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Rising Cyberattacks Fuel Growth In BFSI Security Market: A Key Catalyst Accelerating Banking, Financial Services and Insurance (BFSI) Security Market Growth in 2025
Banking, Financial Services and Insurance (BFSI) Security Market
Banking, Financial Services and Insurance (BFSI) Security Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The security market in banking, financial services and insurance (BFSI) has seen a swift expansion in recent years. The market size is expected to surge from $66.33 billion in 2024 to reach $74.1 billion in 2025, marking a compound annual growth rate (CAGR) of 11.7%. The grounds for this growth in the past were factors such as increased internet connectivity, an amplified focus on innovation, emerging fintech enterprises, shifts in customer taste, demographic changes, alterations in lifestyles, and rigorous regulations.
Banking, Financial Services and Insurance (BFSI) Security Market Size Forecast: What's the Projected Valuation by 2029?
Over the next few years, the security market for banking, financial services, and insurance (BFSI) projects a substantial expansion. The market will surge to $116.96 billion by 2029, boasting a compound annual growth rate (CAGR) of 12.1%. The predicted growth for the period can be credited to factors such as the burgeoning demand for cloud-based security services, the heightened use of mobile devices and BYOD policies, the escalating incidences of cybercrime and threats, the rising necessity for regulatory conformity, and advancements made in biometric technology. The period's prevailing tendencies comprise continuous digital transformation, endeavours to collaborate with fintech, open banking, cooperation with technology allies, the zero trust security model, and behavioural analytics.
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What Are the Drivers Transforming the Banking, Financial Services and Insurance (BFSI) Security Market?
The surge in cyberattacks is anticipated to fuel the expansion of the banking, financial services, and insurance (BFSI) security market. Cyberattacks imply a person or entity's effort to acquire, infringe, or unveil data via unauthorized system access. A proficient security network is essential in the BFSI industry to minimize business hazards and avert considerable financial damages instigated by cyberattacks. For example, in February 2023, the Australian Cyber Security Centre unveiled that there were 76,000 cyber crime reports in 2022- an increase of nearly 13% from the last fiscal year. Consequently, the escalating frequency of cyberattacks in the BFSI realm will enhance the growth of its security market.
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What Long-Term Trends Will Define the Future of the Banking, Financial Services and Insurance (BFSI) Security Market?
The banking, financial services and insurance (BFSI) security market is currently witnessing a rise in popularity of a key trend, technological advancement. This trend is being adopted by major corporations in the market, implementing new tech solutions to maintain their market positions. For example, Bosch, an engineering and technology firm based in Germany, introduced CyberCompare in October 2022. This platform aids both businesses and the public sector in acquiring cybersecurity solutions for enterprise IT, Operational Technology (OT), and the Internet of Things (IoT), whether those need to be incorporated in products or utilized in production. CyberCompare provides numerous features including specification templates, expert advice, anonymized proposal requests, provider price comparisons, and assistance with handling full Request For Quotation (RFQ) procedures. It operates with a dedicated team of cybersecurity experts in both Germany and the UK, and meticulously assesses quotes from over 7,000 providers operating across IT, OT, and IoT landscapes. Independently functioning without vendor affiliations, CyberCompare prioritizes the customer's needs and has successfully aided over 200 external clients in making well-informed cybersecurity decisions.
Which Segments in the Banking, Financial Services and Insurance (BFSI) Security Market Offer the Most Profit Potential?
The banking, financial services and insurance (BFSI) security market covered in this report is segmented -
1) By Type: Physical Security, Virtual Security
2) By Information Security Offering: Solution, Service
3) By End User: Banks, Insurance Companies, Other End Users
Subsegments:
1) By Physical Security: Access Control Systems, Video Surveillance (CCTV), Intrusion Detection Systems, Security Personnel, Perimeter Security, Fire And Safety Systems
2) By Virtual Security: Network Security, Endpoint Security, Application Security, Data Security, Identity And Access Management (IAM), Threat Intelligence, Incident Response Services
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Which Firms Dominate the Banking, Financial Services and Insurance (BFSI) Security Market by Market Share and Revenue in 2025?
Major companies operating in the banking, financial services and insurance (BFSI) security market include International Business Machines Corporation, Honeywell International Inc., Cisco Systems Inc., McAfee Inc., Akamai Technologies Inc., Barracuda Networks Inc., Carbon Black Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., Dell Inc., F5 Networks Inc., FireEye Inc., Forcepoint LLC, Fortinet Inc., Imperva Inc., LogRhythm Inc., Mimecast Services Limited, Palo Alto Networks Inc., Proofpoint Inc., Qualys Inc., Rapid7 Inc., RSA Security LLC, SecureWorks Corp., Sophos Group Plc., Splunk Inc., Symantec Corporation, Thales Group, Trend Micro Inc., Varonis Systems Inc., Zscaler Inc.
Which Regions Offer the Highest Growth Potential in the Banking, Financial Services and Insurance (BFSI) Security Market?
North America was the largest region in the banking financial services and insurance BFSI security market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking, financial services and insurance (BFSI) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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