"BFSI Security Market by Information Security (IAM, Encryption, Disaster Recovery, UTM, Firewall, Security and Vulnerability Management, IDS/IPS, Data Loss Protection, Antivirus & Antimalware) & Physical Security - Global Forecast to 2021"
[168 Pages Report] The BFSI security market is estimated to grow from USD 30.23 Billion in 2016 to USD 48.95 Billion by 2021, at a CAGR of 10.1% from 2016 to 2021.
Key drivers of this market include the implementation of regulatory security compliance, rising demand for cloud-based security solutions, and the increasing risk of cyber threats against BFSI infrastructure. This report analyzes opportunities in the BFSI security market for stakeholders. It also provides strategic profiles of the key players in the market to comprehensively analyze the core competencies and draw competitive landscape for the market.
Objectives of the Study:
The main objective of this report is to define and measure the global banking, financial services, and insurance (BFSI) security market on the basis of security type, subvertical, and region. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). It aims to strategically analyze subsegments with respect to individual growth trends, future prospects, and contribution to the total market. It also attempts to forecast the market size with respect to five main regions, namely, North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. It also tracks and analyzes competitive developments, such as mergers and acquisitions, new product developments, and research and development (R&D) activities in the market.
After arriving at the overall market size, the total market was split into several segments and subsegments. These were then verified through primary research by conducting extensive interviews with key people, such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from various companies and organizations providing BFSI security solutions and services. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments.
To know about the assumptions considered for the study, download the pdf brochure
Key players operational in the BFSI security market include Cisco Systems, Inc. (U.S.), Computer Sciences Corporation (CSC) (U.S.), EMC Corporation (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), Booz Allen Hamilton, Inc. (U.S.), McAfee, Inc. (Intel Security Group) (U.S.), Sophos Group Plc. (U.S.), Symantec Corporation (U.S.) and Trend Micro Incorporated (U.S.). Other stakeholders of the market include application design and software developers, IT director/consultants, chief compliance officers, cloud service providers system integrators, universities, entertainment broadcasters, sports clubs, research & development centers, music industry, technology consultants, communication services providers, market research and consulting firms.
Target Audience:
• IT Service Providers and Distributors
• Cyber Security Vendors
• BFSI Security Vendors
• Value Added Resellers
• Government Bodies and Departments
• Cloud Service Providers
• System Integrators
• Technology Consultants
“This study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing efforts and investments”.
BFSI security offers numerous benefits to the users and organization, but at the same time, it accompanies various security risks, which is a restraining factor for the market. It has a wide complexity in security infrastructure. User awareness towards complex threats and system vulnerabilities is very critical. Banks and utilities need to continuously engage customers and educate them about their online security. It lacks interoperability between security products, which restrains the growth of the BFSI security market. Hence, BFSI security vendors are innovating their product portfolio to manage handling complexity.
Cisco Systems, Inc. is a leading supplier of networking products, systems, and associated services. It largely focuses on designing innovative networking solutions for various industries, such as transportation, retail, and manufacturing, among others. Cisco considers security portfolio as its top investment priority and is continuously supporting the R&D against revenue loss, intellectual property deprivation, and reputation diminution in the BFSI industry vertical. For instance, in August 2016, Cisco acquired Cloudlock, a privately-held company based in the U.S., which offers CloudLock and Cisco the industry’s broadest cloud security protection for users, applications, and data.
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