Global BFSI Security Market Overview
The key drivers impacting the BFSI security market are the increasing risk of cyber threats against BFSI infrastructure. For instance, In July 2019, the most dreadful data breaches were the Capital One Financial Corp. breach that revealed 100 million records and the October Adobe Creative Cloud breach that revealed 7 million users. In 2017 the most noteworthy U.S. credit bureau, Equifax Inc., endured a breach that showed the personal data of 145 million people, plus Social Security numbers. It was among the worst violations on record, considering the amount of sensitive information stolen. Also, the escalating pressure on BFSI organizations to advance the consumer experience, growing attention on digital marketing activities, and availability of custom-made advanced IT solutions by IT vendors to convene precise BFSI Security Industry needs is likely to propel organizations to adopt advanced and latest IT technologies and services in the BFSI sector. Moreover, the escalating demand for cloud-based security solutions contributes to BFSI security market demand in the later years.
According to Value Market Research, the global BFSI security market size was valued at about USD 59.26 billion in 2022 and is estimated to grow at a CAGR of around 14.5% during the forecast period 2022 to 2030.
The increased risk of data loss and strict implementation of regulatory standards and acts is will likely augment the demand for BFSI security software in the forecast period. Also, the rising penetration of modern industries and the global internet is contributing to market growth. However, complexity in security infrastructure and lack of awareness among customers hampers the market in the long run. In addition, the lack of interoperability between security products impedes market growth. Nevertheless, the market trends, such as the development of security solutions based on the internet of things (IoT), might provide considerable opportunities to the market's leading players.
The BFSI security market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are Comarch SA, Accenture, ClickSoftware Technologies Klugo Group, Infor, SAP SE, Trimble Navigation Limited, Astea International, Inc., and Tech Mahindra Limited, among others.
Global BFSI Security Market Share by Region (Representative Graph)
Analysis by Physical Security:
By physical security, the report is segmented into software and services. The video surveillance of the FSM software segment dominates the physical security segment with the highest share in 2020. It is due Surveillance systems are widely used to secure the physical infrastructure of financial institutions, detect physical intrusions, and secure the premises. Moreover, video surveillance systems can be easily integrated with networks, and IT systems contribute to the growth of the video surveillance segment.
Analysis by Information Security:
By information security, the report is divided into software and services. The Encryption software segment dominates with a significant market share in 2020. It is because Data encryption is widely used to prevent unauthorized access and to protect data related to financial transactions and customer data. Moreover, Industry participants provide end-to-end encryption solutions to prevent access to sensitive data, contributing to the vast market demand for Encryption software segments in the forecast period.
Analysis by End-user:
By end-user, the report is divided into banking and insurance companies. The banking segment dominates with a significant market share in 2020. It is due to its massive adoption of integration and implementation service as it provides support to its employees and the organization concerning different aspects such as employee performance, work status, and customer and inventory management. Moreover, FSM solutions are implemented in organizations for workforce management assistance, thereby contributing to the growth of the banking segment in the forecast period.
Analysis by Region:
In the regional outlook of the global BFSI security market, the North America region dominates with the largest market share in 2020. It is due to the rise in the adoption of BFSI security solutions and extensive utilization of a range of products such as displays, cameras, software, and detection sensors, to support data security in the financial, banking, financial services, and insurance security market. Moreover, the existence of leading market players like DXC Technology Company McAfee, Inc., and Symantec Corporation and the increase in technological advancement contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Physical Security
- Software
- Video Surveillance
- Access Control
- Intrusion & Fire Detection
- Physical Security Information Management (PSIM)
- Service
- Consulting & Training Services
- Integration & Maintenance Services
- Managed Security Services
By Information Security
- Software
- Antivirus & Antimalware
- Data Loss Protection
- Disaster Recovery
- Encryption
- Firewall
- Identity Access Management
- Security & Vulnerability Management
- Unified Threat Management
- Service
- Consulting & Training Services
- Integration & Maintenance Services
- Managed Security Services
By End-use
- Banking
- Insurance Companies
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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