BFSI Security Market
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BFSI Security Market 
Opportunities, Companies 
and Trends in Coming Years 
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The increasing digitization of banking and financial operations all over the world is pushing up the 
demand for banking, financial services, and insurance security solutions. This is because the rising adoption 
of personalized and digital banking is augmenting the threat of data breaches and cyber-attacks. Moreover, with 
banking operations moving to cloud networks and adopting digital technologies, the threat of data theft, including 
breach of sensitive and confidential information, is rising rapidly.
Because of these risks, banks and other financial organizations are increasingly adopting advanced security 
solutions. For example, InvestBank P.S.C. adopted a security solution developed by Cisco Systems Inc. in May 
2018 for supporting its digital transformation strategy. The security solution included Cisco’s advanced malware 
protection (AMP) for end points, for the detection and prevention of advanced threats. Banks are also adopting the 
internet of things (IoT) for enhancing the security of their operations.
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This technology assists in the identification of the devices and systems used for transmitting vulnerabilities, tracking of 
the location of financial crimes, and remote monitoring of surveillance devices for the early detection of various 
fraudulent activities. Besides this technology, financial institutions are also adopting smart security solutions for 
detecting potential cyber-attacks, assessing risks, automating operations, and centralizing management systems. In 
many countries, intelligent security solutions are quickly becoming popular among the organizations operating in the 
BFSI industry.
The growing deployment of such security solutions by banks and other financial organizations is positively impacting 
the growth of the global banking, financial services, and insurance (BFSI) security market. Due to this reason, the 
market is predicted to witness a massive surge in its valuation, from $31.3 billion to $175.1 billion, from 2019 to 2030. 
Furthermore, the market is predicted to advance at a CAGR of 16.9% between 2020 and 2030.
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Depending on security type, the BFSI security market is divided into information security and physical security 
categories. Between the two, the information security category is predicted to exhibit higher growth rate in the 
market in the future years. The category is further divided into data loss prevention, antivirus, unified threat 
management, encryption, risk and compliance management, and identity and access management categories. 
Amongst these, the encryption category recorded the highest growth in the market in the past.
Globally, the BFSI security market would exhibit lucrative growth in Europe and North America in the 
upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is 
credited to the implementation of strict data policies aimed at enhancing data security in these regions. 
Additionally, the growing focus of financial organizations on digitization and the rising popularity of cloud-
based data storage solutions will further propel the market growth in these regions in the future.
Hence, it can be said with full surety that the adoption of security solutions by BFSI organizations will rise 
enormously all over the world in the coming years, mainly because of the rising digitization in this domain and 
the growing prevalence of data breaches and cyber-attacks in banking and financial operations.
Browse more report:
Security as a Service Market Top Companies, Investment Trend, Growth & Innovation Trends by 2030
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Market Segmentation by Security Type
•Physical Security
• Video surveillance
• Access control
• Intrusion and fire detection
• Physical security information management (PSIM)
• Others (asset protection, security scanning, and imaging & metal detection)
•Information Security
• Antivirus
• Encryption
• Unified threat management
• Risk and compliance management
• Data loss prevention
• Identity and access management
• Others (firewall appliances and web filtering)
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Market Segmentation by Service
•System Integration
•Risk Assessment
•Consulting
•Training
Market Segmentation by End User
•Banks
•Insurance Companies
•Others (Asset Management Companies, Venture Capital Firms, Fintech Companies, and Other 
Financial Institutions)
Market Segmentation by Region
•North America BFSI Security Market
• By security type
• By service
• By end user
• By country – U.S. and Canada
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•Europe BFSI Security Market
• U.K., France, Germany, Russia, Switzerland, and Rest of Europe
•Asia-Pacific (APAC) BFSI Security Market
• China, Japan, India, Australia, South Korea, Singapore, New Zealand, and Rest of APAC
•Latin America (LATAM) BFSI Security Market
• Brazil, Mexico, Argentina, and Rest of LATAM
•Middle East & Africa (MEA) BFSI Security Market
• South Africa, Saudi Arabia, U.A.E., and Rest of MEA
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This study covers
1. Historical and the present size of the BFSI Security Market
2.   Historical and the present size of the market segments and understand their comparative future potential
3.   Potential of on-demand logistics services, so the market players make informed decisions on the sales of their 
offerings
4.   Competitive scenario of various market segments across key countries in several regions for uncovering market 
opportunities for the stakeholders
5.    Major players operating in the market and their service offerings
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