BFSI Security Market is estimated to grow at a CAGR of 8.92% to reach US$33.075 billion by 2022, increasing from US$21.572 billion in 2017. The advent of the internet has facilitated in moving the banking process online so as to provide efficient and convenient services to customers. This has also led to increase in cyber security threats and frauds leading to BFSI enterprises opting for precautionary measures to keep the customers’ data safe. Apart from online threats, physical security threats have also grown, leading to growing implementation of various security solutions like access control, video surveillance among others. Government regulations and industry policies regulating the need for efficient security protocols and compliance will boost the demand for these solutions over the forecast period. The increasing use of mobile data coupled with the augmenting usage of cloud-based services will also propel the growth of BFSI Security market over the forecast period.
By End-User Industry
The increase in a number of data breach incidence in banking and insurance sector leads to the high adoption of BFSI Security solutions. Moreover, changing financial regulations and increase in a number of bank accounts with growing population significantly contributes to the market growth. The growth in the use of mobile banking applications and other electronic banking platforms is expected to boost the BFSI market growth in years ahead.
Geographically, North America BFSI security market accounted for a large market share in 2016 owing to the early adoption of technology. Moreover, increasing cyber-attacks is further boosting the BSFI security market growth within the region. However, Asia Pacific is expected to grow at the fastest rate, with the increase in number of private bank and financial institutions, especially in emerging economies of China and India, and is expected to expand the demand of different BFSI security solutions over the forecast period.
The global BFSI Security market is fragmented owing to the presence of multiple regional and international players. The presence of big players with their expertise knowledge and ability to invest in R&D enhances the competitive rivalry. In order to be ahead of competition and to expand the footprint, large vendors are acquiring small vendors. Major players discussed in the reports are Bosch Security Systems, Honeywell Security, Booz Allen Hamilton, Computer Sciences Corporation, Symantec, EMC Corporation, Axis Communication, Cisco Systems, IBM, Trend Micro Incorporated, McAfee, and Panasonic among others.
BFSI Security market has been segmented by component, type, end-user industry, and geography as below
Access Control Systems
Physical Security Software
Video Surveillance Fire Detection
Identity and Access Management
By End-User Industry
Banking & Insurance
Europe Middle East and Africa
Middle East and Africa
Key questions answered by the report
What will be the BFSI Security market size from 2017 to 2022?
How are the major drivers and restraints affecting the global BFSI Security market growth and the opportunities which exist for key vendors?
Which segment and region will drive or lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behavior
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth