Security Services for BFSI Sector Market Report 2025

This Security Services For BFSI Sector report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The security services for bfsi sector market size has grown rapidly in recent years. It will grow from $65.66 billion in 2024 to $72.3 billion in 2025 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased cybersecurity threats inThe BFSI sector, regulatory compliance and data protection requirements, growing digital transformation in banking and finance, high-stakes nature of financial transactions, need for fraud detection and prevention in financial transactions.

The security services for bfsi sector market size is expected to see rapid growth in the next few years. It will grow to $129.37 billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to adoption of advanced threat intelligence in BFSI security, integration of artificial intelligence and machine learning, emphasis on cloud security for BFSI operations, growth in endpoint security solutions, increased focus on insider threat detection. Major trends in the forecast period include biometric authentication for enhanced security, continuous monitoring and incident response, adoption of blockchain for secure financial transactions, collaborative threat intelligence sharing in the BFSI sector, emphasis on zero trust security models in BFSI security services.

The increase in cyber data breaches is projected to drive the growth of security services within the BFSI sector in the future. Cyber data breaches involve unauthorized access to a computer system or network to acquire private, sensitive, or confidential personal and financial information from customers or users. The BFSI sector has experienced a rise in cyberattacks, with skilled hackers executing planned breaches, thefts, invasions, data thefts, malware attacks, and phishing attempts, leading to substantial financial losses and distress. Due to the frequency of these deliberate breaches in the BFSI sector, there is a pressing need to enhance cybersecurity measures and prevent data breaches through the implementation of endpoint detection and response (EDR), biometric technology, cloud security, code auditing, and embedded system security assessments. For instance, in February 2023, the Australian Cyber Security Centre, a government agency in Australia, reported receiving 76,000 cybercrime reports in 2022, marking a 13% increase from the previous year. Thus, the rise in cyber data breaches is expected to boost the demand for security services in the BFSI sector.

The ongoing increase in cloud adoption is a substantial contributor to the burgeoning growth of security services for the BFSI sector. Cloud computing involves a network of servers accessible over the internet, housing infrastructure and applications. The BFSI sector's shift to cloud-based services necessitates robust cloud security services to ensure the safeguarding and privacy of data stored and processed in the cloud. For example, CloudZero reported a significant allocation of IT budgets to cloud services by SMEs, with a 67% increase from 2021 to 2022, reaching 47% in 2022. This upswing in cloud adoption is expected to drive the market for security services in the BFSI sector.

Technological advancement is a significant trend gaining traction in the security services market for the BFSI sector. Major companies in this field are concentrating on developing advanced security services and solutions to enhance their competitive edge. For example, in November 2023, Tata Consultancy Services, an IT company based in India, introduced a new Cyber Insights Platform. This innovative solution is designed to improve cybersecurity and compliance for clients by integrating diverse security datasets from various environments, including public and private clouds, as well as on-premise systems. Utilizing AI and Amazon Security Lake, the platform provides capabilities for proactive anomaly detection and risk quantification. Additionally, it includes specialized offerings such as the Financial Crime Fusion Center, which employs generative AI to deliver insights into financial threats. This platform aims to establish a resilient cybersecurity framework that can adapt to the constantly evolving threat landscape.

Companies are strategically integrating artificial intelligence (AI) and machine learning to enhance customer experience and fortify security solutions in the BFSI sector. The increased utilization of AI and machine learning for threat detection, anomaly detection, and predictive analytics plays a pivotal role in improving security incident response. Temenos, a Switzerland-based software company, launched a groundbreaking safe banking system utilizing generative AI in September 2023. This technology enables automatic and highly accurate classification of customer transactions from free-text narratives across multiple languages, enhancing various banking use cases.

In February 2024, Everon, a security integrator and service provider based in the US, acquired Customized Service Concepts, LLC, for an undisclosed sum. The purpose of this acquisition is to improve Everon's service capabilities for banking and financial institutions in the New England region, thus reinforcing its position in the banking security sector. Customized Service Concepts, LLC is a US-based service provider specializing in banking security solutions.

Major companies operating in the security services for bfsi sector market include Booz Allen Hamilton, Cisco Systems, EMC Corporation, Symantec Corporation, IBM Corporation, Trend Micro Incorporated, Honeywell International, Sophos Group, Dell Inc., McAfee Security, Bosch Security Systems, Axis Communications, Microsoft Corporation, Seico Inc., Check Point Software Technologies Ltd., Accenture, Wipro Limited, HCL Technologies Limited, Tata Consultancy Services Limited, Infosys Limited, Capgemini SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Atos SE, NTT Data Corporation, Fujitsu Limited, Verizon Communications Inc., SecureWorks Inc., Trustwave Holdings Inc.

North America was the largest region in the security services for BFSI sector market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security services for bfsi sector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the security services for bfsi sector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Security services for the BFSI (Banking, Financial Services, and Insurance) sector are designed to safeguard access to company networks and applications, protecting them against theft and cyberattacks. The primary objective of these security services is to ensure the protection of systems, including hardware, software, and data, from unauthorized access and potential damage.

The main categories of security services for the BFSI sector encompass physical security and cybersecurity. Physical security involves the protection of personnel, hardware, software, networks, and data against physical actions and events that could lead to significant loss or damage. Various services fall under this umbrella, including managed services, professional services, system integration, support and maintenance, and consulting. These services encompass different aspects of information security, such as system and service security. The enterprise sizes involved range from large enterprises to small and medium enterprises (SMEs). End-users of these security services include banks, insurance companies, and other entities within the BFSI sector.

The security services for BFSI sector market research report is one of a series of new reports that provides Security services for BFSI sector market statistics, including security services for BFSI sector industry global market size, regional shares, competitors with security services for BFSI sector market share, detailed Security services for BFSI sector market segments, market trends, and opportunities, and any further data you may need to thrive in the security services for BFSI sector industry. This security services for the BFSI sector market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The security services for the BFSI sector market consists of revenues earned by entities by providing cloud security, biometric technology and endpoint detection and response for the BFSI sector. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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