Banking, Financial Services and Insurance (BFSI) Security Market Size- By Type, By Verticals, By Enterprise Size, By Services- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Description

Global Banking, Financial Services and Insurance (BFSI) Security Market Overview:

According to SPER Market Research, the Global BFSI Market is estimated to reach USD 220.39 billion by 2032 with a CAGR of 13.45%.

Businesses that provide a range of financial products and services are referred to as providing banking, financial services, and insurance (BFSI) in the industry jargon. This comprises businesses that work in one or more of these financial industries as well as universal banks that offer a range of financial services. The BFSI sector includes insurance companies, commercial banks, non-banking financial institutions, cooperatives, pension funds, mutual funds, and other smaller financial institutions. The banking, financial services, and insurance industries are all included in the BFSI sector and are all run in highly regulated and safe environments. A further factor driving the market's expansion is the rise in demand for BFSI security as a result of data breach incidents and other security problems across various operating standards. Additionally, BFSI security services and solutions guarantee long-term financial visibility by protecting banks and financial organisations' physical and digital assets. The increase in physical and virtual risks, such as data thefts, break-ins, and cyber-attacks, has become a significant growth factor for the industry. These are the primary aspects that are driving the expansion of the global BFSI security market trends. Data security is also a key worry as a result of the rapid adoption of advanced technologies and changes in business models brought about by the use of software. As a result, this aspect fuels the expansion of the BFSI security industry. The market expansion, however, is constrained by a number of reasons, including the high cost of implementing security software & solutions and the increase in risk brought on by third-party security services.

Impact of COVID-19 on the Global BFSI Market

Due to the global increase in the use and consumption of online and digitalized financial services, the COVID-19 pandemic has a substantial impact on the BFSI security market. Additionally, numerous countries have implemented lockdowns to stop the spread of the virus; as a result, BFSI security providers are gaining pace during the pandemic crisis and are progressively offering software-as-a-services under security platforms. As a result, during the current global health crisis, this has emerged as one of the key development factors for the BFSI security industry. A public health emergency has been declared by the World Health Organization (WHO) due to the COVID-19 virus's rapid global spread since its appearance. The COVID-19 pandemic has had a significant impact on the BFSI security industry because to the rising use and adoption of online and digitalized financial services worldwide. Additionally, many nations have imposed lockdowns to stop virus spread; as a result, BFSI security providers are gaining popularity during the pandemic and are progressively selling software-as-a-service under security platforms. This has led to the global health problem becoming one of the main drivers of growth for the BFSI security market.

Scope of the Report:

Report Metric Details

Market size available for years 2019-2032

Base year considered 2021

Forecast period 2022-2032

Segments covered By Type, By Verticals, By Enterprise Size, By Services.

Regions covered Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

Companies Covered

Booz Allen Hamilton Inc., Broadcom, Cisco Systems Inc., DXC Technology Company, FireEye Inc, Fortinet Inc, Hewlett Packard Enterprise Development LP, Honeywell International Inc., Huntsman International LLC. IBM, LogRhythm Inc., McAfee, RSA Security LLC, Sophos Group Plc., Trend Micro Incorporated

Global BFSI Market Segmentation:

By Type: Based on the Type, Global BFSI Market is segmented as; Physical Security, Virtual Security.

By Verticals: Based on the Verticals, Global BFSI Market is segmented as; Banking, Insurance Companies.

By Enterprise Size: Based on the Enterprise Size, Large Enterprises and Small & Medium Enterprises (SMEs)

By Services: Based on the Services, Global BFSI Market is segmented as; System Integration, Maintenance, Support.

By Region: Due to the large global players that are present there as well as the rapid growth of technology, North America now dominates the BFSI Security market. The majority of North America is anticipated to control the market during the forecast period, but Asia-Pacific as a whole has emerged as the region with the fastest rate of growth and is anticipated to be the second-largest market by the end of the projected time.

Product Code: BFSI2303

1. Introduction

1.1. Scope of the report
1.2. Market segment analysis

2. Research Methodology

2.1 Research data source
- 2.1.1 Secondary data
- 2.1.2 Primary data
- 2.1.3 SPER's internal database
- 2.1.4 Premium insight from KOL's
2.2 Market size estimation
- 2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation

3. Executive Summary

4. Market Dynamics

4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1 Drivers
- 4.1.2 Restraints
- 4.1.3 Opportunities
- 4.1.4 Challenges
4.2. COVID-19 Impacts of the Global BFSI Security Market

5. Market variables and outlook

5.1. SWOT analysis
- 5.1.1 Strengths
- 5.1.2 Weaknesses
- 5.1.3 Opportunities
- 5.1.4 Threats
5.2. PESTEL analysis
- 5.2.1 Political landscape
- 5.2.2 Economic landscape
- 5.2.3 Social landscape
- 5.2.4 Technological landscape
- 5.2.5 Environmental landscape
- 5.2.6 Legal landscape
5.3. PORTER'S five forces analysis
- 5.3.1 Bargaining power of suppliers
- 5.3.2 Bargaining power of Buyers
- 5.3.3 Threat of Substitute
- 5.3.4 Threat of new entrant
- 5.3.5 Competitive rivalry
5.4. Heat map analysis

