Global BFSI Security Market Study – Drivers and Opportunities Highlighted 2015-2022

The global BFSI security market is anticipated to witness a significant growth during the forecast period owing to the rising complexity in security system along with the increasing adoption of cloud-bases safety solution worldwide. In addition, increasing implementation of safety compliance and growing threat of cyber crimes will further aid in the growth of the market in the near future. The report “Global BFSI Security Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast”provides a comprehensive analysis including market value, forecasts, as well as a detailed competitive market analysis of major players.

Over the past few years, the rising liberalization of banking regulations, increasing competition from both regional and foreign players and rising need to refurbish the business to ensure easy transaction, convenient access process and lesser security threats to the customers, all together has created a need for a strict BFSI security solution for the financial businesses. Rising incidences of security attacks have compelled organizations to install cyber & physical security in order to avoid damage to critical infrastructure, data and monetary losses, which in turn will drive the security market in the forthcoming years. Due to the augmented preference for e-banking facilities and usage of ATMs by increasing population, the need for security in the BFSI sector will increase over the forecast period. However, rising risk of data loss in the system is a major restraint, which may hamper market demand over the coming years.

BFSI Security Market
The global market has been segmented based on type into physical security and information security, which are further sub-segmented. The physical security segment is a leading type segment and is expected to witness a double-digit growth in the study period on account of the rapid adoption of PSIM (physical security information management), IP-based video supervision and biometrics worldwide.  Furthermore, the market has been segmented based on end-user into banking and insurance companies. The insurance segment has accounted for major market share and is anticipated to grow at a substantial rate during the forecast period due to the tremendous transformation in banking operations as a result of globalization, deregulation, and terrorist attacks.

North America is a major market and is projected to continue its dominance over the coming years owing to the widespread implementation of security solutions across various industry verticals in order to avoid rising cyber attacks in the region. Asia Pacific is a fastest growing market and is estimated to grow at the highest CAGR during the forecast period on account of increasing acceptance of BFSI security systems, particularly in the Australia, China & India.

The key players include Booz Allen Hamilton Inc., Computer Sciences Corporation (CSC), EMC Corporation, Cisco Systems Inc., Honeywell International, Inc., Mcafee, Inc., IBM Corporation, Sophos Group PLC., Symantec Corporation and Trend Micro Incorporated. The global market is fragmented in nature because of the presence of many organized and unorganized players. Major players are acquiring small players to expand their market share and product portfolio.

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In Feb 2016, HSBC has introduced a touch security and voice recognition services in the UK for their 15 million banking customers.
In Feb 2016, Godrej Security Solutions has launched the next generation banking locker cabinet “secunex” and “autovault” for the Indians banking sector.

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