BFSI Security Market Introduction
Digitization has disrupted the conventional business models and the way companies manage their operations, interact with their clients, and respond to the new emerging players in the market. Availability of new delivery channels has expanded the access to the markets. Further, the need for leveraging available data has increased at a rapid pace to better serve customers in a more transparent way. On the other hand, the need for transformation of security capabilities across the organization has increased to next-level.
Today, most of the security functions in both developed and emerging markets are driven by compliance mindset and the major focus of these is to make sure all the regulations and regulatory policies are fulfilled. In addition, end users are becoming more aware of the security programs and are focused towards allocating proper share for IT security in their annual budget. This, in turn, is anticipated to boost the overall BFSI security market growth during the forecast period. In contrast, high initial cost, lack of interoperability, and lack of awareness especially in emerging markets are anticipated to have an adverse effect on overall BFSI security market size.
The global BFSI security market is segmented into type, physical security, information security, end user, and region.
Based on type, the BFSI security market is segmented into physical security and information security. The physical security segment can be further bifurcated into equipment and service sub-segments. The equipment sub-segment includes access control, consumer video surveillance, entrance control (vehicle & pedestrian), intruder alarms, thermal cameras, video surveillance, and wireless infrastructure categories. The services sub-segment includes access control as a service (ACaaS), remote monitoring service, security systems integration, and video surveillance as a service (VSaaS) categories. By information security segment, the BFSI security market is analyzed across solutions and services sub-segments. The solutions sub-segment includes antivirus & anti-malware, data loss protection (DLP), DDoS mitigation, disaster recovery, encryption, firewall, identity & access management, intrusion detection system/intrusion prevention system (IDS/IPS), risk & compliance management, security & vulnerability management, unified threat management (UTM), web filtering, and other categories. The service segment includes consulting, training, implementation & integration, support services and risk & threat assessment sub-segments. By end user, the BFSI security market is bifurcated into banking, insurance companies, and other financial institutions segments. Major regions analyzed in the BFSI security market are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa (MEA).
BFSI Security Market Competitive Landscape
Key vendors in the BFSI security industry are inclined towards introducing enhanced solutions and equipment, signing the strategic alliance with leading players, and expanding their footprints to increase their profit niches, customer base, and outperform competitors. Prominent players identified in the global BFSI security industry are EMC Corporation, IBM Corporation, Symantec Corporation, Booz Allen Hamilton, Inc., Sophos Group PLC., Computer Sciences Corporation, Honeywell International, Inc., Trend Micro Incorporated, McAfee, Inc. (Intel Security Group), and Cisco Systems, Inc. among others.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on BFSI security market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.