The largest reported data leakage as of January 2025 was the Cam4 data breach in March 2020, which exposed more than 10 billion data records. The second-largest data breach in history so far, the Yahoo data breach, occurred in 2013. The company initially reported about one billion exposed data records, but after an investigation, the company updated the number, revealing that three billion accounts were affected. The National Public Data Breach was announced in August 2024. The incident became public when personally identifiable information of individuals became available for sale on the dark web. Overall, the security professionals estimate the leakage of nearly three billion personal records. The next significant data leakage was the March 2018 security breach of India's national ID database, Aadhaar, with over 1.1 billion records exposed. This included biometric information such as identification numbers and fingerprint scans, which could be used to open bank accounts and receive financial aid, among other government services.

Cybercrime - the dark side of digitalization As the world continues its journey into the digital age, corporations and governments across the globe have been increasing their reliance on technology to collect, analyze and store personal data. This, in turn, has led to a rise in the number of cyber crimes, ranging from minor breaches to global-scale attacks impacting billions of users – such as in the case of Yahoo. Within the U.S. alone, 1802 cases of data compromise were reported in 2022. This was a marked increase from the 447 cases reported a decade prior. The high price of data protection As of 2022, the average cost of a single data breach across all industries worldwide stood at around 4.35 million U.S. dollars. This was found to be most costly in the healthcare sector, with each leak reported to have cost the affected party a hefty 10.1 million U.S. dollars. The financial segment followed closely behind. Here, each breach resulted in a loss of approximately 6 million U.S. dollars - 1.5 million more than the global average.

As of 2024, the average cost of a data breach in the financial industry worldwide was **** million U.S. dollars, up from **** U.S. dollars in 2024. The global average cost of a data breach across all studied industries was **** million U.S. dollars.

Snapshot img

Banking, Financial Services And Insurance Security Market Size 2024-2028

The banking, financial services and insurance security market size is forecast to increase by USD 45.03 billion at a CAGR of 12.16% between 2023 and 2028.

The BFSI security market is experiencing significant growth due to several key trends. The increasing adoption of the internet In the BFSI sector is driving market expansion, as more financial institutions move their operations online.
However, digital transformation also brings about new challenges, such as the rise in cyber data breaches. To mitigate these risks, BFSI organizations are investing heavily in technological securities. Despite the high costs, the implementation of advanced security solutions, including the use of AI in BFSI, is essential to protect sensitive customer information and maintain trust In the industry. Overall, the BFSI security market is poised for continued growth as institutions prioritize cybersecurity to stay competitive and safeguard their assets.

What will be the Size of the BFSI Security Market During the Forecast Period?

Request Free Sample

The BFSI (Banking, Financial Services, and Insurance) security market encompasses the provision of security solutions to commercial banks, insurance companies, mutual funds, pension funds, and other financial institutions. With the increasing digital transformation In the industry, technological integration through artificial intelligence (AI), machine learning (ML), blockchain, and robotic process automation has become essential for enhancing security systems and protecting customer bases from cyber threats. Internet penetration and the growing use of cloud-based services have expanded the attack surface, necessitating advanced threat management strategies.
Cybersecurity remains a top priority for BFSI organizations, with a focus on data protection and compliance with regulatory requirements. The market is expected to grow significantly due to the increasing adoption of advanced security solutions and the need to mitigate the risks associated with digitalization. Non-banking financial companies and retail banking segments are also investing heavily in security solutions to safeguard their operations and maintain customer trust.

How is this Banking, Financial Services And Insurance Security Industry segmented and which is the largest segment?

The banking, financial services and insurance security industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Delivery Mode

  Service
  Solution


Type

  Phycial security
  Cyber security


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    China


  Middle East and Africa



  South America

By Delivery Mode Insights

The service segment is estimated to witness significant growth during the forecast period.

The BFSI security market encompasses various services aimed at safeguarding the banking, finance, and insurance industries from evolving security risks. One such service is penetration testing, where ethical hackers simulate cyber-attacks to identify vulnerabilities in financial institutions' systems and infrastructure. This proactive approach strengthens security posture, mitigating risks of unauthorized access and data breaches. Other services include technological integration of AI, blockchain, cybersecurity solutions, risk management, and physical security. These services address threats like cybercrimes, data leakage, and fraud detection. Banks, commercials, non-banking financials, insurance companies, mutual funds, pension funds, and various banking sectors benefit from these offerings. Security measures include core banking, retail banking, corporate banking, cards, investment, stock broking, payment gateways, electronic banking, and digital security. Integration of smart technologies, video surveillance systems, encryption software, and disaster recovery solutions further fortify security.

