BFSI Security Market Growth, Trends Analysis 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “BFSI Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global BFSI security market growth, share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the BFSI Security Market?

The global BFSI security market size reached US$ 55.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 97.4 Billion by 2028, exhibiting a growth rate (CAGR) of 9.9% during 2023-2028.

What is BFSI Security?

Banking, financial services and insurance (BFSI) security represents the adoption of security solutions and services by financial organizations to mitigate the risk of security breaches and prevent monetary frauds. Some common types of BFSI security services and tools include encryption, access control, firewalls, video surveillance, identity and access management, intrusion and fire detection, antivirus applications, etc. BFSI security solutions are reliable, secure, cost-effective, and provide round-the-clock protection against various cybersecurity threats.

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What are the growth prospects and trends in the BFSI security industry?

The inflating need to manage threats pertaining to employee health, financial viability, overall public safety, etc., is primarily bolstering the BFSI security market. Additionally, the widespread adoption of these solutions to enable convenient, safe, and seamless financial transactions is further catalyzing the market growth.

Besides this, the escalating demand for encryption software to protect sensitive customer data and financial transactions is acting as another significant growth-inducing factor. Moreover, the growing consumer concerns towards the security of data, including personal and commercial banking details and confidential corporate information, are also augmenting the global market.

Apart from this, numerous technological advancements, such as the integration of machine learning (ML), Internet of Things (IoT), and artificial intelligence (AI) solutions to assist in tracking the location of the financial criminals, monitoring transactions, mitigating risks, detecting frauds, managing regulatory compliances, etc., are anticipated to fuel the BFSI security market over the forecasted period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  • Physical Security
  • CyberSecurity

Breakup by Physical Security Offering:

  • System
    • Physical Access System
    • Video Surveillance System
    • Perimeter Intrusion and Detection
    • Physical Security Information Management
    • Others
  • Service
    • Remote Monitoring Services
    • Security Systems Integration Services
    • Others 

Breakup by Information Security Offering:

  • Solution
    • Identity and Access Management (IAM)
    • Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
    • Data Loss Prevention (DLP)
    • Disaster Recovery
    • Distributed Denial of Service (DDoS)
    • Antivirus/Antimalware
    • Encryption
    • Others
  • Service
    • Implementation and Integration Service
    • Consulting Service
    • Support and Maintenance Service
    • Support and Maintenance Service

Breakup by Enterprise Size:

  • Large Enterprises
    • Small and Medium Enterprises

Breakup by End User

  • Banks
  • Insurance Companies
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Axis Communications AB, Booz Allen Hamilton Holding Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Robert Bosch GmbH, Seico Inc., Sophos Ltd. and Trend Micro Incorporated.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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