Dublin, June 28, 2017 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "BFSI Security Market - Global Drivers, Opportunities, Trends, and Forecasts to 2023" report to their offering.
North America is leading the BFSI Security market where the government is taking steps ahead in security through new cybersecurity standards and increased investment such as US in 2015 invested $4 billion in cybersecurity for financial institutions. The banking system in the US is equipped with automatic account log out to enhance security. Europe stands second in the market and is inviting niche players to enter the market through funding. In 2016, the UK registered a loss of about $3 million due to cyberattacks, driving increased investments in security in Europe and is leading to the adoption of biometric technology using voice and fingerprint recognition in the UK. APAC region has high growth potential accompanied with high investment in the market, especially in India and China. LAMEA market is largely supported by the growing investments and mandatory laws relating to security in BFSI such as the UL certified biometric process for Brazilian banks.
The BFSI sector is growing far beyond the traditional method and is improving the spectrum of services & customer experience. The growth in terrorism, physical, and cyber-attacks (2016 attack which led to compromise 3.2 million debit card holders in India), the incidence of ransomware attack intruding the systems in around 150 countries are some of the major reasons driving the change in the BFSI industry and necessitating the need for enhanced security measures. Also, the increased need for remote monitoring and banking solutions is further giving impetus to the growth of the market. The market has high opportunities in analytics, biometrics, and ethical hacking. Biometrics has largely been implemented in the industry, and its adoption is increasing at a fast pace owing to the extent of security and safety it leverages.
The growth in the number of web data breaches and its increasing pace have changed the perception held by the BFSI industry. There is a growing shift towards the adoption of new software to protect the integrity of banks and customer data. The various software available are identity and access management, unified threat management, IDS/IPS, disaster recovery, security and vulnerability management, and encryption. The growth in BYOD, mobile apps, and cloud has resulted in the greatest adoption of IAM in the banking industry. The increased terror activities, robberies, identity stealing, and data breaches are amongst the major reasons driving the need for physical security in the banking industry. The various technologies leveraging the BFSI sector with physical security are access control, video surveillance, physical security information management, intrusion, and fire detection. The BFSI premises have already installed video surveillance, IAM, encryption, and fire detection systems; and many countries have mandated such installations owing to the need of security.
The market for BFSI is competitive with major software vendors such as IBM, Cisco, Symantec already having a renowned position in market. Cisco is enhancing the customer's experiences through premium and convenience banking along with global security programs. IBM is focussing on security and generates around $2 billion of revenue from security alone annually. Symantec is focussing on DDos mitigation and increased information security management. Other global players such as Stromshield, dell, Gemalto NV, Accenture, and Trend Micro are also into providing increased solutions for BFSI security market.
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Snapshot
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Related Markets
3.3.1 Intrusion Detection System/ Intrusion Prevention System Market
3.3.2 Encryption Software Market
4 Market Outlook
5 Market Characteristics
5.1 Evolution
5.2 Value Chain
5.3 BFSI Security Risks and Corresponding Solutions
5.4 Threat to Financial and Non-Financial Organizations
5.5 Reasons for investment in BFSI security
5.6 Market Dynamics
5.6.1 Drivers
5.6.1.1 Rising cyber attacks
5.6.1.2 Government initiatives
5.6.1.3 Digitization of BFSI services
5.6.1.4 Increasing need of remote monitoring solutions
5.6.2 Restraints
5.6.2.1 Absence of common security platform
5.6.2.2 Lack of awareness about security solutions
5.6.2.3 High cost of security solutions
5.6.3 Opportunities
5.6.3.1 Opportunities in analytics
5.6.3.2 Huge investments in cybersecurity
5.6.3.3 Ethical hacking
6 Information Security
6.1 Overview
6.2 Information security software
6.2.1 Identity & Access Management (IAM)
6.2.2 Security & Vulnerability Management
6.2.3 Unified Threat management (UTM)
6.2.4 Intrusion Detection System and Intrusion Prevention System (IDS/IPS)
6.2.5 Disaster Recovery
6.3 Information security service
6.3.1 Consulting and training Services
6.3.2 Managed Security Service
6.3.3 Integration and Maintenance Service
7 Physical Security
7.1 Overview
7.2 Physical Security Software's
7.2.1 Access Control
7.2.2 Video Surveillance
7.2.3 Physical Security Information Management (PSIM)
7.2.4 Intrusion and Fire Detection
7.3 Physical Information Security Services
7.3.1 Consulting and Training Services
7.3.2 Managed services
7.3.3 Integration and Maintenance services
8 End Users: Market Size and Analysis
8.1 Overview
8.2 Banking
8.3 Insurance
8.4 Financial services
9 Regions: Market Size and Analysis
10 Competitive Landscape
10.1 Vendor Assessment
10.1.1 Cisco
10.1.2 IBM
10.1.3 Symantec
10.1.4 McAfee
10.1.5 FireEye
11 Vendor Profiles
11.1 Cisco Systems
11.2 IBM
11.3 Symantec Corp.
11.4 McAfee LLC
11.5 Oracle
12 Global Generalist
12.1 Herjavec Group
12.2 Stromshield
12.3 Dell Security
12.4 FireEye, Inc.
12.5 Gemalto NV
12.6 Trend Micro Incorporated
12.7 Accenture
For more information about this report visit https://www.researchandmarkets.com/research/36vs34/bfsi_security