BFSI Security Market Scenario:
Banking, financial services, insurance (BFSI) Security is now a must for the growing world economy. Reports of Market Research Future (MRFR) suggests that the global market is expected to reach around USD 71 Bn during the forecasted period (2016-2022) growing at a CAGR of 14%. BFSI serves as the foundation for various financial exchanges that take place in diverse sectors and is now an integral part of national infrastructure systems. Hence, the need for the maximum security against possible online or offline theft.
Online banking platforms are an effective way to process banking transactions remotely. Web-based applications act as a medium for such transactions but also increase the risk of exposing user’s data to hackers. Owing to this factor, the demand for BFSI Security Marketis expected to rise exponentially. Various banking and financial institutions are now using the cloud services, and in doing so, putting themselves at risk of being exposed. The risk of data theft has made the installation of BFSI security imperative. Protecting information from the hackers is now the most significant concern and is the chief driving force behind implementation of BFSI security.
Growing away from the traditional system of financial transactions, BFSI has revolutionized customer experience. The rise in remote monitoring and banking solutions is further stimulating the market growth. Other factors such as analytics, biometrics, and ethical hacking have greater possibilities regarding generating revenues. Security and safety measures have given biometrics the much-needed impetus in opening up market possibilities.
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Major Key Players:
- Cisco Systems, Inc. (U.S.)
- Honeywell International, Inc. (U.S.)
- McAfee, Inc. (U.S.)
- Symantec Corporation (U.S.)
- IBM Corporation (U.S.)
- Dell EMC (U.S.)
- Axis Communications (Sweden)
- Bosch Security Systems (Germany)
- Booz Allen Hamilton Inc. (U.S.)
- Hewlett Packard Enterprise (U.S.)
Segments:
The BFSI Security market has been segmented on the basis of type and vertical.
Based on type, there are two sub-categories – physical security and virtual security. Physical security includes access control, video surveillance, intrusion and fire detection, physical security information management (PSIM), system integration, and various other methods. Physical BFSI security is expected to hold the most significant share within the forecast period. Virtual security deals with encryption, firewall, IDS/IPS, web filtering, data loss protection among others.
Vertical-wise segmentation of BFSI security includes banking, insurance companies, and others. Insurance segment is expected to experience the fastest growth rate owing to tremendous transformation in deregulation, globalization and terror attacks.
Regional Analysis:
Region-wise segmentation results in three prominent groups; North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). North America leads the BFSI security market. The last two decades have seen North America getting riddled by various cyber-attacks and as a counter mechanism, they have launched extensive security measures. Presence of global players in the U.S. gives North America a competitive advantage.
Europe holds the second position in the market closely followed by the Asia Pacific. The fast growth-rate have made countries, such as Japan, China, Singapore and the UAE easy targets for online hackers, resulting in more demand for advanced security systems and could propel revenue during the forecast period.
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure:
1.3.1 Global Bfsi Security Market: By Type
1.3.2 Global Bfsi Security Market: By Verticals
Continued….
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List of Tables
Table 1 Global Bfsi Security Market, By Type
Table 2 Global Bfsi Security Market, By Verticals
Table 3 Global Bfsi Security Market, By Regions
Continued….
List of Figures
Figure 1 Research Type
Figure 2 Global Bfsi Security Market: By Type (%)
Figure 3 Global Bfsi Security Market: By Verticals (%)
Continued….
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