In-Depth Analysis of BFSI Security Market 2020 | Report Covers Top Key Players, Regions, Supply and Consumption, Forecast till 2024

BFSI Security

The Key purpose of “BFSI Security Market” report is to deliver key market trends, the scope of report, competitive landscape and industry overview with key players. BFSI Security market report is designed by a detailed investigation process to collect all the necessary data. Further, the report studies the revenue generated from the market analysis and opportunity analysis to estimate the market size.

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BFSI Security Market Covers Key Players:

  • 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.

    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.

    The BFSI Security Market Report Includes:

    • The BFSI Security market report covers the present status and future prospects.
    • The report analyses market trends, size, and forecast in different geographically.
    • The report provides market competition overview among the Top companies.
    • The report provides a complete analysis of the current and emerging market trends and opportunities.

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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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    Important Questions Answered in The BFSI Security Market Report:

    • What is the main factor that takes this market to the next level?
    • What will the market demand and what will be growth?
    • What are the latest opportunities for the BFSI Security Market in the future?
    • What are the strengths of the main players?
    • What is the key to the BFSI Security Market?

    Detailed TOC of BFSI Security Market Report 2020-2024:

    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

     

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