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The banking, financial services, and insurance (BFSI) security landscape is continuously evolving, presenting numerous challenges for the hundreds of solution providers that compete for attention in the multibillion-dollar market. Most BFSI organizations run their physical and digital security teams in silos, but momentum has increased for security convergence as threats become more multifaceted and security systems become increasingly digitized, connected, and actively integrated. A holistic view of security is becoming a strategic imperative.

The COVID-19 pandemic has significantly changed how people and businesses function, and its effect on the BFSI industry in the past year cannot be understated. The shift to working from home has made personal and corporate banking customers natural targets for attackers, with phishing emails, call center fraud, and infrastructure attacks becoming more common. Although these attacks are not new, the increase is alarming, prompting companies to explore new technologies.

This study examines opportunities for physical security (surveillance, command and control, communication equipment, and screening and detection), cybersecurity (firewalls, antivirus protection, active network detection solutions, and data analytics and storage), and converged security (access control and identity management, risk-averse security services, and managed services) through 2030. It takes a closer look at market drivers and restraints, forecasts revenue for the decade, and lists the top competitors in each of the three market segments. It includes an industry threat and vulnerability analysis, presents selected results from a 2020 Frost & Sullivan information technology decision maker survey, and considers the new technologies that are available or being developed for each market segment.