Product Code: SR112023A4968
Abstract
The global BFSI security market size reached US$ 55.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 97.4 Billion by 2028, exhibiting a growth rate (CAGR) of 9.99% during 2022-2028.
Banking, financial services and insurance (BFSI) security refers to the adoption of security services and solutions by financial organizations to prevent monetary frauds and mitigate the risk of security breaches. Antivirus, access control, encryption, firewall, video surveillance, identity and access management, risk and compliance management and intrusion and fire detection are some commonly used types of security services and solutions. BFSI security provides a reliable, secure and cost-effective platform that provides protection against continuous threats of cybersecurity breaches. It also secures various functions, such as accepting cash deposits, granting loans, advances, overdrafts, credits and discounting of bills.
BFSI Security Market Trends:
Significant growth in the BFSI industry across the globe is one of the key factors creating a positive outlook for the market. Due to the increasing risk of cyber threats, BFSI security is widely adopted to enable secure and convenient financial transactions by installing surveillance cameras, security scanners, firewalls, biometric authentication and anti-malware protection solutions. Additionally, the widespread adoption of encryption software to prevent unauthorized access and protect sensitive customer data and financial transactions is favoring the market growth. Moreover, various technological advancements, such as the integration of the connected devices with the Internet of Things (IoT), machine learning (ML) and artificial intelligence (AI) solutions, are favoring the market growth. These technologies aid in monitoring transactions, tracking the location of the financial crime, mitigating risks, detecting frauds and managing regulatory compliances. In line with this, rising concerns regarding the security of data, such as confidential corporate information and personal and commercial banking details, is positively impacting the market growth. Other factors, including, rapid digitalization, along with the rising number of cyber-attacks, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global BFSI security market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, physical security offering, information security offering, enterprise size and end user.
Breakup by Type:
Physical Security
Cyber Security
Breakup 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
Breakup by Information Security Offering:
Solution
Identity and 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
Others
Service
Implementation and Integration Service
Consulting Service
Support and Maintenance Service
Breakup by Enterprise Size:
Large Enterprises
Small and Medium Enterprises
Breakup by End User:
Banks
Insurance Companies
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Axis Communications AB, Booz Allen Hamilton Holding Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Robert Bosch GmbH, Seico Inc., Sophos Ltd. and Trend Micro Incorporated.
Key Questions Answered in This Report
- 1. What was the size of the global BFSI security market in 2022?
- 2. What is the expected growth rate of the global BFSI security market during 2023-2028?
- 3. What are the key factors driving the global BFSI security market?
- 4. What has been the impact of COVID-19 on the global BFSI security market?
- 5. What is the breakup of the global BFSI security market based on the type?
- 6. What is the breakup of the global BFSI security market based on the physical security offering?
- 7. What is the breakup of the global BFSI security market based on the information security offering?
- 8. What is the breakup of the global BFSI security market based on the enterprise size?
- 9. What is the breakup of the global BFSI security market based on the end user?
- 10. What are the key regions in the global BFSI security market?
- 11. Who are the key players/companies in the global BFSI security market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global BFSI Security Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Physical Security
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Cyber Security
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Physical Security Offering
- 7.1 System
- 7.1.1 Market Trends
- 7.1.2 Key Segments
- 7.1.2.1 Physical Access System
- 7.1.2.2 Video Surveillance System
- 7.1.2.3 Perimeter Intrusion and Detection
- 7.1.2.4 Physical Security Information Management
- 7.1.2.5 Others
- 7.1.3 Market Forecast
- 7.2 Service
- 7.2.1 Market Trends
- 7.2.2 Key Segments
- 7.2.2.1 Remote Monitoring Services
- 7.2.2.2 Security Systems Integration Services
- 7.2.2.3 Others
- 7.2.3 Market Forecast
8 Market Breakup by Information Security Offering
- 8.1 Solution
- 8.1.1 Market Trends
- 8.1.2 Key Segments
- 8.1.2.1 Identity and Access Management (IAM)
- 8.1.2.2 Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
- 8.1.2.3 Data Loss Prevention (DLP)
- 8.1.2.4 Disaster Recovery
- 8.1.2.5 Distributed Denial of Service (DDoS)
- 8.1.2.6 Antivirus/Antimalware
- 8.1.2.7 Encryption
- 8.1.2.8 Others
- 8.1.3 Market Forecast
- 8.2 Service
- 8.2.1 Market Trends
- 8.2.2 Key Segments
- 8.2.2.1 Implementation and Integration Service
- 8.2.2.2 Consulting Service
- 8.2.2.3 Support and Maintenance Service
- 8.2.3 Market Forecast
9 Market Breakup by Enterprise Size
- 9.1 Large Enterprises
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Small and Medium Enterprises
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
10 Market Breakup by End User
- 10.1 Banks
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Insurance Companies
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Others
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.2 Asia-Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 Axis Communications AB
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.2 Booz Allen Hamilton Holding Corporation
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.2.3 Financials
- 16.3.2.4 SWOT Analysis
- 16.3.3 Check Point Software Technologies Ltd.
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.3.3 Financials
- 16.3.3.4 SWOT Analysis
- 16.3.4 Cisco Systems Inc.
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.4.3 Financials
- 16.3.4.4 SWOT Analysis
- 16.3.5 Honeywell International Inc.
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 Intel Corporation
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 International Business Machines Corporation
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.7.3 Financials
- 16.3.7.4 SWOT Analysis
- 16.3.8 Microsoft Corporation
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.8.3 Financials
- 16.3.8.4 SWOT Analysis
- 16.3.9 Robert Bosch GmbH
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.9.3 SWOT Analysis
- 16.3.10 Seico Inc.
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.11 Sophos Ltd.
- 16.3.11.1 Company Overview
- 16.3.11.2 Product Portfolio
- 16.3.12 Trend Micro Incorporated
- 16.3.12.1 Company Overview
- 16.3.12.2 Product Portfolio
- 16.3.12.3 Financials
- 16.3.12.4 SWOT Analysis