Increasing Risk Of Data Loss Owing To Cyberattacks On Banks And Insurance Companies Is Anticipated To Propel The BFSI Security Market Growth

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth. Data related to the banking, financial services and insurance security (BFSI) industry is highly sensitive in nature as it contains personal or financial credentials. Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.

Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market. For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered. The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers. A generic solution would not have been enough to track this malware and that would have led to loss of large amounts of sensitive financial data.

Banking and insurance payment gateways require robust safety solutions to prevent breaches and enable secure transactions. Financial databases stored on cloud create need to verify safety systems of the cloud service provider. The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.

Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software. It has caused various companies to make huge investments in cybersecurity. Furthermore, governments across the globe have laid down stringent regulations to protect digital data related to BFSI. Such regulations have mandated response testing of threat management systems used in banks and insurance companies.

The industry includes a large number of Tier 1 companies that account for a majority share in the market. Industry giants acquire or collaborate with smaller players for sharing expertise and resources. Collaborations among big and small market players enable development of innovative products and services. The market is highly competitive in nature owing to the presence of major market players offering advanced safety solutions to the BFSI industry. Companies invest in R&D to develop innovative products for financial institutions. In addition, they adopt business strategies such as mergers and acquisitions to expand their product portfolio and gain a competitive edge.

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BFSI Security Market Report Highlights

• The Physical Security Information Management (PSIM) segment is expected witness the CAGR of 18.7% over the forecast period owing to increasing cybercrimes in financial institutions
• The encryption software segment is anticipated to exhibit the highest CAGR of 17.5% over the forecast period owing to rising need for preventing unauthorized access and hacking of data
• Asia Pacific is estimated to be the fastest-growing regional market due to growth of fintech companies encouraging implementation of threat management solutions
• Key market players in the BFSI security market include DXC Technology Company; Axis Communications; Honeywell International, Inc.; McAfee, Inc.; Sophos Ltd.; Symantec Corporation; IBM Corporation; Dell EMC; Bosch Security Systems; and Booz Allen Hamilton, Inc.

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BFSI Security Market Report Highlights

Grand View Research has segmented the global BFSI security market based on physical security, information security, end use, and region:

BFSI Physical Security Outlook (Revenue, USD Billion, 2014 - 2025)

• Software
• Video Surveillance
• Access Control
• Intrusion and Fire Detection
• Physical Security Information Management (PSIM)
• Service
• Consulting & Training Services
• Integration & Maintenance Services
• Managed Security Services

BFSI Information Security Outlook (Revenue, USD Billion, 2014 - 2025)

• Software
• Antivirus & Antimalware
• Data Loss Protection
• Disaster Recovery
• Encryption
• Firewall
• Identity Access Management
• Security and Vulnerability Management
• Unified Threat Management
• Service
• Consulting & Training Services
• Integration & Maintenance Services
• Managed Security Services

BFSI Security End-use Outlook (Revenue, USD Billion, 2014 - 2025)

• Banking
• Insurance Companies

BFSI Security Regional Outlook (Revenue, USD Billion, 2014 - 2025)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• MEA

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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