Overview and Scope
The banking, financial services, and insurance (BFSI) security provides long-term visibility of finances with both cyber security and physical security of banking and financial institutions. Antivirus, access control, encryption, firewalls, video surveillance, identity and access management, risk and compliance management, fire detection, and intrusion detection are some of the most commonly used security services. The banking, financial services, and insurance (BFSI) security is used in securing financial data in financial institutions.
Sizing and Forecast
The banking, financial services and insurance (bfsi) security market size has grown rapidly in recent years. It will grow from $59.66 billion in 2023 to $66.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to rise in internet penetration, increased focus on innovation, emergence of fintech companies, changes in customer preferences, demographics, and lifestyles, stringent regulations like gdpr and basel iii.
The banking, financial services and insurance (bfsi) security market size is expected to see rapid growth in the next few years. It will grow to $103.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to growing demand for cloud-based security solutions, increasing adoption of mobile devices and byod policies, rise in cybercrime and cyber threats, growing need for regulatory compliance, advancements in biometric technology. Major trends in the forecast period include ongoing digital transformation, collaboration with fintech, open banking and partnerships with technology partners, zero trust security model, behavioral analytics.
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Segmentation & Regional Insights
The banking, financial services and insurance (bfsi) security market covered in this report is segmented –
1) By Type: Physical Security, Virtual Security
2) By Information Security Offering: Solution, Service
3) By End User: Banks, Insurance Companies, Other End Users
North America was the largest region in the banking financial services and insurance BFSI security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking, financial services and insurance (bfsi) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing prevalence of cyberattacks is expected to propel the growth of banking financial services and insurance BFSI security market going forward. Cyberattacks refer to the attempt by an individual or organization to steal, breach, or expose information through unauthorized access to the system of an organization. Efficient security systems are required in the BFSI sector to mitigate business risks and prevent the substantial financial losses caused by cyberattacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cyber crime reports received in 2022 were 76,000, an increase of nearly 13% from the previous financial year. Therefore, the increasing prevalence of cyberattacks in banking, financial services, and insurance (BFSI) security will drive the growth of the banking financial services and insurance BFSI security market.
Key Industry Players
Major companies operating in the banking, financial services and insurance (bfsi) security market report are International Business Machines Corporation, Honeywell International Inc., Cisco Systems Inc., McAfee Inc., Akamai Technologies Inc., Barracuda Networks Inc., Carbon Black Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., Dell Inc., F5 Networks Inc., FireEye Inc., Forcepoint LLC, Fortinet Inc., Imperva Inc., LogRhythm Inc., Mimecast Services Limited, Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Rapid7 Inc., RSA Security LLC, SecureWorks Corp., Sophos Group Plc., Splunk Inc., Symantec Corporation, Thales Group, Trend Micro Inc., Varonis Systems Inc., Zscaler Inc.
The banking, financial services and insurance (bfsi) security market report table of contents includes:
1. Executive Summary
2. Banking, Financial Services and Insurance (BFSI) SecurityMarket Characteristics
3.Banking, Financial Services and Insurance (BFSI) Security Market Trends And Strategies
4. Banking, Financial Services and Insurance (BFSI) Security market analysis
5. Banking, Financial Services and Insurance (BFSI) SecurityMarket Size And Growth
6.Banking, Financial Services and Insurance (BFSI) Security Segmentation
7.Banking, Financial Services and Insurance (BFSI) Security Regional And Country Analysis
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27.Banking, Financial Services and Insurance (BFSI) Security Competitive Landscape And Company Profiles
28.Banking, Financial Services and Insurance (BFSI) Security Key Mergers And Acquisitions
29.Banking, Financial Services and Insurance (BFSI) Security Future Outlook and Potential Analysis
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