According to a recent report published by Allied Market Research, titled, “BFSI Security Market by Security Type, Enterprise Size, and End User: global opportunity analysis and industry forecast, 2020-–2027,”
The global BFSI security market size was valued at $42.73 billion in 2019, and is projected to reach $114.49 billion by 2027, growing at a CAGR of 13.2% from 2020 to 2027.
BFSI security helps in managing in-house financial processes and risk workflows by replacing them wholly through new technologies that update in real-time. In addition, BFSI security uses advance technologies such as artificial intelligence, machine learning, cloud, and open data models to enhance security over data and meet ongoing requirements of compliance. Furthermore, BFSI security includes security of cyber security and physical security of banking & other financial organizations. In addition, controls to actively mitigate risk, anti-money laundering (AML), data theft, and other customized solutions are some of the major product lines covered under the BFSI security market.
Rise in physical & cyber threats, increase in adoption of advance technologies, and rapid growth in financial firms demanding security solutions are major factors that drive the BFSI security market growth. In addition, untapped potential of emerging economies and rapid internet penetration among banking, insurance, & financial institutions are expected to provide lucrative opportunities for BFSI security solution providers in the coming years.
On the basis of security type, the information security segment acquired major share in 2019, and is projected to maintain its dominance during the forecast period. Moreover, financial institution, banks, and other financing verticals across the BFSI industry are increasingly demanding security solutions to ensure appropriate security measures. In addition, security for numerous high-profile data breaches & data theft are promoting use of security solutions in the BFSI sector.
On the basis of end user, the banks segment dominated the BFSI security market trends in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to the fact that advance security solutions applies innovative techniques & capabilities to help banks reduce costs & financial crime and improve their regulatory governance.
By region, the global BFSI security market analysis was dominated by North America in 2019, and is expected to maintain this trend during the forecast period. It was attributed to increase in awareness of BFSI security among banks & financial institutions and surge in use of digitalized technologies in this region. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period as several financial institutions & banks are increasingly adopting security solutions to boost business efficiency, lower compliance risk exposure, and increase bureaucratic competence of organizations in the region.
The BFSI security industry has experienced significant impact on revenue, owing to imposition of lockdowns & shutdowns during the pandemic. Several firms have switched business operations and started working remotely. Therefore, owing to change in business model, banks & financial institutions across major countries are implementing secured technologies & releasing new frameworks via adoption of security solutions & services in the market. Therefore, rise in adoption of security solutions, owing to rapid increase in data theft & breaches are major growth factors for firms that provide BFSI security solutions.
Key findings of the study
- By security type, the information security segment led the BFSI security market size, in terms of revenue in 2019.
- By end user, the banks segment accounted for the highest BFSI security market share in 2019.
- By region, North America generated the highest revenue in 2019.
The key players profiled in the BFSI Security industry are 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 industry.
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