Global BFSI Security Market
Report Highlights
The Global BFSI Security Market was valued at USD 30.54 billion in 2016 and is projected to reach USD 73.92 billion by 2025, growing at a CAGR of 10.32% from 2017 to 2025.
The banking transactions that are executed from web based applications over the internet network have security risk of exposing user’s data to hackers. Apart from this, the banking, financial and insurance industry is continuously witnessing threat from global terrorism and cyber-crimes. Hence to tackle all these problems a solution called BFSI security system is introduced.
Market Dynamics:
1. Market Drivers
1.1 Implementation of Security Solution based on IoT
1.2 Adoption of Regulatory Standards and Acts
1.3 High Risk of Data Loss
1.4 Increasing Adoption of Cloud-based Security Solutions
2. Market Restraints
2.1 High Implementation and Operational Costs
2.2 Interoperability Issues among Security Products
2.3 Lack of Awareness among Customers
Market Segmentation:
The Global BFSI Security Market is segmented on the basis of type, vertical, and region.
1. By Type:
1.1 Information Security
1.1.1 Service
1.1.2 System and Components
1.2 Physical Security
1.2.1 Service
1.2.2 System and Components
2. By Vertical:
2.1 Insurance
2.2 Banking
2.3 Financial Institutes
2.4 Others
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Computer Sciences Corporation
2. Cisco Systems
3. EMC Corporation
4. Trend Micro Incorporated
5. Microsoft Corporation
6. Symantec Corporation
7. IBM Corporation
8. Mcafee, Inc
9. Booz Allen Hamilton, Inc
10. Sophos Group PLC.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global BFSI Security Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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