Banking, Financial
services and Insurance sector usually include insurance companies,
commercial banks and cooperatives. Furthermore, it also includes
non-banking financial companies, mutual funds and pension funds among
others.
The growing demand
for integrated security solutions is one of the major factors driving
the global BFSI
security market. Furthermore, growing preference for a common
security platform which reduces the cost and complications of
financial services is also contributing to the positive growth of
BFSI security market. Moreover, increasing mobile data usage and
growing digitization is also stimulating the demand for BFSI security
at the global level. Stringent government regulations pertaining to
data security along with increasing penetration of internet of things
is also expected to have a positive impact on the BFSI security
market. In addition, increasing number of cyber-attacks in BFSI
sector in the last few years, the demand for security solutions and
services has grown to protect confidential data in the BFSI sector.
However lack of awareness about modern BFSI security systems across
developing economies and the need for convergence of various security
solutions are the major factors restraining the BFSI security market.
The BFSI security
market can be segmented into three categories based on types, end use
and region. By types the market is divided into physical security and
information security. Physical security is further segmented into
access control, video surveillance, intrusion and fire detection,
physical security information management (PSIM), system integration,
maintenance and support and design and consulting. Furthermore,
information security segment is further segmented into identity and
access management, risk and compliance management, encryption,
disaster recovery, unified threat management (UTM), firewall, web
filtering, data loss protection among others. By end use the BFSI
security market is segmented into banking and insurance companies
among others.
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By geography, the
market is segmented into four major regions including North America,
Europe, Asia Pacific and Rest of the world including Middle East,
South America and Africa. North America and Europe are the early
adopters of technology and hence accounts for majority of the market
share and are expected to follow the same trend throughout the
forecast period. However, Asia Pacific region is expected to be the
fastest growing market for BFSI security owing to the presence of
developing nations such as India, South Korea, Australia and China
among others. Rapid urbanization and increasing number of users on
the online platform is one of the major factors fueling the demand in
this region. Moreover, increasing demand for data security of the
confidential data is also expected to have a positive impact on the
demand for BFSI security market. In addition, due to changing
financial regulations a large number of banking and financial
institutions are expected to provide their service which in turn is
also expected to contribute to the demand for BFSI security.
Some of the Major
Players operating in the BFSI
security market are Booz Allen Hamilton Inc. (United States),
Computer Sciences Corporation (CSC) (United States), EMC Corporation
(United States), Cisco Systems Inc.(United States), Honeywell
International, Inc. (United States), Mcafee, Inc. (United States),
IBM Corporation,(United States), Sophos Group PLC.(United states),
Symantec Corporation (United Sates) and Trend Micro Incorporated
(Japan) among others.
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