0
2021
Bfsi Security Market

BFSI Security Market by Security Type (Physical Security [System & Services] and Information Security [Solution & Services]), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and End User (Bank, Insurance Companies, and Others) : Global Opportunity Analysis and Industry Forecast, 2020–2027
Update Available On-Demand

A10561
Pages: 304
Mar 2021 | 9470 Views
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 162
Charts: 70
  • Formats*:

  • SIngle User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Bfsi Security Market

Request Now !

BFSI security market Outlook - 2027

The global BFSI security market size was valued at $42,738 million in 2019, and is projected to reach $114,498 million by 2027, registering a CAGR of 13.2%. 

The BFSI sector includes banking, financial services, and insurance firms, which are operated in highly regulated & secured business environment. In addition, increase in need of BFSI security, owing to data breach incidences & other security issues across various operational standards also propels the market growth. Moreover, BFSI security solution & services ensure long term visibility of finances, with both cyber security & physical security of banking, financial institutions.

BFSI-Security-Market,-2020-2027

Get more information on this report : Request Sample Pages

The key factors that drive the growth of the global BFSI security market trends include increase in physical & virtual threats such as data thefts, burglary, and cyber-attacks has become a major growth factor for the market. In addition, surge in adoption of advance technologies & change in business models by implementing software programs result in major security concerns over data. This factor, as a result, propels the BFSI security market growth. However, huge cost involved in implementation of security software & solutions and rise in risk due to third-party security services are some of the factors that limit the market growth.

Furthermore, developing economies offer significant opportunities for BFSI security solution providers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, surge in adoption of internet among BFSI sector & use of digitalized platforms via internet is expected to provide lucrative opportunities during the forecast period.

The large enterprises segment dominated the BFSI security industry in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to the fact that enterprises under this category involve huge amount of data, hence are compelled to adopt regulatory programs. Therefore, massive presence of publicly traded companies across the BFSI sector emphasizes on importance of security solutions & services in the market. 

The report focuses on growth prospects, restraints, and trends of the BFSI security market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the BFSI security market.

BFSI Security Market
By Security Type

Your browser does not support the canvas element.

Information security is projected as one of the most lucrative segments.

Get more information on this report : Request Sample Pages

Get more information on this report : Request Sample Pages

Segment review

The BFSI security market is segmented on the basis of security type, enterprise size, end user, and region. On the basis of security type, the market is bifurcated into physical security and information security. In terms of physical security, the market is further bifurcated into system and services. Based on information security, the market is further bifurcated into solution and services. On the basis of enterprise size, it is segmented into large enterprises and small & medium enterprises (SMEs). By end user, it is segmented into banks, insurance companies, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The report analyses profiles of key players operating in the BFSI security market industry, which include Booz Allen Hamilton Inc., Broadcom, Cisco Systems, Inc., Dell Inc., Honeywell International Inc., IBM Corporation, McAfee, LLC, Microsoft, Sophos Ltd, and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the BFSI security market industry.

BFSI Security Market
By Enterprise Size

Your browser does not support the canvas element.

Small & medium enterprises (SMEs) is projected as one of the fastest growing segments.

Get more information on this report : Request Sample Pages

Get more information on this report : Request Sample Pages

COVID-19 impact analysis

COVID-19 pandemic has a significant impact on the BFSI security market, owing to increase in use and adoption of online and digitalized financial services globally. Moreover, to curb spread of virus, several regions have imposed lockdowns, therefore, BFSI security providers increasingly offer software-as-a-services under security platforms and are gaining momentum during the pandemic situation. This, in turn, has become one of the major growth factors for the BFSI security market during the global health crisis. 

Top impacting factors

Increase in adoption of digitalization in BFSI sector

Rapid adoption of technologies such as artificial intelligence, machine learning, and block chain among the BFSI sector has led to massive threat issues for secured data. In addition, with increase in digitalization in this sector, demand for security of data due to cyber-attacks & thefts continues to rise in the BFSI security market. Moreover, banks, financial institutions, and other financing firms are rapidly switching toward digitalized business operations, and thus, adoption & implementation of security solutions & services has increased tremendously.  Therefore, the BFSI security market provides cyber-security services to protect the BFSI sector from such threat issues and as a result, is one of the major factors to propel the market growth.

BFSI Security Market
By End User

Your browser does not support the canvas element.

Banks accounted for the largest market share in 2019.

Get more information on this report : Request Sample Pages

Get more information on this report : Request Sample Pages

Risk of third-party services  

The BFSI sector is exposed to both external as well as internal security threats, therefore, implements security solutions & services. However, BFSI security firms are mostly third-party service providers, offering security solutions across various industry verticals and at a different range of clients at the same time. Moreover, it may cause complexity issues for firms to manage data of different companies. Thus, trust issues over security solutions & services and risk of third-party involvement, which might result in leakage of sensitive information restrains the market growth.

