BFSI Security Market Report by Type (Physical Security, Cyber Security), Physical Security Offering (System, Service), Information Security Offering (Solution, Service), Enterprise Size (Large Enterprises, Small and Medium Enterprises), End User (Banks, Insurance Companies, and Others), and Region 2024-2032

BFSI Security Market Report by Type (Physical Security, Cyber Security), Physical Security Offering (System, Service), Information Security Offering (Solution, Service), Enterprise Size (Large Enterprises, Small and Medium Enterprises), End User (Banks, Insurance Companies, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4968
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Market Overview:

The global BFSI security market size reached US$ 60.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 131.4 Billion by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 60.5 Billion
Market Forecast in 2032
US$ 131.4 Billion
Market Growth Rate 2024-2032 8.6%


Banking, financial services and insurance (BFSI) security refers to the adoption of security services and solutions by financial organizations to prevent monetary frauds and mitigate the risk of security breaches. Antivirus, access control, encryption, firewall, video surveillance, identity and access management, risk and compliance management and intrusion and fire detection are some commonly used types of security services and solutions. BFSI security provides a reliable, secure and cost-effective platform that provides protection against continuous threats of cybersecurity breaches. It also secures various functions, such as accepting cash deposits, granting loans, advances, overdrafts, credits and discounting of bills.

Global BFSI Security Market

BFSI Security Market Trends:

Significant growth in the BFSI industry across the globe is one of the key factors creating a positive outlook for the market. Due to the increasing risk of cyber threats, BFSI security is widely adopted to enable secure and convenient financial transactions by installing surveillance cameras, security scanners, firewalls, biometric authentication and anti-malware protection solutions. Additionally, the widespread adoption of encryption software to prevent unauthorized access and protect sensitive customer data and financial transactions is favoring the market growth. Moreover, various technological advancements, such as the integration of the connected devices with the Internet of Things (IoT), machine learning (ML) and artificial intelligence (AI) solutions, are favoring the market growth. These technologies aid in monitoring transactions, tracking the location of the financial crime, mitigating risks, detecting frauds and managing regulatory compliances. In line with this, rising concerns regarding the security of data, such as confidential corporate information and personal and commercial banking details, is positively impacting the market growth. Other factors, including, rapid digitalization, along with the rising number of cyber-attacks, are anticipated to drive the market toward growth.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global BFSI security market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, physical security offering, information security offering, enterprise size and end user.

Breakup by Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Breakup by Physical Security Offering:

  • System
  • Service
    • Remote Monitoring Services
    • Security Systems Integration Services
    • Others
       

Breakup by Information Security Offering:

  • Solution
    • Identity and Access Management (IAM)
    • Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
    • Data Loss Prevention (DLP)
    • Disaster Recovery
    • Distributed Denial of Service (DDoS)
    • Antivirus/Antimalware
    • Encryption
    • Others
  • Service
    • Implementation and Integration Service
    • Consulting Service
    • Support and Maintenance Service
       

Breakup by Enterprise Size:

  • Large Enterprises
  • Small and Medium Enterprises
     

Breakup by End User:

  • Banks
  • Insurance Companies
  • Others
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Axis Communications AB, Booz Allen Hamilton Holding Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Robert Bosch GmbH, Seico Inc., Sophos Ltd. and Trend Micro Incorporated.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Physical Security Offering, Information Security Offering, Enterprise Size, End User, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Axis Communications AB, Booz Allen Hamilton Holding Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Robert Bosch GmbH, Seico Inc., Sophos Ltd. and Trend Micro Incorporated
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global BFSI security market was valued at US$ 60.5 Billion in 2023.

We expect the global BFSI security market to exhibit a CAGR of 8.6% during 2024-2032.

The widespread adoption of encryption software, to prevent unauthorized access and protect sensitive customer data and financial transactions, is currently driving the global BFSI security market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of BFSI security services, as they provide secured platforms for online financial transactions.

Based on the type, the global BFSI security market can be segregated into physical security and cyber security, where cyber security currently accounts for the majority of the total market share.

Based on the physical security offering, the global BFSI security market has been divided into system and service. Currently, service segment exhibits a clear dominance in the market.

Based on the information security offering, the global BFSI security market can be categorized into solution and service, where solution segment holds the majority of the global market share.

Based on the enterprise size, the global BFSI security market has been segmented into large enterprises and small and medium enterprises. Currently, large enterprises represent the largest market share.

Based on the end user, the global BFSI security market can be bifurcated into banks, insurance companies, and others. Among these, banks currently account for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global BFSI security market include Axis Communications AB, Booz Allen Hamilton Holding Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Robert Bosch GmbH, Seico Inc., Sophos Ltd., and Trend Micro Incorporated.

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BFSI Security Market Report by Type (Physical Security, Cyber Security), Physical Security Offering (System, Service), Information Security Offering (Solution, Service), Enterprise Size (Large Enterprises, Small and Medium Enterprises), End User (Banks, Insurance Companies, and Others), and Region 2024-2032
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