NEW YORK, Sept. 15, 2016 /PRNewswire/ -- "The increasing risk of cyber threats against BFSI infrastructure, such as banks and insurance companies is expected to drive the BFSI Market"
The global BFSI security market size is estimated to grow from USD 30.23 Billion in 2016 to USD 48.95 Billion by 2021, at a CAGR of 10.1% during the forecast period. Enforcement of regulatory security compliance and the increasing risk of cyber threats against BFSI infrastructure are the major drivers for the BFSI security market.
"The physical security segment is expected to grow at the highest CAGR during the forecast period"
The physical security segment is estimated to grow at the highest CAGR during the forecast period. This growth can be attributed to the fact that physical security provides protection of personnel, hardware, programs, networks, and data from physical circumstances and events that could cause serious losses or damage to an enterprise, agency, or institution. The physical security segment is also expected to account for the largest market share during the forecast period. This growth can be attributed to the growing concern for safety due to increasing terrorism.
"The system & components segment is estimated to account for the largest market share during the forecast period"
The system & components segment is estimated to account for the largest market share during the forecast period. This growth can be attributed to the fact that banks are continuously investing in advanced physical security solutions to prevent robberies, frauds, and suspicious ATM withdrawals. Owing to these factors, the service segment is expected to grow at the highest CAGR during the forecast period.
"The service segment of information security type is expected to grow at the highest CAGR during the forecast period"
The service segment is estimated to grow at the highest CAGR during the forecast period. This growth can be attributed to fact that the need for protection of critical BFSI infrastructures against advanced cybercrimes, along with the economical constraint of reducing operational costs, requires a coordinated and proactive approach towards information security services.
"The banking segment is estimated to account for the largest market share during the forecast period"
The banking segment is estimated to grow at the highest CAGR during the forecast period. The banking sector provides tremendous technological revolution in the form of ATMs, core banking, e-banking, mobile banking, and the associated services, such as real-time gross settlement (RTGS), centralized fund management system (CFMS), and use of credit, debit, and smart cards, among others. All these services require protection against cyber threats, which drives the growth of the BFSI security market.
"Asia-Pacific is expected to grow at the highest CAGR during the forecast period"
The Asia-Pacific region is projected to grow at the highest CAGR from 2016 to 2021. This growth can be mainly attributed to the increasing adoption of BFSI security solutions across India, China, Japan, and Australia. North America is expected to account for the largest market share in 2016 and the trend is expected to continue during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below:
- By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation: C-level – 28%, Director level – 43%, and Manager level – 29%
- By Region: North America – 46%, Europe – 31%, Asia-Pacific – 15%, RoW – 8%
The various key players profiled in the report are as follows:
1. Cisco Systems, Inc. (U.S.)
2. Computer Sciences Corporation (CSC) (U.S.)
3. EMC Corporation (U.S.)
4. Honeywell International, Inc. (U.S.)
5. IBM Corporation (U.S.)
6. Booz Allen Hamilton, Inc. (U.S.)
7. McAfee, Inc. (Intel Security Group) (U.S.)
8. Sophos Group Plc. (U.S.)
9. Symantec Corporation (U.S.)
10. Trend Micro Incorporated (U.S)
OBJECTIVES OF THE STUDY:
- To define and measure the global banking, financial services, and insurance (BFSI) security market, on the basis of security type, subvertical, and region
- To provide detailed information regarding the key factors influencing market growth (drivers, restraints, opportunities, and challenges)
- To strategically analyze subsegments with respect to individual growth trends, future prospects, and contribution to the total market
- To forecast the market size with respect to five regional segments, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To track and analyze competitive developments, such as mergers & acquisitions, new product developments, and research and development (R&D) activities in the market
- IT Service Providers and Distributors
- Cyber Security Vendors
- BFSI Security Vendors
- Value Added Resellers
- Government Bodies and Departments
- Cloud Service Providers
- System Integrators
- Technology Consultants
Read the full report: http://www.reportlinker.com/p04141087-summary/view-report.html
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