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BFSI Security Market Size, Share, Opportunities, And Trends By Component (Access Control Systems, Cloud-based Services, Physical Security Software, Surveillance Systems), By Type (Physical Security, Cyber Security), By End-User Industry (Banking & Insurance, Others), And By Geography - Forecasts From 2019 To 2024

Published: May 2020 | Report Code:  KSI061610241 | Pages:  114

BFSI Security Market is estimated to grow at a CAGR of 9.10% to reach US$45.987 billion by 2024, increasing from US$27.267 billion in 2018. 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.    

bfsi security market, by end-user industry, 2019 and 2025

By Geography

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.

bfsi security market, by geography, 2025

Competitive Insight

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.                                                           

Segmentation

BFSI Security market has been segmented by component, type, end-user industry, and geography as below

  • By Component
    • Access Control Systems
    • Cloud-based Services
    • Physical Security Software
    • Surveillance Systems
  • By Type
    • Physical Security
      • Access Control
      • Video Surveillance Fire Detection
      • Others
    • Cyber Security
      • Identity and Access Management
      • Encryption
      • Disaster Recovery
      • Web Filtering
      • Others
  • By End-User Industry
    • Banking and Insurance
    • Financial Institutions
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • Australia
      • India
      • Others

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the BFSI security market?
A1. The BFSI security market is estimated to grow at a CAGR of 9.10% over the forecast period.
 
Q2. What will be the BFSI security market size by 2024?
A2. BFSI security market is projected to reach a market size of US$45.987 billion by 2024.
 
Q3. How is the BFSI security market segmented?
A3. BFSI Security market has been segmented by component, type, end-user industry, and geography.
 
Q4. Which region holds the largest market share in the BFSI security market?
A4. 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.
 
Q5. Who are the major players in the BFSI security market report?
A5. 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.            

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