The global BFSI security market size is anticipated to be USD 74.3 billion by 2025. The market is projected to register over 13% CAGR from 2019 to 2025, as per a new report published by Million Insights. The rise in incidents of data theft and malware attacks are fueling the growth of the market. BFSI data are highly critical and contains personal information of consumers. Therefore, increasing cyber threats has encouraged financial solution providers to incorporate safety solutions.
BFSI payment gateway needs efficient safety solution in order to prevent any potential breach. Growing cloud adoption require enhanced safety solution. Owing to the increasing digitalization in Asia Pacific BFSI industry, the region offers a lucrative growth opportunity.
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The demand for threat management software and firewall has gained significant traction owing to the increasing focus on protecting consumer data. Companies have upped their investment in cybersecurity. Moreover, various governments have introduced regulations pertaining to data protection, which, in turn, drive the market growth.
The industry is characterized by the presence of a large number of companies. Tier 1 companies account for the significant amount of share in the market. Collaboration and acquisition are the major strategic initiatives adopted by the market players. Owing to the dynamic nature of malware attacks, companies have increased their expenditure on research and development.
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Further key findings from the report suggest:
• The Physical Security Information Management (PSIM) category is anticipated to register a CAGR of 18.7% over the forecast duration.
• The encryption software division is predicted to expand at 17.5% CAGR from 2019 to 2025.
• Asia Pacific is projected to grow with the highest pace owing to the implementation of threat management solutions.
• Major market players in the BFSI security market are Axis Communications, Symantec Corporation, McAfee, Inc., Honeywell International and Dell EMC among others.
Million Insights has segmented the global BFSI security market based on physical security, information security, end use, and region:
BFSI Physical Security Outlook (Revenue, USD Billion, 2014 - 2025)
• Software
• Video Surveillance
• Access Control
• Intrusion and Fire Detection
• Physical Security Information Management (PSIM)
• Service
• Consulting & Training Services
• Integration & Maintenance Services
• Managed Security Services
BFSI Information Security Outlook (Revenue, USD Billion, 2014 - 2025)
• Software
• Antivirus & Antimalware
• Data Loss Protection
• Disaster Recovery
• Encryption
• Firewall
• Identity Access Management
• Security and Vulnerability Management
• Unified Threat Management
• Service
• Consulting & Training Services
• Integration & Maintenance Services
• Managed Security Services
BFSI Security End-use Outlook (Revenue, USD Billion, 2014 - 2025)
• Banking
• Insurance Companies
BFSI Security Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• MEA
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