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.
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.