The latest report by IMARC Group, titled "BFSI Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global BFSI security market size reached US$ 49.9 Billion in 2021. Banking, financial services, and insurance (BFSI) security involves implementing various security solutions and practices to protect financial institutions against external and internal security threats. Some commonly used BFSI security solutions include remote monitoring, video surveillance, identity and access management, antivirus, antimalware, intrusion detection, and data encryption. It helps enhance the reliability, security, and cost-effectiveness of various processes, including accepting cash deposits, credits, overdrafts, granting loans, advances, and discounting bills. As a result, BFSI security has rapidly gained traction among banks and financial organizations to enable secure and convenient financial transactions, prevent monetary fraud, minimize the risk of security breaches, and enhance customer experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global BFSI Security Market Trends:
The increasing incidences of cyberattacks and other physical threats, and rapid growth in the BFSI industry represent the primary factors driving the market growth. In addition, financial organizations are under increased scrutiny due to various high-profile data breaches, which has strengthened the need for proper security measures. Along with this, the implementation of stringent regulatory standards and policies by governments of various countries has augmented the demand for BFSI security solutions. Furthermore, the significant shift toward digitized business operations has encouraged banking and financial institutions to adopt BFSI security solutions. Besides this, the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies that assist in monitoring transactions, tracking location, detecting frauds, and ensuring regulatory compliance have catalyzed the market growth. Other factors, including the escalating demand for cloud-based security solutions, increasing dependence on digital payments, surging internet penetration rates, growing concerns about data security, rapid digitalization, and technological advancements, are also creating a positive market outlook. Looking forward, the market value is anticipated to reach US$ 89.1 Billion by 2027, expanding at a CAGR of 10.10% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into physical and cyber security, wherein cyber security accounts for the majority of the market share.
- On the basis of the physical security offering, the market has been divided into system (physical access system, video surveillance system, perimeter intrusion and detection, physical security information management, and others) and service (remote monitoring, security systems integration, and other services). At present, the service segment holds the leading position in the market.
- Based on the information security offering, the market has been segregated into 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, and others) and service (implementation and integration, consulting, and support and maintenance services). Amongst these, the solution segment exhibits a clear dominance in the market.
- On the basis of the enterprise size, the market has been classified as large, and small and medium enterprises, wherein large enterprises represent the leading market segment.
- The market has been categorized based on the end user into banks, insurance companies, and others. Currently, banks represent the largest end user.
- Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Axis Communications AB, Booz Allen Hamilton Inc., 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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