Global BFSI Security Market to Reach US$ 131.4 Billion by 2032, Catalyzed by Increasing Incidences of Cyberattacks

March 22, 2022 | Technology & Media

The latest report by IMARC Group, titled "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," finds that the global BFSI security market size reached US$ 60.5 Billion in 2023. 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.

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$ 131.4 Billion by 2032, expanding at a CAGR of 8.6% during the forecast period (2024-2032).

Market Summary:

  • 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.

Report Scope:

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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global BFSI Security Market to Reach US$ 131.4 Billion by 2032, Catalyzed by Increasing Incidences of Cyberattacks
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More