PUBLISHER: The Business Research Company | PRODUCT CODE: 1641627
PUBLISHER: The Business Research Company | PRODUCT CODE: 1641627
The banking, financial services, and insurance (BFSI) security provides long-term visibility of finances with both cyber security and physical security of banking and financial institutions. Antivirus, access control, encryption, firewalls, video surveillance, identity and access management, risk and compliance management, fire detection, and intrusion detection are some of the most commonly used security services. The banking, financial services, and insurance (BFSI) security is used in securing financial data in financial institutions.
The main types of banking, financial services, and insurance security are physical security and virtual security. Physical security is used to protect people, technology, networks, and data from physical acts and occurrences that could seriously harm an organization, agency, or institution. Access control, surveillance, and testing make up the three key parts of the physical security system. How successfully each of these elements is implemented, enhanced, and maintained frequently has an impact on how effective a physical security program is for an organization. The different information security offerings include solutions and services that are used by banks, insurance companies, and other end users.
The banking financial services and insurance BFSI security market research report is one of a series of new reports from The Business Research Company that provides banking financial services and insurance BFSI security market statistics, including banking financial services and insurance BFSI security market share, detailed banking financial services and insurance BFSI security market, market trends and opportunities, and any further data you may need to thrive in the banking financial services and insurance BFSI security industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The banking, financial services and insurance (BFSI) security market size has grown rapidly in recent years. It will grow from $66.33 billion in 2024 to $74.1 billion in 2025 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to rise in internet penetration, increased focus on innovation, emergence of fintech companies, changes in customer preferences, demographics, and lifestyles, stringent regulations.
The banking, financial services and insurance (BFSI) security market size is expected to see rapid growth in the next few years. It will grow to $116.96 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to growing demand for cloud-based security solutions, increasing adoption of mobile devices and BYOD policies, rise in cybercrime and cyber threats, growing need for regulatory compliance, advancements in biometric technology. Major trends in the forecast period include ongoing digital transformation, collaboration with fintech, open banking and partnerships with technology partners, zero trust security model, behavioral analytics.
The increasing prevalence of cyberattacks is expected to propel the growth of banking financial services and insurance BFSI security market going forward. Cyberattacks refer to the attempt by an individual or organization to steal, breach, or expose information through unauthorized access to the system of an organization. Efficient security systems are required in the BFSI sector to mitigate business risks and prevent the substantial financial losses caused by cyberattacks. For instance, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the cyber crime reports received in 2022 were 76,000, an increase of nearly 13% from the previous financial year. Therefore, the increasing prevalence of cyberattacks in banking, financial services, and insurance (BFSI) security will drive the growth of the banking financial services and insurance BFSI security market.
The growing acceptance of online banking, mobile payments, and e-commerce among consumers is anticipated to drive the expansion of the BFSI security market in the future. Online banking, mobile payments, and e-commerce involve online transactions, which require advanced security measures to safeguard sensitive financial information, ensure compliance with data privacy regulations, thwart cyber threats, maintain customer trust, and support the digital transformation of the BFSI sector. For instance, in June 2022, a report published by the World Bank, a US-based provider of financial products and technical assistance, indicated that in China, 89% of adults have an account, with 82% utilizing it for digital merchant payments. In contrast, in the rest of the region, 59% of adults possess an account, and 23% have engaged in digital merchant payments-54% of whom did so for the first time since the onset of the COVID-19 pandemic. Thus, the rising acceptance of online banking, mobile payments, and e-commerce by consumers is fueling the growth of the BFSI security market.
Technological advancement is a significant trend gaining traction in the banking, financial services, and insurance (BFSI) security market. Leading companies in the BFSI security sector are adopting innovative technological solutions to maintain their competitive edge. For example, in October 2022, Bosch, a Germany-based multinational engineering and technology firm, introduced CyberCompare. This platform assists companies and public sector organizations in procuring cybersecurity solutions for enterprise IT, Operational Technology (OT), and Internet of Things (IoT) applications used in production or products. CyberCompare streamlines the purchasing process for security services and products by providing specification templates, expert recommendations, anonymized requests for proposals, provider quote comparisons, and managing the complete RFQ processes. With a team of cybersecurity specialists based in Germany and the UK, Bosch CyberCompare assesses quotes from over 7,000 providers across IT, OT, and IoT environments. As an independent platform without vendor partnerships, it operates exclusively in the customer's best interest and has assisted more than 200 external clients in making informed cybersecurity choices.
Major companies operating in the BFSI security market are developing new secured payment solutions to gain a competitive edge in the market. Secured payment solutions refer to methods and technologies that ensure the safe and protected transfer of funds or financial transactions, safeguarding sensitive data from unauthorized access or fraud. For instance, in May 2023, Kuwait International Bank, a Kuwait-based finance service company, launched its Biometric Visa Card, a next-generation payment card that uses customers' fingerprints for secure authorization during POS transactions. The innovative card offers convenience, enhanced security, and a unique banking experience to customers.
In September 2022, SandboxAQ, a US-based software development company acquired Cryptosense for an undisclosed amount. The acquisition of Cryptosense by SandboxAQ accelerates the deployment of SandboxAQ's Post-Quantum Cryptography (PQC) solutions, enhancing its ability to provide effective cryptography solutions and protect organizations against emerging quantum threats. Cryptosense is France-based cybersecurity and encryption analysis software company that offers solutions to organizations in various sectors, including technology and financial services, to enhance their encryption practices and protect against emerging threats.
Major companies operating in the banking, financial services and insurance (BFSI) security market include International Business Machines Corporation, Honeywell International Inc., Cisco Systems Inc., McAfee Inc., Akamai Technologies Inc., Barracuda Networks Inc., Carbon Black Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., Dell Inc., F5 Networks Inc., FireEye Inc., Forcepoint LLC, Fortinet Inc., Imperva Inc., LogRhythm Inc., Mimecast Services Limited, Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Rapid7 Inc., RSA Security LLC, SecureWorks Corp., Sophos Group Plc., Splunk Inc., Symantec Corporation, Thales Group, Trend Micro Inc., Varonis Systems Inc., Zscaler Inc.
North America was the largest region in the banking financial services and insurance BFSI security market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking, financial services and insurance (bfsi) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the banking, financial services and insurance (bfsi) security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The banking financial services and insurance BFSI security market includes revenues earned by entities by physical security, access control, intrusion, fire detection, identity and access management, and risk and compliance management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Banking, Financial Services and Insurance (BFSI) Security Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on banking, financial services and insurance (bfsi) security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for banking, financial services and insurance (bfsi) security ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The banking, financial services and insurance (bfsi) security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.