BFSI Security Market: Market Research by Knowledge Sourcing Intelligence


The Emerging BFSI Security Market and its segments


The banking, financial services, and insurance (BFSI) are the most advancing and growing business sectors. These business sectors also require security as with the advent of the cloud-based storage and increasing penetration of the internet, there also comes challenges to protect the BFSI from theft and other crimes. 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 moving the banking process online to provide efficient and convenient services to customers. This has also led to an increase in cybersecurity 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. 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 period. Major players in the market 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.


Market Segmentation

The BFSI security market has been segmented by component, type, end-user industry, and geography. By component, the market is classified as Access Control Systems, Cloud-based Services, Physical Security Software, and Surveillance Systems. Physical security software contributes to a good share of the market because of the rise in biometric devices, surveillance systems, etc.
By type, the market is classified as Physical Security, Cyber Security, and Others. The bfsi security market analysis shows that physical security segment holds a significant share of the market owing to the rapid adoption of IP based video surveillance systems, biometric devices, and physical security information management.
By end-user, the market is classified as Banking & Insurance and Others. The banking & insurance accounts for the largest revenue contributor in the market due to the rapid growth of financial services. The globalization and industrialization also augment the growth in the BFSI security market size. Furthermore, the deregulation of the banking sector in various countries have also played a vital role in boosting the growth.
By geography, the market is classified as North America, South America, The Middle East, and Africa, and The Asia Pacific. The North America region accounted for a large BFSI security market share 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 the number of private banks and financial institutions, especially in emerging economies of China and India, and is expected to expand the demand for different BFSI security solutions over the forecast period.

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