The increasing risk of
cyber threats against BFSI infrastructure, such as banks and insurance
companies is expected to drive the BFSI Market
The global BFSI security market size
is estimated to grow from USD 30.23 Billion in 2016 to USD 48.95 Billion by
2021, at a CAGR of 10.1% during the forecast period. Enforcement of regulatory
security compliance and the increasing risk of cyber threats against BFSI
infrastructure are the major drivers for the BFSI security market.
The physical security
segment is expected to grow at the highest CAGR during the forecast period
The physical security
segment is estimated to grow at the highest CAGR during the forecast period.
This growth can be attributed to the fact that physical security provides
protection of personnel, hardware, programs, networks, and data from physical
circumstances and events that could cause serious losses or damage to an
enterprise, agency, or institution. The physical security segment is also
expected to account for the largest market share during the forecast period.
This growth can be attributed to the growing concern for safety due to
increasing terrorism.
The system &
components segment is estimated to account for the largest market share during
the forecast period
The system &
components segment is estimated to account for the largest market share during
the forecast period. This growth can be attributed to the fact that banks are
continuously investing in advanced physical security solutions to prevent
robberies, frauds, and suspicious ATM withdrawals. Owing to these factors, the
service segment is expected to grow at the highest CAGR during the forecast
period.
The service segment of
information security type is expected to grow at the highest CAGR during the
forecast period
The service segment is
estimated to grow at the highest CAGR during the forecast period. This growth
can be attributed to fact that the need for protection of critical BFSI
infrastructures against advanced cybercrimes, along with the economical
constraint of reducing operational costs, requires a coordinated and proactive
approach towards information security services.
The banking segment is
estimated to account for the largest market share during the forecast period
The banking segment is
estimated to grow at the highest CAGR during the forecast period. The banking
sector provides tremendous technological revolution in the form of ATMs, core
banking, e-banking, mobile banking, and the associated services, such as
real-time gross settlement (RTGS), centralized fund management system (CFMS),
and use of credit, debit, and smart cards, among others. All these services
require protection against cyber threats, which drives the growth of the BFSI
security market.
Asia-Pacific is expected
to grow at the highest CAGR during the forecast period
The Asia-Pacific region is
projected to grow at the highest CAGR from 2016 to 2021. This growth can be
mainly attributed to the increasing adoption of BFSI security solutions across
India, China, Japan, and Australia. North America is expected to account for
the largest market share in 2016 and the trend is expected to continue during
the forecast period.
In the process of
determining and verifying the market size for several segments and subsegments
gathered through secondary research, extensive primary interviews were
conducted with key people. The break-up of profiles of primary participants is
given below:
• By Company Type: Tier 1
– 40%, Tier 2 – 35%, and Tier 3 – 25%
• By Designation: C-level
– 28%, Director level – 43%, and Manager level – 29%
• By Region: North America
– 46%, Europe – 31%, Asia-Pacific – 15%, RoW – 8%
The various key players
profiled in the report are as follows:
1. Cisco Systems, Inc.
(U.S.)
2. Computer Sciences
Corporation (CSC) (U.S.)
3. EMC
Corporation (U.S.)
4. Honeywell
International, Inc. (U.S.)
5. IBM Corporation (U.S.)
6. Booz Allen Hamilton,
Inc. (U.S.)
7. McAfee, Inc. (Intel
Security Group) (U.S.)
8. Sophos Group
Plc. (U.S.)
9. Symantec Corporation
(U.S.)
10. Trend Micro
Incorporated (U.S)
Objectives of the Study:
To define and measure the
global banking, financial services, and insurance (BFSI) security market, on
the basis of security type, subvertical, and region
To provide detailed
information regarding the key factors influencing market growth (drivers,
restraints, opportunities, and challenges)
To strategically analyze
subsegments with respect to individual growth trends, future prospects, and
contribution to the total market
To forecast the market
size with respect to five regional segments, namely, North America, Europe,
Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America
To track and analyze competitive
developments, such as mergers & acquisitions, new product developments, and
research and development (R&D) activities in the market
For More
Information: Global BFSI Security Market Forecast
to 2021
