BFSI Security Market Scenario:
Banking, financial services and insurance (BFSI) security is an urgent need in the expanding world economy. The latest report provided by Market Research Future (MRFR) is expected to suggest that the global BFSI security market is expected to garner a market revenue valuation of USD 71 billion during the forecast period. The global BFSI security market is likely to mark a CAGR of 14% during the forecast period of 2016-2022. BFSI serves as the foundation for many financial exchanges that take place in diverse sectors and is an integral part of the national infrastructure systems. Therefore, there is a need for maximum security against all possible online and offline theft.
Various online banking platforms are an effective way of processing banking transactions in a remote location. Web-based applications are a medium for such transactions, which also led to higher risk of client data exposure to unsolicited internet users, including hackers. Due to this factor, the demand for BFSI Security Marketis continuously surgjng.
Many BFSI institutions are expected to use cloud services which is putting them at a risk of being exposed. The risk of data theft is known to make an installation of BFSI security imperatives. Protection of information from the hackers is one of the largest concerns in the BFSI industry and is primarily driving the global BFSI security market.
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Major Key Players:
Some noteworthy players in the global BFSI security market include Global players, such as 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.), and Hewlett Packard Enterprise (U.S.).
Market Segmentation:
The gloal BFSI security market has been analyzed for various segments that are based on type, vertical and region.
Based on type, the global BFSI security market is segmented into physical security and virtual security. The physical security segment is studied for the sub-segments of video surveillance, access control, physical security information management, intrusion and fire detection, and system integration. Physical BFSI security is also estimated to hold the most significant share within the forecast period. The virtual security segment is further segmented into IDS/IPS, firewall, encryption, data loss protection, and web filtering.
Based on vertical, the global BFSI security market is segmented into banking and insurance companies. The insurance segment is estimated to exhibit the fastest CAGR over the forecast period, owing to the rising transformation in deregulation, terror attacks, and globalization.
Detailed Regional Analysis:
The global BFSI Security market is segmented into the regions of North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). North America was at the fore of the BFSI security market at the beginning of the forecast period. This domination is also expected to continue over the forecast period. North America is riddled by several cyber-attacks and hence as a counter mechanism, these market verticals have decided upon the deployment of advanced and extensive security measures. The presence of global players within the US are estimated to give North America a competitive edge over other regional markets.
On the other hand, Europe is estimated to garner the second-largest share of the global BFSI security market over the forecast period. Asia Pacific is likely to take on the third-largest share of the global BFSI security market. Such fast-paced growth of the APAC BFSI security market can be owed to the expansion in different countries present in the region such as Singapore, China, Japan, and the UAE.
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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