BFSI Security Industry 2019
The BFSI sector includes various financial sectors like transactions, insurance, and other financial services and they are all customer-centric. Growing digitalization has ensured better permeation of the global market. But this sector has its own drawbacks as well. The industry is prone to various digital threats like cybercrimes, physical risks, and terrorism, which could easily leak personal information. The system is becoming increasingly susceptible to increasing use of internet, online & mobile banking, electronic platform, cloud, which can reveal data of customers and adversely impact the industry’s reputation. This can promote the BFSI security market substantially in the coming years.
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The key vendors leveraging solutions for BFSI security included in the report are IBM, Cisco, Symantec Corp., McAfee LLC, Oracle, Herjavec Group, Stromshield, Dell Security, Gemalto NV, Accenture, and Trend Micro Inc.
Various factors like increasing integration of biometrics, better initiatives taken by various security providers, hike in the investment for such scenarios, better funding for market growth, and other aspects are expected to take the BFSI security market forward.
The global BFSI security market can be segmented on the basis of physical security, information security, and end-user. The segmentation is expected to have various insights regarding factors that can inspire the global market growth in the coming years. This analysis is further backed by value-wise and volume-wise analyses.
By information security, the global BFSI security market can be segmented into information security software and information security services. The information security software includes identity & access management, security & vulnerability management, unified threat management, intrusion detection system & intrusion prevention system (IDS/IPS), disaster recovery, and others. The information security services segment includes consulting & training services, managed security services, and integration & maintenance service.
Based on the physical security, the global BFSI security market includes physical security software and physical information security services. The physical security software segment can include access control, video surveillance, physical security information management (PSIM), intrusion & fire detection, and others. The physical information security services segment comprises consulting & training services, managed services, and integration & maintenance services.
The global BFSI security market report can be segmented into North America, South America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) for a better region-specific study. The report further incorporates better demographic insights to assist better charting of the future course.
North America and Europe are expected to promote substantial market growth due to high integration of digitalization in several countries to promote better work flow and ensure simplicity in the process. At the same time, high investment capacity of investors in these regions is expected to take the regional market forward. Organizations providing this support are also mostly working from these two regions, which can be considered a huge advantage for these two regions.
The APAC market is expected to grow considerably in the coming years. This will be possible as several countries are expected to transform their industrial setups by including digitalization process. This is expected to set better platform for the regional BFSI security market. Countries like India, China, Japan, Taiwan, Thailand, Singapore, Australia, and others are expected to earn most of the revenues for the regional market. In August 2019, Tech Mahindra and Adjoint have declared their decision to collaborate to increase contribution in the BFSI security sector by launching blockchain solution.
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