Global BFSI Security Market – Size, Outlook, Trends and Forecast (2024 – 2032)

BFSI security represents the ownership position for companies that provide a range of such financial services include payment gateways, mutual funds etc. Global BFSI security market size was valued at $33.42 billion in 2017 and is estimated to reach $74.61 billion by 2025 with the CAGR of 10.56% during 2019-2025. The major factors driving BFSI security market growth are increasing BFSI services through digitalisation, rising cybersecurity breaches, promoting regulatory acts & standards, rising deployment of cloud-based services, growing risk of data loss, increasing integrated security solutions, enhancing the feature of controlling cybercrime effectively, cost reduction by growing preference for common platform security platform and increasing usage of mobile data. However, lack of awareness on advanced BFSI, need for convergence of various security solution, complexity in security infrastructure, poor knowledge on customers, lack of interoperability between security products and the high cost of implementation are hampering the market growth. The factors that are expected to drive the market in future are security solutions based on the internet of things, promotion of stringent regulations from government, raising awareness in public on threats to data and importance of security in organisations.

Research Study Objectives:

• Define, estimate, and forecast the BFSI security market statistics by component, security type, solution, services, end users and regions concerning the individual growth drivers, market trends and their contribution toward the BFSI security market growth
• Provides comprehensive information regarding the key factors influencing the market growth (Drivers, Restraints & Challenges, and Opportunities)
• Estimate & forecast the market size of all the segments concerning geographies including North America, Europe, Asia Pacific (APAC), South America and the Middle East and Africa (MEA).
• Recent competitive developments including M&A (mergers and acquisitions), partnerships, and product innovations are provided in the BFSI security market analysis report.
• Analysis and conclusions on the future BFSI security market outlook.

Top-down and bottom-up approaches are used to validate the BFSI security market size and are used to estimate the size of other dependent submarkets. Key players in the market are identified through various secondary sources; databases including Bloomberg Businessweek, Hoovers, Factiva, journals and associations and the market revenues are estimated and are thoroughly validated through primary and secondary research. Secondary research involves the study of annual and financial reports of top players in the market, whereas primary research includes extensive interviews with the KoL’s such as CEOs, directors, board members, VP’s, sales managers, engineers, marketing executives, technicians, account managers, investors, strategic decision makers and others. The BFSI security market shares and breakdowns are determined using secondary sources and are verified by the primary sources. All possible parameters/factors that are affecting the BFSI security market demand are covered in the research study are verified through primary research, analysed and interpreted to get the final qualitative and quantitative data. This data is collected and added with detailed analysis from Envision Inteligence and presented in this report.

The scope of the Report

The BFSI security market segmentation is as follows:

By Component

• System
  • Video Surveillance
  • Access Control
  • Intrusion & Fire Detection
  • Physical Security Information Management

By Security Type

• Physical Security
• Information Security

 By Solution

• Identity & Access Management
• Risk & Compliance Management
• Encryption
• Disaster Recovery
• Unified Threat Management
• Firewall
• DDoS Mitigation
• Security & Vulnerability Management
• Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
• Data Loss Protection (DLP)
• Antivirus & Anti-Malware
• Web Filtering
• Others

By End Users

• Banking
• Insurance Company
• Other financial institutions

 Geographical Analysis:

BFSI security market is segmented by geography into North America, South America, Europe, APAC and Middle East & Africa. U.S., Canada, Mexico and Costa Rica are analysed under North American region which is usually turning as the hotspot in the market. The South American region is further segregated into Brazil, Argentina, Chile, Columbia and some other emerging economies. In Europe, the market is extensively examined by covering U.K., Germany, France, Italy, Spain, Netherlands, Poland, Switzerland and some other promising economies. APAC is further categorised by countries into China, India, Japan, South Korea, Australia & New Zealand, Malaysia, Singapore and many other emerging nations. In the Middle East & African region, Saudi Arabia, UAE, Iran, Iraq, Qatar, South Africa, Algeria, Morocco, Nigeria and so on countries are evaluated to understand the market growth lucidly.

Customization Options:

With the given research report, Envision Inteligence offers customisations as per the client’s specific requirements. The following customisation options offered for the BFSI security market include:

• Scope Revision
• Geographic Analysis
• Company Profiles
• Historical Data & Forecasting
• Key Contact Persons in companies

Global BFSI security Market Research Report Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have a complete market analysis through industry value chain analysis, Porter’s Five Force Model, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
• Identifying DROC in the current market and their impact on altering market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the significant BFSI security, such as
  • DXC Technology Company
  • Cisco Systems, Inc.
  • EMC Corporation
  • Honeywell International, Inc.
  • IBM Corporation

Along with these companies, many other companies are considered in the report while analysing the global BFSI security market competitive strategies and environment. These companies held substantial share-owning to the nature of the industry whereas, the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players also have considerable presence owing to its robust brand image, geographical reach and stable customer base.