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BFSI Security Market: Impact of Existing and Emerging Flexible Market Trends and Forecast 2020-2024

BFSI

The “BFSI Security Market” report provides an inclusive study and exhibition of demand factors, opportunities, restraints, drivers, market size, forecasts, and trends in the global market over the period of 2019 to 2024. The research encloses all the details related to the industry like technological developments, growth opportunities, threats to market growth, and futuristic market trend. Global BFSI Security market report considers the strategic opportunities in the BFSI Security market and plans the features that will be driving the progress of the market.

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Market Size Analysis by Size:

Historical Year: 2014-2018 || Base Year: 2018 || Estimated Year: 2019 || Forecast Year: 2024

Market Overview:

  • The BFSI security market is expected to witness a CAGR of over 11% during the forecast period (2019-2024). Banks and other financial institutes are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of the numerous high-profile data breaches that have taken place over the last few years.
  • – The increasing implementation of regulatory standards, coupled with the rise in adoption of cloud-based security solutions and increasing modes of online payments is expected to give rise to advanced security solutions.
  • – This is because with the adoption of cloud-based technologies have made data more vulnerable to security attacks. Hackers have begun using malware such as Odinaff, Danabot, Camubot, and Backswap, to target banks that rely on the SWIFT network to send money-moving messages. This has led to customers demanding more effective solutions.
  • – In countries such as Qatar, where significant investments in infrastructure are being made for the 2022 FIFA World Cup, banks are also investing in advanced security solutions.

    Competitive Analysis:

    BFSI Security industry report provides manufacturers profile with market shares and revenue.

  • Hangzhou Hikvision Digital Technology Co.,Ltd.
  • Honeywell International, Inc.
  • Bosch Sicherheitssysteme GmbH (Bosch Security)
  • Johnson Controls International plc (Tyco International)
  • Genetec Inc.
  • Cisco Systems, Inc.
  • Seico Inc.
  • IBM Corporation
  • Symantec Corporation
  • Microsoft Corporation
  • Check Point Software Technologies Ltd.
  • McAfee LLC
  • RSA Security LLC (Dell Technologies)
  • Imperva Inc.
  • Fortinet Inc.

    BFSI Security market report also breaks down the segment of the product type & revenue, market price, and growth rate of key sectors, and also divides it through the end user.

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    Scope of the Report:

  • BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other critical infrastructure systems and an essential component of the overall national critical infrastructure. BFSI runs in a highly regulated environment. In various cases, security incidents occur because of non-compliance to various standards. If this happens, the consequences are severe. Thus, BFSI security is needed to ensure the long term visibility of banking and financial organizations and their data.

    Key Market Trends:

    Rise in Cyber Data Breaches
    – The BFSI sector is one of the critical infrastructure segment that suffers several data breaches and cyber attacks, owing to the large customer base that the industry serves and the financial information that is at stake. The financial service institutions have been identified to be four times more susceptible to cyber attacks, as compared to other industries, which is expected to drive the demand for such solutions.
    – In 2017, Equifax, one of the three largest credit agencies in the United States, experienced a breach of over 140 million accounts, and over 209,000 credit card related data being stolen.
    – Sears Holdings, the parent company of Kmart, in 2017, revealed that Kmart’s store payment systems were infected with malware. JPMorgan was a victim in one of the biggest bank breaches in history; where hackers got access to the financial information of around 3,500 customers. With such instances, the companies are bound to increase cybersecurity, which in turn will be the growth driver for the BFSI security market.

    North America is Expected to Hold Major Share

    – North America, particularly the United States is one of the largest markets for BFSI security owing to the region majorly depending on digital payments. The region is expected to witness healthy growth as well due to multiple government initiatives in the country demanding the need for better security solutions.
    – Due to the country’s high dependence on online payments and recovering banking infrastructure from the financial crisis of 2007-2008, the banks in this region witnessed a high number of data breach attempts.
    – The United States witnessed a total of 1579 data breaches in 2017, of which 8% of data breaches were accounted for by Banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high making it a prime target for hackers, especially banks using SWIFT architecture.

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    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Rise in Cyber Data Breaches
    4.3.2 Increasing Adoption of Cloud-based Security Solutions
    4.4 Market Challenges
    4.4.1 Lack of Interoperability Between Security Products
    4.5 Industry Attractiveness – Porter’s Five Force Analysis
    4.5.1 Threat of New Entrants
    4.5.2 Bargaining Power of Buyers/Consumers
    4.5.3 Bargaining Power of Suppliers
    4.5.4 Threat of Substitute Products
    4.5.5 Intensity of Competitive Rivalry
    4.6 Industry Policies

    5 MARKET SEGMENTATION
    5.1 By Type of Security
    5.1.1 Physical Security
    5.1.1.1 Access Control
    5.1.1.2 Video Surveillance
    5.1.1.3 Intrusion and Fire Detection
    5.1.1.4 Physical Security Information Management (PSIM)
    5.1.1.5 Others (Perimeter Intrusion Detection & Prevention, Security Scanning, Imaging & Metal Detection)
    5.1.2 Information Security
    5.1.2.1 Identity and Access Management
    5.1.2.2 Risk and Compliance Management
    5.1.2.3 Encryption
    5.1.2.4 Firewall
    5.1.2.5 Unified Threat Management (UTM)
    5.1.2.6 Data Loss Protection
    5.1.2.7 Antivirus/Antimalware
    5.1.2.8 Others (Security and Vulnerability Management, Disaster Recovery, Distributed Denial of Service Mitigation, Web Filtering)
    5.2 By Services
    5.2.1 System Integration
    5.2.2 Maintenance and Support
    5.2.3 Other Services
    5.3 Geography
    5.3.1 North America
    5.3.2 Europe
    5.3.3 Asia-Pacific
    5.3.4 Latin America
    5.3.5 Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Physical Security Vendors
    6.1.1.1 Hangzhou Hikvision Digital Technology Co.,Ltd.
    6.1.1.2 Honeywell International, Inc.
    6.1.1.3 Bosch Sicherheitssysteme GmbH (Bosch Security)
    6.1.1.4 Johnson Controls International plc (Tyco International)
    6.1.1.5 Genetec Inc.
    6.1.1.6 Cisco Systems, Inc.
    6.1.1.7 Seico Inc.
    6.1.2 Information Security Vendors
    6.1.2.1 IBM Corporation
    6.1.2.2 Symantec Corporation
    6.1.2.3 Microsoft Corporation
    6.1.2.4 Check Point Software Technologies Ltd.
    6.1.2.5 McAfee LLC
    6.1.2.6 RSA Security LLC (Dell Technologies)
    6.1.2.7 Imperva Inc.
    6.1.2.8 Fortinet inc.

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

    Contact Us:

    Name: Ajay More

    Phone: US +14242530807/ UK +44 20 3239 8187

    Email: [email protected]

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