The rise in physical and virtual risks such as data thefts, burglaries, and cyber-attacks are major growth factors for the global BFSI security market.
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Allied Market Research published a research report on the BFSI security market. The findings of the report state that the global market for BFSI security generated $42.73 billion in 2019, and is expected to garner $114.49 billion by 2027, witnessing a CAGR of 13.2% from 2020 to 2027. The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities. A rise in the adoption of digitalization and an increase in physical & virtual risks in the BFSI sector drive the global BFSI security market growth. However, the high cost of implementing security software and solutions and the increase in threats associated with third-party security services, are some of the factors limiting the market growth. On the contrary, an increase in internet penetration in the BFSI industry is likely to generate profitable prospects in the coming years.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the BFSI security market across the globe. Because of the increased use and adoption of online and digitalized financial services around the world, the Covid-19 pandemic had a huge influence on the BFSI security market. Furthermore, numerous countries have imposed lockdowns to prevent virus spread; as a result, BFSI security providers are increasingly offering software-as-a-service under security platforms and are gaining traction during the pandemic situation. As a result, amid the global health crisis, this has become one of the primary development factors for the BFSI security market.
The report offers detailed segmentation of the global BFSI security market based on security type, enterprise size, end user, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and most significant revenue-generating segments to accomplish growth in the future.
Based on security type, the information security segment held the largest share in 2019, accounting for around three-fifths of the market. It is expected to maintain its dominance during the forecast period. Security solutions are being promoted in the BFSI sector due to multiple high-profile data breaches and theft, thus driving the segment’s growth. Moreover, the same segment is anticipated to cite the fastest CAGR of 13.7% from 2020 to 2027. The report also includes an analysis of the physical security segment.
Based on end users, the bank’s segment led the BFSI security market in 2019, contributing to more than three-fifths of the market, and is anticipated to continue its dominance during the forecast period. This is due to the fact that advanced security solutions use cutting-edge methodologies and capabilities to assist banks in lowering costs, reducing financial crime, and improving regulatory compliance. However, the insurance companies segment is expected to witness the highest CAGR of 14.5% from 2020 to 2027.
Based on region, North America held the largest market share in terms of revenue in 2019, accounting for more than one-third, and is expected to maintain the lead position throughout the forecast period. This is due to a rise in BFSI security awareness among banks and financial institutions, as well as an increase in the use of digitalized technologies in this region. However, Asia-Pacific is predicted to expand at the highest CAGR of 15.3% throughout the forecast period, as a growing number of financial institutions and banks employ security solutions to improve business efficiency, reduce compliance risk exposure, and improve bureaucratic competency in the area.
Leading players of the global BFSI security market analyzed in the research include Broadcom, Booz Allen Hamilton Inc., Sophos Ltd, Cisco Systems, Inc., Honeywell International Inc., Dell Inc., IBM Corporation, Microsoft, McAfee, LLC, and Trend Micro Incorporated.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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