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 is 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.
Global BFSI Security Market is growing with CAGR of 14% and expected to reach market size of 71 billion by the end of forecasted period.
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.)
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North America has been the target for the cyber-attacks since the beginning and this is the main reason which makes the North America, a leader in the BFSI Security Market. Presence of global players in U.S. Give North America a competitive advantage.
Europe holds second position in the market closely followed by Asia-Pacific. Countries such as Japan, China, Singapore and UAE are fastest growing and also becoming easy target for cyber-attacks, resulting more demand for the security system. Asia-Pacific has also emerged as fastest growing market for BFSI Security.
Study Objectives of BFSI Security Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global BFSI Security Market
- To provide insights about factors affecting the market growth
- To analyze the BFSI Security market based on various factors- supply chain analysis, porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by Type, By Verticals and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global BFSI Security Market.
- Banking Institutions
- Security Agencies
- Security Service Providers
- Software Developers
- Camera and other Security System manufacturers
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The Global BFSI Security market has been segmented on the basis of type and verticals. Type includes- Physical Security and Virtual Security.
Physical Security Includes- Video Surveillance, Intrusion among others whereas Virtual Security deals with Encryption, Firewall, IDS/IPS among others. The Verticals of BFSI Security are- Banking, Insurance Companies among others.
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