BFSI Security Market is Projected to grow at a CAGR of 10.1% from 2016 to 2021

“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.

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“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.

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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)

Related Report:

Cyber Security Deal Tracker 2014 - 2015

The report provides a thorough analysis of more than 200 deals in the cyber security market for two years, 2014 and 2015.The cyber security deal tracker offers comprehensive database coverage of various deals signed in government, Banking, Financial Services, and Insurance (BFSI), technology, and consumer industries.

The deal tracker provides trends that help clients to plot future activities in various deal types for the global cyber security market. For the same, MarketsandMarkets understanding of cyber security market is leveraged considering client needs and projections that can help to create or categorize practical and actionable business development strategies.

This report also provides an actionable insight into various technologies, broadly classified into endpoint security, network security, and cloud security. The report helps vendors to identify the in-demand technology in the cyber security market and thus provide assistance in planning their future investment and strategic growth.

Read More: https://watchersofmarkets.com/products/cyber-security-deal-tracker-2014-2015

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Posted by Vinay Kudale on Saturday August 04 2018, 7:01 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0