Category

BFSI Security Market - Forecasts From 2018 To 2023

114 pages
Published on : May 2019
Report Code : KSI061610241

Description

BFSI Security Market is estimated to grow at a CAGR of 8.92% to reach US$33.075 billion by 2022, increasing from US$21.572 billion in 2017. The advent of the internet has facilitated in moving the banking process online so as to provide efficient and convenient services to customers. This has also led to increase in cyber security threats and frauds leading to BFSI enterprises opting for precautionary measures to keep the customers’ data safe. Apart from online threats, physical security threats have also grown, leading to growing implementation of various security solutions like access control, video surveillance among others. Government regulations and industry policies regulating the need for efficient security protocols and compliance will boost the demand for these solutions over the forecast period. The increasing use of mobile data coupled with the augmenting usage of cloud-based services will also propel the growth of BFSI Security market over the forecast period. 

By End-User Industry

The increase in a number of data breach incidence in banking and insurance sector leads to the high adoption of BFSI Security solutions. Moreover, changing financial regulations and increase in a number of bank accounts with growing population significantly contributes to the market growth. The growth in the use of mobile banking applications and other electronic banking platforms is expected to boost the BFSI market growth in years ahead.    

By Geography

Geographically, North America BFSI security market accounted for a large market share in 2016 owing to the early adoption of technology. Moreover, increasing cyber-attacks is further boosting the BSFI security market growth within the region. However, Asia Pacific is expected to grow at the fastest rate, with the increase in number of private bank and financial institutions, especially in emerging economies of China and India, and is expected to expand the demand of different BFSI security solutions over the forecast period.

Competitive Insight

The global BFSI Security market is fragmented owing to the presence of multiple regional and international players. The presence of big players with their expertise knowledge and ability to invest in R&D enhances the competitive rivalry. In order to be ahead of competition and to expand the footprint, large vendors are acquiring small vendors. Major players discussed in the reports are Bosch Security Systems, Honeywell Security, Booz Allen Hamilton, Computer Sciences Corporation, Symantec, EMC Corporation, Axis Communication, Cisco Systems, IBM, Trend Micro Incorporated, McAfee, and Panasonic among others.                                                           

Segmentation

BFSI Security market has been segmented by component, type, end-user industry, and geography as below

By Component

Access Control Systems

Cloud-based Services

Physical Security Software

Surveillance Systems


By Type

Physical Security

Access Control

Video Surveillance Fire Detection

Others


Cyber Security

Identity and Access Management

Encryption

Disaster Recovery

Web Filtering

Others


By End-User Industry

Banking & Insurance

Others


By Geography

Americas


North America

U.S.

Canada

Mexico

Others


South America

Brazil

Argentina

Others


Europe Middle East and Africa

Europe

UK

Germany

France

Others


Middle East and Africa

Saudi Arabia

Israel

Others


Asia Pacific

Japan

China

India

Australia

Others


Key questions answered by the report

What will be the BFSI Security market size from 2017 to 2022?

How are the major drivers and restraints affecting the global BFSI Security market growth and the opportunities which exist for key vendors?

Which segment and region will drive or lead the market growth and why?

A comprehensive analysis of competitive landscape and key market participants’ behavior

Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth

OUR CLIENTS