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.
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| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
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| 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 Banking, Financial Services and Insurance (BFSI) Security Market Segmentation:
1. By Type:
- Physical Security
- Virtual Security
- By Verticals:
- Banking
- Insurance Companies
2. By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- By Services
- System Integration
- Maintenance
- Support
3. By Region:
- Asia-Pacific
- Europe
- Middle East
- Africa
- North America
- Latin America
Key Topics Covered in the Report:
- Size of Global BFSI Market (FY’2019-FY’2032)
- Overview of Global BFSI Market
- Segmentation of Global BFSI Market By Type (Physical Security, Virtual Security)
- Segmentation of Global BFSI Market By Verticals (Banking, Insurance Companies)
- Segmentation of Global BFSI Market By Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs))
- Segmentation of Global BFSI Market By Services (System Integration, Maintenance, Support)
- Statistical Snap of Global BFSI Market
- Growth Analysis of Global BFSI Market
- Problems and Challenges in Global BFSI Market
- Competitive Landscape in the Global BFSI Market
- Impact of COVID-19 and Demonetization on Global BFSI Market
- Details on Recent Investment in Global BFSI Market
- Competitive Analysis of Global BFSI Market
- Major Players in the Global BFSI Market
- SWOT Analysis of Global BFSI Market
- Global BFSI Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
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
13.List of Abbreviations
14.Reference Links
15.Conclusion
16.Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
