Global BFSI Security market expected to drive due to the rises in data breaches in the financial services industry and growing adoption of cloud-based security solutions
BFSI Security
The global BFSI security market trend generated USD 46.58 Billion in 2019 and projected to reach USD 75.86 Billion by 2027, registering a CAGR of 5.95%, during the forecast period, 2020-2027. The primary factors are the implementation of regulatory standards and acts and growing cyber threats in the BFSI industry. Additionally, the increasing penetration of the internet in developing regions, coupled with the growing adoption of connected devices that enable convenient and secure financial transactions are estimated to fuel the growth of global BFSI security in the upcoming years. Moreover, the surge in increased data theft and unauthorized access in banking and financial institutions will demand BFSI security in the near future. Also, the increasing demand for integrated security solutions in BFSI would influence the growth of the market in the forthcoming periods,
Furthermore, the surge in the number of cyber-attacks in the BFSI sector, along with the increasing demand for security solutions and services, has grown to protect confidential data in the BFSI sector are projected to trigger the global BFSI security industry. The growing applications of BFSI to helps safeguard networks, prevent unauthorized access by hackers, and reduce the risk of potential malware would impact the robust growth of the global BFSI Security over the forecast span. In addition, the emergence of customized solutions, biometrics, and cybersecurity solutions based on the internet of things will accelerate the growth of the market. Additionally, the shifting of peopletoward digital transformation and adoption of online banking, will lead to the chances for data breaches, are likely to augment the global BFSI Security market across the globe.
Type Overview in the Global BFSI Security Market
Based on type, the global BFSI security market bifurcates into information security and physical security. The physical security segment likely to lead the market by 2027, owing to the growing applications of physical security in the era of IP-based video surveillance, physical security information management (PSIM), and biometrics across the world.
Physical Security Overview in the Global BFSI Security market
Based on physical security, the global BFSI security market segregated into Software (Video surveillance, Access control, Intrusion and fire detection, Physical Security Information Management (PSIM)), and Services (Consulting & training services, Integration & maintenance services, and Managed security services). The video surveillance segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to the video surveillance use to maintain cash management, monitor customers and staff activities, and provide the physical infrastructure of banking institutions.
Services will grow with excellent CAGR in the forecast span due to its help in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems.
Information Security Overview in the Global BFSI Security Market
Based on information security, the global BFSI Security market bifurcated into Software (IAM, Encryption, Disaster Recovery, Unified Threat Management, Firewall, Security and Vulnerability Management, Encryption, Data Loss Protection, Antivirus & Antimalware) and Services (Consulting & training services, Integration & maintenance services and Managed security services). The Encryption segment projected to lead the market by 2027. It is attributable to its help in preventing access to sensitive data to any unauthorized users.
End-UseOverview in the Global BFSI Security Market
Based on end-use, the global BFSI Security market categorized into Banking, Insurance Companies, and Others. The Banking segment estimated to capture the largest CAGR by 2027 in the market. It is owing to the rise in the use of advanced security solutions in banks for retaining and maximizing the potential of existing customers by safeguarding their data.
Regional Overview in the Global BFSI Security Market
By geography, the Global BFSI Security Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to the large population in these regions, which are highly dependent on online payments along with the growing demand for preventing banking and financial sector from cyber threats.
Global BFSI Security Market: Competitive Landscape
Companies such as Cisco Systems, Inc., Computer Sciences Corporation (CSC), EMC Corporation, Honeywell International, Inc., IBM Corporation, Booz Allen Hamilton, Inc, McAfee, Inc. (Intel Security Group), Sophos Group Plc., Symantec Corporation, DXC Technology Company, Axis Communications, Dell EMC, Bosch Security Systems and Trend Micro Incorporated, are the key players in the Global BFSI Security Market.
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