The increase in cyber-attacks and investments by financial firms are fostering the BFSI Security market to grow at a CAGR of 9.96% to 2023
The increasing shift to digitization, technological advancement, and cyber attacks are driving the growth of BFSI security market. The information security segment is expected to produce the more revenue compared to physical security during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “BFSI Security Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023” .
According to Infoholic Research, identity and access management will continue to dominate the BFSI security market. As per the study, the market will experience significant growth during the forecast years due to the increasing cyber threats, growing physical and online intrusion, and rising identity thefts. The market is expected to grow at a CAGR of 9.96% during the forecast period 2017–2023 to touch an aggregate of $72.67 billion by 2023.
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The vulnerability management accounts for the second largest segment in the BFSI security market. The leakage of confidential data, banking strategies, and intrusion in critical infrastructure are hampering the brand image of the sector. This is driving the demand for the protection of physical assets and continuous monitoring of banking data. The BFSI organizations are heading towards enhancing their offerings, shifting from traditional methods of the physical visit to the branch to electronic & online platforms, and are partnering with technology providers to cater to the increasing needs of the online users. The new solutions are rendering applications and online services to the customers for remote transactions, which are further demanding increased safety measures for customers and banking data.
Access control holds high futuristic growth in video surveillance. The rise in thefts at ATM & POS terminals and frauds in the branch have given rise to the need for physical security software. The market is majorly driven by regulatory requirements enforcing the implementation of software along with the need for real-time data monitoring.
North America is set to be the leading region for BFSI security market followed by Europe. Asia Pacific is set to be the emerging region for market growth. New cyber security standards in the US and increasing investments are leading to the growth of the sector. The increasing data breaches and identity theft in the US (2014 attack which resulted in the theft of $16 billion) are the major drivers contributing to the BFSI security market growth. In Europe, the rising prominence of Fintech firms and growing internet population are driving the growth with a major chunk of users being the banking sector. The APAC market is growing at a fast pace due to recent attacks of malware and ransomware. The countries such as India and China are increasing investment in cyber security to protect from attacks, thereby contributing to APAC’s growth in the industry. The scenario in LAMEA is changing due to flourishing mobile device users and past severe malware attacks such as 2016 attack of Zeus Panda and Zeus Phinx.
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“Currently, BFSI security market is enabling end-users such as banking, insurance, and financial service firms to adopt the most innovative techniques to decrease cost and time consumption along with leveraging best services enriched with secure trading platform. The market is an attractive space for technology providers to expand their business in various regions. The technology segment holds enormous opportunities in the next 3–4 years due to increasing internet, cloud, and mobile adoption.” – Monika Bajaj, Research Analyst at Infoholic Research
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report not only highlights users’ conundrum (challenges and barriers to adopting BFSI security) but also brings in their perspective on the BFSI security market
- Covers the end-user segments: banking, insurance, and financial services
- The market has been analyzed by considering the key regions – North America, Europe, Asia Pacific, and LAMEA
- The market is analyzed based on physical security (software & services), information security, end-users, and regions
- The report analyzes the top 10 players in terms of market reach, business strategy, and business focus
- Provides an in-depth analysis of the key business opportunities in each security types
- Stakeholders’ insights and key trends (current and future) of the market