BFSI Security Market to grow by USD 36,747.11 million from 2022 to 2027 | The rise in cyber data breaches to boost market growth – Technavio

NEW YORK, Aug. 4, 2023 /PRNewswire/ -- The banking, financial services, and insurance (BFSI) security market is estimated to grow at a CAGR of 11.13% between 2022 and 2027. The market size is forecast to increase by USD 36,747.11 million, according to Technavio. North America is estimated to contribute 56% to the growth of the global market during the forecast period. The increasing number of cyber threats and security breaches targeting financial institutions in the region has increased the demand for security solutions. The US plays a key role in the market with its advanced technological infrastructure and strong regulatory framework. Additionally, government initiatives for more efficient security solutions have contributed to the strong growth of the BFSI security market in the region. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View Sample report

Companies Landscape
The BFSI security market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Drivers & Challenges

The rise in cyber data breaches is a key factor driving market growth. This is due to the increasing number of cyber data breaches, especially in the financial services industry, which is more vulnerable to cyberattacks than other industries. With advances in technology and the shift to digital platforms, the threat of cyberattacks is becoming more and more common. In addition, the expanding economies of developing countries also provide an opportunity for BFSI Security to expand its offerings, as increasing internet penetration drives the growth of connected devices and demand for secure payment gateways. Hence, these factors are expected to drive market growth during the forecast period.

The huge cost of implementation of technological securities is a significant challenge restricting market growth. Technological advances have transformed the BFSI industry but also introduced new security risks. Financial institutions invest heavily in advanced security solutions to protect sensitive data and prevent unauthorized access. However, this implementation comes at a significant cost due to the highly regulated environment and the need for robust security measures. In addition, regular updates, and investments in advanced technology are essential to combat new hacking techniques, increasing the overall cost of implementation. Hence, these factors are expected to restrict market growth during the forecast period.

Major Trends

The rise in the adoption of the Internet in the BFSI sector is a major trend in the market. This is due to the widespread adoption of security products like intrusion detection, surveillance cameras, and firewalls, which ensure secure financial transactions. Furthermore, these advancements create promising opportunities for market growth in the banking, financial services, and insurance sectors. However, as most BFSI security firms are third-party service providers, concerns about data management and potential security breaches.  Therefore, these factors are expected to drive market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The BFSI security market report includes information on the product launches, sustainability, and prospects of leading companies including Booz Allen Hamilton Holding Corp., Broadcom Inc., Canon Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., DXC Technology Co., Fortinet Inc., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., LogRhythm Inc., McAfee LLC, Microsoft Corp., Robert Bosch GmbH, Securonix, Sophos Ltd., Trend Micro Inc., and Seico Inc.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

The market is segmented by delivery mode (service and solution), type (physical security and cyber security), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The market share growth by the service segment will be significant during the forecast period. The BFSI area of services covers a wide range of products that help detect, prevent, and mitigate security risks and threats. These services enable banks and insurers to make informed decisions about security investments and ensure compliance with industry regulations. Additionally, outsourcing security operations to MSSP allows the financial organization to focus on its core competencies while ensuring continuous protection against evolving threats. Hence, these factors are expected to drive segment growth during the forecast period.

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Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Delivery Mode
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Companies Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of companies included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global BFSI security market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global bfsi security market 2017 - 2021 ($ million)

• 4.2 Delivery mode Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Delivery mode Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Delivery Mode

• 6.1 Market segments
• Exhibit 30: Chart on Delivery Mode - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Delivery Mode - Market share 2022-2027 (%)

• 6.2 Comparison by Delivery Mode 
• Exhibit 32: Chart on Comparison by Delivery Mode
• Exhibit 33: Data Table on Comparison by Delivery Mode

• 6.3 Service - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Service - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Service - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Service - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Service - Year-over-year growth 2022-2027 (%)

• 6.4 Solution - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Solution - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Solution - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Solution - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Solution - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Delivery Mode 
• Exhibit 42: Market opportunity by Delivery Mode ($ million)
• Exhibit 43: Data Table on Market opportunity by Delivery Mode ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Physical security - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Physical security - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Physical security - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Physical security - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Physical security - Year-over-year growth 2022-2027 (%)

• 7.4 Cyber security - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Cyber security - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Cyber security - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Cyber security - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Cyber security - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ million)
• Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Canada - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027 
• Exhibit 91: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027 
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Companies Landscape

• 11.1 Overview 

• 11.2 Clandscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Company Analysis

• 12.1 Companies covered 
• Exhibit 109: Companies covered

• 12.2 Market positioning of companies
• Exhibit 110: Matrix on company position and classification

• 12.3 Booz Allen Hamilton Holding Corp. 
• Exhibit 111: Booz Allen Hamilton Holding Corp. - Overview
• Exhibit 112: Booz Allen Hamilton Holding Corp. - Product / Service
• Exhibit 113: Booz Allen Hamilton Holding Corp. - Key offerings