6. Competitive Landscape

6.1 Global BFSI Security Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global BFSI Security Market

7. Global BFSI Security Market, By Type, 2019-2032 (USD Million)

7.1 Physical Security
7.2 Virtual Security

8. Global BFSI Security Market, By Verticals, 2019-2032 (USD Million)

8.1 Banking
8.2 Insurance Companies

9. Global BFSI Security Market, By Enterprise Size 2019-2032 (USD Million)

9.1 Large Enterprises
9.2 Small & Medium Enterprises (SMEs)

10. Global BFSI Security Market, By Services, 2019-2032 (USD Million)

10.1 System Integration
10.2 Maintenance
10.3 Support

11. Global BFSI Security Market, By Region, 2019-2032 (USD Million)

11.1 Global BFSI Security Market Size and Market Share by Region (2019-2025)
11.2 Global BFSI Security Market Size and Market Share by Region (2026-2032)
11.3 Asia-Pacific
- 11.3.1 Australia
- 11.3.2 China
- 11.3.3 India
- 11.3.4 Japan
- 11.3.5 South Korea
- 11.3.6 Rest of Asia-Pacific
11.4 Europe
- 11.4.1 France
- 11.4.2 Germany
- 11.4.3 Italy
- 11.4.4 Spain
- 11.4.5 United Kingdom
- 11.4.6 Rest of Europe
11.5 Middle East and Africa
- 11.5.1 Kingdom of Saudi Arabia
- 11.5.2 United Arab Emirates
- 11.5.3 Rest of Middle East & Africa
11.6 North America
- 11.6.1 Canada
- 11.6.2 Mexico
- 11.6.3 United States
11.7 Latin America
- 11.7.1 Argentina
- 11.7.2 Brazil
- 11.7.3 Rest of Latin America

12.Company Profiles

12.1 Booz Allen Hamilton Inc.
- 12.1.1 Company details
- 12.1.2 Financial outlook
- 12.1.3 Product summary
- 12.1.4 Recent developments
12.2 Broadcom
- 12.2.1 Company details
- 12.2.2 Financial outlook
- 12.2.3 Product summary
- 12.2.4 Recent developments
12.3 Cisco Systems Inc.,
- 12.3.1 Company details
- 12.3.2 Financial outlook
- 12.3.3 Product summary
- 12.3.4 Recent developments
12.4 DXC Technology Company
- 12.4.1 Company details
- 12.4.2 Financial outlook
- 12.4.3 Product summary
- 12.4.4 Recent developments
12.5 FireEye Inc
- 12.5.1 Company details
- 12.5.2 Financial outlook
- 12.5.3 Product summary
- 12.5.4 Recent developments
12.6 Fortinet Inc.
- 12.6.1 Company details
- 12.6.2 Financial outlook
- 12.6.3 Product summary
- 12.6.4 Recent developments
12.7 Hewlett Packard Enterprise Development LP
- 12.7.1 Company details
- 12.7.2 Financial outlook
- 12.7.3 Product summary
- 12.7.4 Recent developments
12.8 Honeywell International Inc.
- 12.8.1 Company details
- 12.8.2 Financial outlook
- 12.8.3 Product summary
- 12.8.4 Recent developments
12.9 Huntsman International LLC
- 12.9.1 Company details
- 12.9.2 Financial outlook
- 12.9.3 Product summary
- 12.9.4 Recent developments
12.10 IBM
- 12.10.1 Company details
- 12.10.2 Financial outlook
- 12.10.3 Product summary
- 12.10.4 Recent developments
12.11 LogRhythm Inc
- 12.11.1 Company details
- 12.11.2 Financial outlook
- 12.11.3 Product summary
- 12.11.4 Recent developments
12.12 Hewlett Packard Enterprise Development LP
- 12.12.1 Company details
- 12.12.2 Financial outlook
- 12.12.3 Product summary
- 12.12.4 Recent developments
12.13 LogRhythm Inc.
- 12.13.1 Company details
- 12.13.2 Financial outlook
- 12.13.3 Product summary
- 12.13.4 Recent developments
12.14 McAfee
- 12.14.1 Company details
- 12.14.2 Financial outlook
- 12.14.3 Product summary
- 12.14.4 Recent developments
12.15 RSA Security LLC
- 12.15.1 Company details
- 12.15.2 Financial outlook
- 12.15.3 Product summary
- 12.15.4 Recent developments
12.16 Sophos Group Plc
- 12.16.1 Company details
- 12.16.2 Financial outlook
- 12.16.3 Product summary
- 12.16.4 Recent developments
12.17 Trend Micro Incorporated
- 12.17.1 Company details
- 12.17.2 Financial outlook
- 12.17.3 Product summary
- 12.17.4 Recent developments