BFSI Security Market by Product Type, Distribution Channel, End User 2022-2027

Author: Elena Anderson

Marketing Manager

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Global BFSI Security Market Research Report 2022-2027:

According to the latest report by IMARC Group, titled " BFSI Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20222027

," the global BFSI security market size reached US$ 49.9 Billion in 2021.

Banking, financial services, and insurance (BFSI) security involves implementing various security solutions and practices to protect financial institutions against external and internal security threats. Some commonly used BFSI security solutions include remote monitoring, video surveillance, identity and access management, antivirus, antimalware, intrusion detection, and data encryption. It helps enhance the reliability, security, and cost-effectiveness of various processes, including accepting cash deposits, credits, overdrafts, granting loans, advances, and discounting bills.

As a result, BFSI security has rapidly gained traction among banks and financial organizations to enable secure and convenient financial transactions, prevent monetary fraud, minimize the risk of security breaches, and enhance customer experience.

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Global BFSI Security Market Trends:

The increasing incidences of cyberattacks and other physical threats, and rapid growth in the BFSI industry represent the primary factors driving the market growth. In addition, financial organizations are under increased scrutiny due to various high-profile data breaches, which has strengthened the need for proper security measures. Along with this, the implementation of stringent regulatory standards and policies by governments of various countries has augmented the demand for BFSI security solutions. Furthermore, the significant shift toward digitized business operations has encouraged banking and financial institutions to adopt BFSI security solutions. Besides this, the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies that assist in monitoring transactions, tracking location, detecting frauds, and ensuring regulatory compliance have catalyzed the market growth. Other factors, including the escalating demand for cloudbased security solutions, increasing dependence on digital payments, surging internet penetration rates, growing concerns about data security, rapid digitalization, and technological advancements, are also creating a positive market outlook.

Looking forward, the market value is anticipated to reach US$ 89.1 Billion by 2027, expanding at a CAGR of 10.10% during the forecast period (2022-2027).

View Report TOC, Figures and Tables: https://www.imarcgroup.com/bfsi-security-market

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Key Market Segmentation

The research report includes the following segments:

Breakup by Type:

• Physical Security

• Cyber Security

Breakup by Physical Security Offering:

• System

o Physical Access System

o Video Surveillance System

o Perimeter Intrusion and Detection

o Physical Security Information Management

o Others

• Service

o Remote Monitoring Services

o Security Systems Integration Services

o Others

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Breakup by Information Security Offering:

• Solution

o Identity and Access Management (IAM)

o Intrusion Detection System/Intrusion Prevention System (IDS/IPS)

o Data Loss Prevention (DLP)

o Disaster Recovery

o Distributed Denial of Service (DDoS)

o Antivirus/Antimalware

o Encryption

o Others

• Service

o Implementation and Integration Service

o Consulting Service

o Support and Maintenance Service

Breakup Enterprise Size:

• Large Enterprises

• Small and Medium Enterprises

Breakup End User:

• Banks

• Insurance Companies

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

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Competitive Landscape with Key Players:

• Axis Communications AB

• Booz Allen Hamilton Holding Corporation

• Check Point Software Technologies Ltd

• Cisco Systems Inc

• Honeywell International Inc

• Intel Corporation

• International Business Machines Corporation

• Microsoft Corporation

• Robert Bosch GmbH

• Seico Inc

• Sophos Ltd

Trend Micro Incorporated

1. What was the size of the global BFSI security market in 2021?

2. What is the expected growth rate of the global BFSI security market during 2022-2027?

3. What are the key factors driving the global BFSI security market?

4. What has been the impact of COVID-19 on the global BFSI security market?

5. What is the breakup of the global BFSI security market based on the type?

6. What is the breakup of the global BFSI security market based on the physical security offering?

7. What is the breakup of the global BFSI security market based on the information security offering?

8. What is the breakup of the global BFSI security market based on the enterprise size?

9. What is the breakup of the global BFSI security market based on the end user?

10. What are the key regions in the global BFSI security market?

11. Who are the key players/companies in the global BFSI security market?

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