• 12.4 Broadcom Inc.
• Exhibit 114: Broadcom Inc. - Overview
• Exhibit 115: Broadcom Inc. - Business segments
• Exhibit 116: Broadcom Inc. - Key news
• Exhibit 117: Broadcom Inc. - Key offerings
• Exhibit 118: Broadcom Inc. - Segment focus

• 12.5 Canon Inc.
• Exhibit 119: Canon Inc. - Overview
• Exhibit 120: Canon Inc. - Business segments
• Exhibit 121: Canon Inc. - Key offerings
• Exhibit 122: Canon Inc. - Segment focus

• 12.6 Cisco Systems Inc.
• Exhibit 123: Cisco Systems Inc. - Overview
• Exhibit 124: Cisco Systems Inc. - Business segments
• Exhibit 125: Cisco Systems Inc. - Key news
• Exhibit 126: Cisco Systems Inc. - Key offerings
• Exhibit 127: Cisco Systems Inc. - Segment focus

• 12.7 Dell Technologies Inc.
• Exhibit 128: Dell Technologies Inc. - Overview
• Exhibit 129: Dell Technologies Inc. - Business segments
• Exhibit 130: Dell Technologies Inc. - Key news
• Exhibit 131: Dell Technologies Inc. - Key offerings
• Exhibit 132: Dell Technologies Inc. - Segment focus

• 12.8 DXC Technology Co.
• Exhibit 133: DXC Technology Co. - Overview
• Exhibit 134: DXC Technology Co. - Business segments
• Exhibit 135: DXC Technology Co. - Key news
• Exhibit 136: DXC Technology Co. - Key offerings
• Exhibit 137: DXC Technology Co. - Segment focus

• 12.9 Hewlett Packard Enterprise Co. 
• Exhibit 138: Hewlett Packard Enterprise Co. - Overview
• Exhibit 139: Hewlett Packard Enterprise Co. - Business segments
• Exhibit 140: Hewlett Packard Enterprise Co. - Key news
• Exhibit 141: Hewlett Packard Enterprise Co. - Key offerings
• Exhibit 142: Hewlett Packard Enterprise Co. - Segment focus

• 12.10 Honeywell International Inc. 
• Exhibit 143: Honeywell International Inc. - Overview
• Exhibit 144: Honeywell International Inc. - Business segments
• Exhibit 145: Honeywell International Inc. - Key news
• Exhibit 146: Honeywell International Inc. - Key offerings
• Exhibit 147: Honeywell International Inc. - Segment focus

• 12.11 Intel Corp.
• Exhibit 148: Intel Corp. - Overview
• Exhibit 149: Intel Corp. - Business segments
• Exhibit 150: Intel Corp. - Key news
• Exhibit 151: Intel Corp. - Key offerings
• Exhibit 152: Intel Corp. - Segment focus

• 12.12 International Business Machines Corp. 
• Exhibit 153: International Business Machines Corp. - Overview
• Exhibit 154: International Business Machines Corp. - Business segments
• Exhibit 155: International Business Machines Corp. - Key news
• Exhibit 156: International Business Machines Corp. - Key offerings
• Exhibit 157: International Business Machines Corp. - Segment focus

• 12.13 McAfee LLC
• Exhibit 158: McAfee LLC - Overview
• Exhibit 159: McAfee LLC - Product / Service
• Exhibit 160: McAfee LLC - Key news
• Exhibit 161: McAfee LLC - Key offerings

• 12.14 Microsoft Corp.
• Exhibit 162: Microsoft Corp. - Overview
• Exhibit 163: Microsoft Corp. - Business segments
• Exhibit 164: Microsoft Corp. - Key news
• Exhibit 165: Microsoft Corp. - Key offerings
• Exhibit 166: Microsoft Corp. - Segment focus

• 12.15 Robert Bosch GmbH
• Exhibit 167: Robert Bosch GmbH - Overview
• Exhibit 168: Robert Bosch GmbH - Business segments
• Exhibit 169: Robert Bosch GmbH - Key news
• Exhibit 170: Robert Bosch GmbH - Key offerings
• Exhibit 171: Robert Bosch GmbH - Segment focus

• 12.16 Sophos Ltd.
• Exhibit 172: Sophos Ltd. - Overview
• Exhibit 173: Sophos Ltd. - Product / Service
• Exhibit 174: Sophos Ltd. - Key offerings

• 12.17 Trend Micro Inc.
• Exhibit 175: Trend Micro Inc. - Overview
• Exhibit 176: Trend Micro Inc. - Product / Service
• Exhibit 177: Trend Micro Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 178: Inclusions checklist
• Exhibit 179: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 180: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 181: Research methodology
• Exhibit 182: Validation techniques employed for market sizing
• Exhibit 183: Information sources

• 13.5 List of abbreviations
• Exhibit 184: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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