Get a glance at the Banking, Financial Services And Insurance Security Industry report of share of various segments Request Free Sample

The service segment was valued at USD 23.43 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 58% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

In North America, the BFSI security market holds a prominent position due to the region's advanced technological infrastructure and stringent regulatory

The Internet of Things (IoT) in the Banking Industry is experiencing robust growth, driven by increasing demand for enhanced security, improved customer experience, and efficient data management. The market, currently valued in the billions (a precise figure requires the missing market size 'XX' value, but given the 18.58% CAGR and a forecast period of 2025-2033, we can infer a substantial market size), is projected to maintain a high growth trajectory throughout the forecast period (2025-2033). Key drivers include the rising adoption of digital banking solutions, the need for real-time fraud detection and prevention, and the increasing use of wearable technology for payments and financial transactions. The integration of IoT devices, such as smart ATMs, wearables, and connected sensors, enables banks to offer personalized services, streamline operations, and improve risk management. Growth segments are primarily focused on solutions offering enhanced security and customer experience management, with data management solutions also witnessing significant traction. Major players like Infosys, Accenture, IBM, and others are heavily investing in IoT-based banking solutions, further fueling market expansion. However, challenges such as data security concerns, regulatory compliance, and the high initial investment costs could potentially restrain market growth to some extent. The competitive landscape is characterized by both established technology giants and specialized fintech companies. The geographical distribution of the market likely reflects a concentration in North America and Europe, given the advanced technological infrastructure and higher adoption rates in these regions. However, the Asia-Pacific region is expected to witness significant growth in the coming years, driven by increasing smartphone penetration and the expansion of digital financial services. The continuous innovation in IoT technology and the increasing demand for seamless banking experiences will propel market expansion. Strategic partnerships between banks and technology providers are crucial in driving the adoption of IoT solutions and shaping the future of the banking industry. Future trends indicate a strong focus on AI and machine learning integration with IoT devices for further enhanced personalization, risk mitigation, and operational efficiency. Recent developments include: October 2022 - The first fully digital international Islamic bank in the world and Intellias, a worldwide technology partner that supports Fortune 500 firms and top-tier organizations in their sustained success, are thrilled to announce their long-term strategic relationship. The businesses have teamed up to improve the engineering capabilities of Nomo Fintech. In order to provide consumers from the Gulf Cooperation Council (GCC) region and beyond with financial independence in the UK, they are constructing a worldwide digital banking platform together., January 2022 - India-based Bajaj Allianz General Insurance also offers IoT-based personal accident cover. It covers the kids during their travel hours on a pre-registered bus by the school. By using IoT, it tracks the bus and school kids providing real-time location through GPS and beacons inserted in the identity cards of kids.. Key drivers for this market are: Increasing Accessibility of Services to Customers by Providing On-demand services via Kiosk, Growing Adoption of IoT for Predicting Fraud in Debit/Credit Card Transactions. Potential restraints include: Lack of information and Awareness about the Solutions Among Potential Users. Notable trends are: Security Application is Expected to Hold Significant Share.

In 2022, a person's name was the most common attribute involved in data compromises in the United States. Among other frequently compromised pieces of Personally Identifiable Information (PII) were full social security number and date of birth. In 433 occasions, data compromises included users' bank account numbers, while in 186 cases the compromises included users' payment card full numbers.

The Internet of Things (IoT) in the banking industry is experiencing robust growth, driven by the increasing need for enhanced security, improved customer experience, and efficient data management. A compound annual growth rate (CAGR) of 18.58% from 2019 to 2024 suggests a significant market expansion. This growth is fueled by several key factors. Firstly, the adoption of IoT devices, such as wearables and smart ATMs, provides banks with new avenues for customer engagement and personalized financial services. Secondly, IoT-enabled security systems significantly improve fraud detection and prevention, mitigating financial losses and enhancing customer trust. Data analytics derived from IoT devices allows banks to optimize their operations, improve risk assessment, and personalize offerings based on real-time customer behavior. Finally, the integration of IoT into various banking operations, including branch management, supply chain optimization, and asset tracking, contributes to increased efficiency and cost savings. The market segmentation reveals strong demand across various application areas. Security solutions, leveraging IoT for enhanced fraud prevention and surveillance, represent a substantial segment. Customer experience management, enabled by personalized services delivered through IoT devices, is also a major growth driver. Similarly, the growing volume of banking data necessitates robust IoT-based data management solutions. While North America and Europe currently hold larger market shares, the Asia-Pacific region is projected to experience significant growth due to increasing smartphone penetration and digital banking adoption. Major players like IBM, Infosys, and Microsoft are actively investing in developing and deploying IoT solutions for the banking sector, further propelling market expansion. The continued expansion of digital banking, coupled with increasing regulatory requirements for security and data privacy, will further fuel the growth of the IoT in banking in the coming years. Recent developments include: October 2022 - The first fully digital international Islamic bank in the world and Intellias, a worldwide technology partner that supports Fortune 500 firms and top-tier organizations in their sustained success, are thrilled to announce their long-term strategic relationship. The businesses have teamed up to improve the engineering capabilities of Nomo Fintech. In order to provide consumers from the Gulf Cooperation Council (GCC) region and beyond with financial independence in the UK, they are constructing a worldwide digital banking platform together., January 2022 - India-based Bajaj Allianz General Insurance also offers IoT-based personal accident cover. It covers the kids during their travel hours on a pre-registered bus by the school. By using IoT, it tracks the bus and school kids providing real-time location through GPS and beacons inserted in the identity cards of kids.. Key drivers for this market are: Increasing Accessibility of Services to Customers by Providing On-demand services via Kiosk, Growing Adoption of IoT for Predicting Fraud in Debit/Credit Card Transactions. Potential restraints include: Increasing Accessibility of Services to Customers by Providing On-demand services via Kiosk, Growing Adoption of IoT for Predicting Fraud in Debit/Credit Card Transactions. Notable trends are: Security Application is Expected to Hold Significant Share.

