Rise in the sophistication level of security breaches and the growing IoT market expected to drive the BFSI security market
The BFSI security market size is estimated to grow from USD 25.61 billion in 2015 to USD 44.38 billion by 2020, at a CAGR of 11.6% from 2015 to 2020. The BFSI security market is driven by factors such as rise in the sophistication level of security breaches, growing government regulations and standards for cyber security, growing IoT market, and rise in the adoption of cloud-based security solutions.
Physical security is expected to gain maximum traction during the forecast period
The physical security segment is estimated to hold the largest market share during the forecast period. However, the BFSI information security segment is also expected to gain traction because of its ability to protect the confidentiality, integrity, and availability of data against malicious intentions such as unauthorized access, modification of information, and denial of service to unauthorized users. System maintenance & support and managed security services are expected to grow at the highest CAGR from 2015 to 2020. However, training & education services are expected to hold the largest market share during the forecast period.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people in tier-1 (35%), tier-2 (45%), and tier-3 (20%) companies. The interviews were conducted with various key people, such as C-level (35%), Director Level (25%), and other executive level (40%), operating in the BFSI security marketplace. The primary interviews were conducted across the globe, covering regions such as North America (45%), Europe (20%), APAC (30%), and RoW (5%).
The latest security trends in financial segment include authentication, encryption, Data Leakage Prevention (DLP), data waste monitoring, managed security services, IP video surveillance, and biometric access control. The availability of cloud deployment options for BFSI security has further boosted the demand for cyber security solutions across the banking and insurance sectors. Therefore, mobile security and cloud security are the upcoming focus for the BFSI security market.
The various key BFSI security vendors and service providers profiled in the report are as follows:
1. Booz Allen Hamilton Inc.
2. Cisco Sytems Inc.
4. IBM Corporation
5. Honeywell International Inc.
6. EMC Corporation
7. McAfee Inc.
8. Sophos Group Plc.
9. Symantec Corporation
10. Trend Micro Inc.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the BFSI security market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, mergers, and acquisitions.