BFSI Security Market expected to USD 108.36 billion by the end of 2030, at a rising CAGR of 10.24%


The global BFSI security market size will touch $108.36 Billion at a 10.24% CAGR in the forecast period 2020- 2030, as per the new Market Research Future’s (MRFR) BFSI security market forecast report.

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Market Analysis 

The global BFSI security market size will touch $108.36 Billion at a 10.24% CAGR in the forecast period 2020- 2030, as per the new Market Research Future’s (MRFR) BFSI security market forecast report. BFSI security comprises the security of physical security and cyber security of financial organizations and banking. Virtual security (IDS/IPS, firewall, encryption, and others) and physical security (intrusion, video surveillance, and others) are the two different types of BFSI security. Owing to its various alluring features and an array of benefits BFSI security has wide applications in insurance companies and banking. 

 

Various factors are fuelling the global BFSI security market share. As per the recent MRFR market estimates, such factors include the implementation of regulatory security compliance, rising risk of cyber threats against BFSI infrastructure, increasing implantation of cloud-based systems in the IT sector, use of security solutions based on IoT, growing concerns about security of sensitive data like commercial banking details, confidential corporate information, and personal banking details, and personably identifiable information. Besides, the increasing need for cloud-based security solutions is one of the major BFSI security market opportunities and increasing use during the COVID-19 outbreak is one of the major BFSI security market trends.  

 

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On the contrary, both the lack of awareness and large operational cost may limit the global BFSI security market growth in the forecast period. 

 

Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the global BFSI security industry based on verticals and type. 

 

By type, the global BFSI security market is segmented into virtual security and physical security. The physical security segment is again segmented into intrusion, video surveillance, and others. The virtual security segment is again segmented into IDS/IPS, firewall, encryption, and others. Of these, the physical security segment will lead the market over the forecast period. 

 

By verticals, the global BFSI security market is segmented into insurance companies, banking, and others. Of these, the banking segment will dominate the market over the forecast period. 

 

Regional Analysis 

By region, the global BFSI security market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Increase in cyber-attacks, launch of extensive security measures, the presence of global players in the US, and implementation of BFSI security solutions across different industries are adding to the global BFSI security market growth in the region. 

 

In Europe, the global BFSI security market is predicted to have the second-largest share over the forecast period. Easy target for online hackers leading to more demand for advanced security systems is adding to the global BFSI security growth in the region. 

 

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Key Players 

The notable players profiled in the global BFSI security market report include Hewlett Packard Enterprise (U.S.), Booz Allen Hamilton Inc. (U.S.), Bosch Security Systems (Germany), Axis Communications (Sweden), Dell EMC (U.S.), IBM Corporation (U.S.), Symantec Corporation (U.S.), McAfee, Inc. (U.S.), Honeywell International, Inc. (U.S.), and Cisco Systems, Inc. (U.S.), among others. 

 

The global BFSI security market is highly competitive as well as fragmented with the presence of different well-established international and domestic players. These industry players have used a couple of strategies to stay ahead and cater to the surging needs of the customers such as partnerships, joint ventures, collaborations, mergers and acquisitions, new product developments, and others. Besides, they have also invested in research and development activities. 

 

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