The global transaction monitoring market is experiencing robust growth, projected to reach a substantial size by 2033. A compound annual growth rate (CAGR) of 15.10% from 2025 to 2033 indicates a significant expansion driven by several key factors. The increasing prevalence of digital transactions across various sectors, including finance, e-commerce, and healthcare, is fueling the demand for robust transaction monitoring solutions. Furthermore, stringent regulatory compliance requirements, particularly those aimed at combating financial crime like money laundering and fraud, are compelling organizations to adopt sophisticated transaction monitoring systems. The rise in sophisticated cyber threats and data breaches further underscores the need for advanced monitoring capabilities to detect and prevent fraudulent activities in real-time. The market is segmented into solutions and services, with solutions comprising software and hardware components, while services encompass implementation, integration, and maintenance. Key players like FICO, SAS, Oracle, and IBM are driving innovation through the development of AI-powered solutions, enhancing the accuracy and efficiency of transaction monitoring processes. The market's regional distribution likely shows a strong presence in North America and Europe, given their established financial infrastructure and regulatory frameworks. However, the Asia-Pacific region is anticipated to exhibit significant growth potential in the coming years, driven by rapid digitalization and economic expansion in emerging economies. The competitive landscape is characterized by both established players and emerging technology providers. The continuous evolution of fraud techniques necessitates ongoing innovation in transaction monitoring technologies, creating opportunities for new entrants and partnerships. While technological advancements drive market growth, challenges remain. These include the complexity of implementing and managing these systems, the need for skilled personnel, and concerns regarding data privacy and security. Despite these challenges, the long-term outlook for the transaction monitoring market remains positive, fueled by consistent demand and technological advancements. Recent developments include: Nov 2022: NetGuardians announced that it extended its NG|Screener platform and applied it to money-laundering transaction monitoring. AML transaction monitoring solution integrates both internal and external sources of data to look for anomalies in behavior, where the new solution has the potential to transform the antiquated AML approaches and bring effectiveness and efficiency to financial institutions. In order to increase operational effectiveness and reduce expenses, it monitors massive quantities of transactions with extreme accuracy and a marked reduction in false warnings., Oct 2022: SAS Institute Inc. partnered with Neterium and Orange Bank to achieve real-time sanctions screening in the cloud. In contrast, built-in AI and advanced screening technologies improve detection relevance and allow analysts to monitor a holistic, real-time view of AML risk.. Key drivers for this market are: Advancement in Transaction Monitoring Solution incorporating AI and ML, Increasing Stringent Regulatory Compliance. Potential restraints include: Advancement in Transaction Monitoring Solution incorporating AI and ML, Increasing Stringent Regulatory Compliance. Notable trends are: Service to Witness the Growth.

Snapshot img

Cardless ATM Market Size 2024-2028

The cardless ATM market size is forecast to increase by USD 1.92 billion at a CAGR of 6.36% between 2023 and 2028.

The market is experiencing significant growth, driven by several key trends and factors. The increased penetration of smartphones and the emergence of biometric ATMs are major growth catalysts. Smartphones have become an integral part of our daily lives, and mobile banking applications enable users to perform various transactions, including cash withdrawals, without using traditional debit or credit cards. Biometric ATMs, which use fingerprint or facial recognition technology for authentication, offer enhanced security and convenience, making them increasingly popular. ATMs are no longer just physical machines for cash transactions; they have evolved into digital platforms offering various services through mobile apps. Additionally, regulations on contactless payment transactions are also fueling the market growth. However, challenges such as high implementation costs and security concerns related to biometric data remain. Despite these challenges, the market is expected to continue its upward trajectory, driven by the convenience and security benefits offered by cardless ATMs.

