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.
Get
More Information:
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.
About
Us
Transparency
Market Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive blend of
quantitative forecasting and trend analysis provides forward-looking insight
for thousands of decision makers. TMR’s experienced team of analysts,
researchers, and consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
No comments:
Post a Comment