BFSI Security Market Expectations & Growth Trends Highlighted Until 2027

In past one decade, electronic banking platforms have been implemented as an efficient channel to process banking transactions remotely. These banking transactions are executed from web based applications over the internet network, thus creating security risk by exposing user’s data to hackers. Apart from this, the banking, financial and insurance industry is continuously witnessing threat from global terrorism, cyber-crimes, and espionage which are leveraging the loopholes in the critical infrastructure.

With the increase in cyber-crimes activities, security of sensitive data including, personably identifiable information, personal banking details, commercial banking details, and confidential corporate information is at high risk, due to which, the demand for BFSI security solutions has witnessed traction in the past couple of years.

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 Component and Technologies Used in BFSI Security

• Access Control Systems
• Cloud Based Services
• Physical Security Software
• Surveillance Systems

BFSI Security Market: Drivers and Restraints

In the current changing world of information technology, banking and financial institutions are facing privacy issues due to increased data theft and unauthorized accesses. In BFSI sector, there is always existence of both internal and external threats with increased adoptions of ATMs and online banking solutions. As security breach of customer’s financials can hamper brand image of a particular financial institution, there necessity of safeguarding physical assets and continuous monitoring of banking data driving the growth of the market. However, the initial investment required to set up the security infrastructure is one of the challenge for the growth of this market.

Regional Overview

Asia-Pacific is witnessing rapid growth in the adoption of BFSI security solutions. With respect to this trend, various security vendors such as Honeywell International Inc. and Cisco System Inc. are expanding their business in this region in order to increase its market share in this market. Besides, the Asia-Pacific market is world’s fastest growing economy and soon is expected to be largest wealth market with the increase in private banks and financial instructions in countries such as China and India. In India, according to the data released by The Reserve Bank of India (RBI), the total number of bank accounts in India are around 600 million, out of which 25 million bank accounts holder are active users for mobile banking applications.

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Bfsi Security Market