Rise in adoption of internet in the BFSI sector 

Growth in adoption of internet across the BFSI sector stimulates the use of security products & services. Moreover, massive adoption & implementation of product lines such as intrusion, surveillance camera, and firewalls, which enables convenient & secured financial transactions are expected to grow in the market. In addition, easy & simpler access to internet is encouraging the BFSI sector to implement security solutions for threat management systems and securing payment gateways. Therefore, the aforementioned factors are anticipated to provide lucrative opportunities for the BFSI security market growth.

BFSI Security Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 15.3% during 2020-2027.

Get more information on this report : Request Sample Pages

Get more information on this report : Request Sample Pages

Key benefits for stakeholders 

  • The study provides in-depth analysis of the global BFSI security market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • An extensive analysis of the key segments of the industry helps to understand the global BFSI security market forecast.
  • The quantitative analysis of the global BFSI security market size from 2020 to 2027 is provided to determine the market potential.

Key market segments

By Security Type

  • Physical Security 
  • Cyber Security

By Physical Security Offering

  • System
    • Physical Access System
    • Video Surveillance System
    • Perimeter Intrusion and Detection
    • Physical Security Information Management
    • Others
  • Service
    • Remote Monitoring Services
    • Security Systems Integration Services
    • Others

By Information Security Offering

  • Solution
    • Identity & 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
    • Other Solutions
  • Service
    • Implementation & Integration Service
    • Consulting Service
    • Support & Maintenance Service

By Enterprise Size

  • Large Enterprises 
  • Small & Medium Enterprises (SMEs)
  • By End User
  • Banks
  • Insurance Companies
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific 
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Singapore
    • Rest of Asia-Pacific 
  • LAMEA
    • Latin America 
    • Middle East
    • Africa

Key market players

  • Booz Allen Hamilton Inc.
  • Broadcom
  • Cisco Systems, Inc. 
  • Dell Inc. 
  • Honeywell International Inc.
  • IBM Corporation
  • McAfee, LLC
  • Microsoft 
  • Sophos Ltd
  • Trend Micro Incorporated 
 

Loading Table Of Content...


 
 

  Sectors such as banks, insurance companies, and financial institutions are largely engaged in regulating environment with huge involvement of financial data & services. In addition, firms operating in the BFSI sector are facing increased data theft and unauthorized access occurrences, owing to non-compliance to various standards. As a result, demand for security solutions & services among banking & financial organizations has increased tremendously. This, as a result has become a major trend in the global BFSI security market. In addition, the COVID-19 outbreak has a significant impact on the BFSI security market as several firms in the sector aim at investing in technologies to ensure security of data & expansion of their offerings in the market. However, a considerable number of companies perceive that they have minimum BFSI security solutions exposure. This scenario is changing, and 2019 has witnessed an increase in sales of BFSI security solutions, owing to rapid increase in number data thefts among financial transactions. As a result, firms in the sector are implementing security solution to protect consumer data and financial information, which has led to innovations & new trends in the BFSI security industry.

The BFSI security market is consolidated with the presence of regional vendors such as Cisco Systems, Inc., Dell Inc., and McAfee, LLC. North America and Europe dominated the BFSI security market, in terms of revenue in 2019, and are expected to retain their dominance during the forecast period. However, Asia-Pacific is expected to experience significant growth in the future, owing to emerging economies, increase in government support toward banking & financial industries for implementing BFSI security solutions in the region. Furthermore, the BFSI security market is particularly brisk in countries, such as China, Japan, India, Australia, Indonesia, Korea, Hong Kong, Taiwan, New Zealand, and Singapore, with high GDP growth and rise in per capita income. Some of the key players profiled in the report include Booz Allen Hamilton Inc., Broadcom, Honeywell International Inc., IBM Corporation, Microsoft, Sophos Ltd, and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. 

Flash Sale
PURCHASE OPTIONS

Start reading instantly ,This Report and over 13000+ more Reports, Available with Avenue Library, T&C*

Call or Email us

U.S.-Canada
Toll-free :
+1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

FREQUENTLY ASKED
QUESTIONS?

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Free Sample

OR

Purchase Full Report of
Bfsi Security Market

Start reading instantly.
This Report and over 13,000+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,713  $3,342
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Data Pack
  • $4,126  $3,713
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $5,770  $4,905
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $6,930  $5,891
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise
    License/PDF

  • $10,665  $8,532
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers