The advent of the internet has facilitated in moving the banking process online aiming to provide efficient and convenient services to customers.
According to the report, the BFSI security market is projected to expand at an impressive CAGR of 9.10% over the forecast period 2020-2025. The BFSI security market is expected to surge during the forecast period which can be attributed to the increasing adoption of cloud-based security solutions around the globe. The BFSI security market is witnessing a good growth as various organization and government agencies are established that not only tracks the consumer fraud but also identify theft complaints, for instance in the United States consumer sentinel network is maintained by the Federal Trade Commission which tracks consumer fraud and identity theft complaints that have been filed with federal, state and local law enforcement agencies, in fact in its recent report fraud complaints in the country have increased from 1.165 thousand in 2015 to 1.427 thousand in 2018. Companies are investing heavily in innovative product development and major players are investing in small startups that further fuel the growth of the market. For instance, in December 2019, CyberGRX, provider of the world’s first and largest global cyber risk exchange, raised $40 million in Series D funding led by the ICONIQ Capital and also backed by Datadog, Gitlab, Procore, and Snowflake. Funding will help the company to meet increasing demand, including expanding globally and driving innovative product development in the direction that eliminates the current time-consuming procedures.
By type, physical security such as access control and video surveillance is the area of interest for banking and other companies around the world. Video surveillance for monitoring the activities inside as well as outside the industry has now become necessary for banking and financial institution which is aiming to address solutions from theft and terrorism. Such video surveillance solutions are used to protect employees and assets of the company. Furthermore, governments and local administration in various parts of the world have institutionalized various regulatory measures to limit the fraud and theft cases which in turn, accelerate the growth of global BFSI security markets. Nevertheless, there is high growth potential in emerging and developing markets and there are regions that are still untapped with regards to the realization of its technological potential. The Information and communications technology revolution in various parts of the world fueled by the progress in the semiconductor technology has also accelerated the pace of BFSI security market growth over the forecast period.
Geographically, North America is expected to hold a significant share in the market and there has been a rapid surge in the popularity of the BFSI security in the United States. Due to the presence of major market players coupled with growing investment in research and development the market is anticipated to witness substantial growth in the coming years. Also, the Asia Pacific region is expected to be one of the fastest-growing markets for BFSI securities over the forecast period. Developing countries such as China and India are projected to experience robust growth with increasing implementation of regulatory standards. In addition, a security solution based on the internet of things (IoT) is anticipated to boost the growth of the market in the European region.
Some of the major players covered as part of the report are Bosch Security Systems, Honeywell Security, Booz Allen Hamilton, Computer Sciences Corporation, Symantec, Dell EMC, Axis Communication, Cisco Systems, IBM, Trend Micro Incorporated, McAfee and Panasonic.
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This report segmented the BFSI security market on the basis of the following terms