The Business Research Company’s report on the Banking, Financial Services and Insurance (BFSI) Security Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the banking, financial services and insurance (bfsi) security industry?
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.
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What is the estimated market size of the banking, financial services and insurance (bfsi) security sector by 2029, based on current forecasts?
The banking, financial services and insurance (BFSI) security market size has grown rapidly in recent years. It will grow from $66.33 billion in 2024 to $74.1 billion in 2025 at a compound annual growth rate (CAGR) of 11.7%. 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.
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 $116.96 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. 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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Who are the top players in the banking, financial services and insurance (bfsi) security market?
Major companies operating in the banking, financial services and insurance (BFSI) security market include 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.
What are the major trends in the banking, financial services and insurance (bfsi) security market?
Technological advancement is a key trend gaining popularity in the banking financial services and insurance BFSI security market. Major companies operating in the banking financial services and insurance BFSI security market are adopting new technological solutions to sustain their position. For instance, in October 2022, Bosch, a Germany-based multinational engineering and technology company, launched the CyberCompare. Bosch CyberCompare helps companies and the public sector procure cybersecurity solutions for enterprise IT, Operational Technology (OT), and Internet of Things (IoT) used in production or products. The platform facilitates the purchase of security services and products by offering specification templates, expert recommendations, anonymized requests for proposals, provider quote comparisons, and managing full RFQ processes. With a team of cybersecurity specialists in Germany and the UK, Bosch CyberCompare evaluates quotes from over 7,000 providers across IT, OT, and IoT environments. As an independent platform with no vendor partnerships, it acts solely in the customer’s interest and has supported over 200 external clients in making informed cybersecurity decisions.
Which geography holds the highest banking, financial services and insurance (bfsi) security market share?
North America was the largest region in the banking financial services and insurance BFSI security market in 2024.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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How do different segments contribute to the overall expansion of the banking, financial services and insurance (bfsi) security market?
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
Subsegments:
1) By Physical Security: Access Control Systems, Video Surveillance (CCTV), Intrusion Detection Systems, Security Personnel, Perimeter Security, Fire And Safety Systems
2) By Virtual Security: Network Security, Endpoint Security, Application Security, Data Security, Identity And Access Management (IAM), Threat Intelligence, Incident Response Services
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How is the banking, financial services and insurance (bfsi) security market defined?
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.
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