The report "BFSI Security Market by Information Security (IAM, Encryption, Disaster Recovery, UTM, Firewall, Security & Vulnerability Management, IDS/IPS, Data Loss Protection, Antivirus & Antimalware), by Physical Security - Global Forecast to 2020", The BFSI security market size is estimated to grow from USD 25.61 Billion in 2015 to USD 44.38 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 11.6% from 2015 to 2020. BFSI Security redefines the security and well-being of financial institutions by providing effective network security capabilities to predict and mitigate the potential cyber threats and intrusions. As the frequency of sophisticated attacks on financial enterprises are growing, the BFSI security market is expected to gain traction in the next five years.
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Rise in the sophistication level of security breaches will drive the BFSI security market
The major drivers of this market includes increasing sophisticated threats against critical infrastructures, strict regulations and compliances from government, and growing Internet of Things (IOT) market. Financial institutes are looking for integrated security solutions these days to cater to various security needs through a common platform for cost benefits and to reduce complications. Also, increasing mobile data usage, cloud usage, and digitization increases the awareness regarding BFSI security. Increasing scope of Bring Your Own Devices (BOYD) at workplace is also driving the market. Lack of awareness about innovative BFSI security solutions across emerging economies and the need for convergence of various security solutions are the major restraints in the overall growth of the market.
Physical and information security solutions such as video surveillance and encryption to play a key role in the BFSI security market
The BFSI security market has been segmented into physical security and information security. To cater to the expanding threat landscape, the demand for security solutions, both for physical assets and confidential business data, is increasing in the banking and financial institutions. Some of the physical and information security solutions adopted by institutions include video surveillance, intruder alarms, authentication, encryption, biometric access control, risk and compliance management, and managed security services.
Banking sub-vertical contributes maximum market share
Verticals such as banking and insurance will be the key growing verticals during the forecast period. The banking sub-vertical is expected to contribute largest market share in BFSI security market. The report also covers the BFSI security market by geographic regions. North America is expected to have the largest market share, however APAC will grow with the highest CAGR from 2015 to 2020. The major vendors in the BFSI security market include Booz Allen Hamilton, Cisco, CSC, EMC, Honeywell, IBM, McAfee, Sophos, Symantec, and Trend Micro.
The scope of the report covers detailed information regarding the major factors influencing the growth of the BFSI security market, such as drivers, restraints, challenges and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations and recent developments associated with the BFSI security market.
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