What will be the Size of the Cardless Atm Market During the Forecast Period?

Request Free Sample

The market is witnessing significant growth as more financial institutions and tech companies adopt contactless technology for cash withdrawals and deposits. Transactions at Cardless ATMs can be initiated using biometrics, passcodes, or mobile apps. NFC technology and QR code scanning enable contactless transactions, enhancing user experience. ATM manufacturers, technology providers, and mobile app developers are collaborating to offer innovative solutions. Security is a major concern In the market, with geolocation services and fraud detection systems being implemented to ensure safety.
Furthermore, interoperability between different banking apps and ATMs is also crucial for customer convenience. Leading players In the market include NCR Corporation, focusing on enhancing the user experience through advanced technology. Startups are also entering the market, bringing competition and innovation. Banks are integrating Cardless ATMs into their banking apps to offer teller services, cash deposits, and balance checks. Despite the benefits, challenges such as technical complexities and regulatory issues persist. However, the convenience and security offered by Cardless ATMs make them a preferred choice for customers. The market is expected to continue growing, offering opportunities for both established players and new entrants.

How is this Cardless Atm Industry segmented and which is the largest segment?

The cardless atm industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Offsite ATM
  Onsite ATM
  Others


Geography

  North America

    US


  APAC

    China
    India


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Type Insights

The offsite atm segment is estimated to witness significant growth during the forecast period.

The market primarily consists of transactions conducted at offsite Automated Teller Machines (ATMs) that do not require the use of traditional plastic cards. Offsite ATMs, which account for the largest market share, are installed outside the premises of banks and are often situated in high-traffic areas such as transportation hubs, educational institutions, and marketplaces. Users can perform cash withdrawals and deposits, check balances, and initiate contactless transactions through mobile apps or biometric authentication methods, such as passcodes or fingerprint scanning. Technology providers, ATM manufacturers, mobile app developers, and IoT technologies collaborate to offer advanced features, including NFC, QR code scanning, and data analysis tools, to enhance the user experience.

Get a glance at the Cardless Atm Industry report of share of various segments Request Free Sample

The offsite ATM segment was valued at USD 2.01 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 48% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

The market is witnessing significant advancements as technology providers, ATM manufacturers, and mobile app developers collaborate to offer seamless transaction experiences. Biometrics, passcodes, and QR code s

A 2022 survey conducted among consumers of leading banks in the United States found that the security of personal information was a leading factor in their choice of a financial institution, with an index value of ***. Survey participants rated the factor of the bank services requiring low or no fees as the second important factor, while fraud protection ranked third with an index value of **.

Financial service providers who implemented blockchain solutions in their organization mostly used them for cryptocurrency - but NFTs also played a role. This is according to a survey held in 2021, but was not repeated since. "Asset tokenization", for example, refers to the digitization of real-world items - such as a house - into a digital token via an NFT. More importantly, the application of smart contracts - a feature that NFTs started to explore in 2021 - is considered a major application of blockchain technology, potentially speeding up the processing of documents, or identifying certain individuals. The source does not add much on Decentralized Finance or DeFi - which this ranking alludes to - although it does add that more than ***** out of 10 respondents (**** out of 10 among the Pioneers) said they believe DeFi will be "very or somewhat important". Central bank digital currency (CBDC) is the main blockchain application in finance in 2024 The 2021 survey lists "digital currency" as the most likely blockchain application in financial services. By 2024, such currencies are being developed by country's central banks. Cryptocurrencies and stablecoins are issued by private hands or companies, sometimes as a protest against monetary authorities. CBDC, on the other hand, comes from monetary authorities and is meant to be a digital variant of already existing FX. A 2023 survey reveals that the preservation of the central bank's role in money provision was a significant driver behind central bank digital currencies in developed countries. Emerging markets saw CBDC as a tool to make financial inclusion happen. A collection of different sources suggests that CBDC penetration in those countries that already have one available for consumer use in 2024, however, has been low. Concerns on fraud in the blockchain The second-most mentioned blockchain application in 2021 was "secure information exchange". This aspect of the blockchain still faced scrutiny as time went by. Cryptocurrency ranked the second-biggest fraud source among payments in the United States in 2022, based on the value of losses. Such numbers were based on fraud reports, however. For banks, blockchain security was historically not their main reason to not adopt the technology.