc.

Other key players influencing the global market are

• IBM Corporation
• Symantec Corporation
• Sophos Group PLC
• 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