Report Code: A10561 | Pages: 304 | Mar 2021 | 11705 Views | ||
Author(s) : Aarti G, Pramod B , Vineet K | Tables: 162 | Charts: 70 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !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.
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.
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.
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.
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.
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.
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.
Key benefits for stakeholders
Key market segments
By Security Type
By Physical Security Offering
By Information Security Offering
By Enterprise Size
By Region
Key market players
BFSI Security Market Report Highlights
Aspects | Details |
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By TYPE OF SECURITY |
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By OFFERING |
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By Information Security Offering |
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By Enterprise Size |
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By END USER |
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By Region |
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Key Market Players | MICROSOFT, DELL INC., TREND MICRO INCORPORATED, Honeywell International Inc., MCAFEE, LLC, INTERNATIONAL BUSINESS MACHINES CORPORATION, BOOZ ALLEN HAMILTON INC., SOPHOS LTD., CISCO SYSTEMS, INC., BROADCOM |
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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.
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