MarketandMarkets: BFSI Security Market to Reach $37.35 Billion by 2019
Proquest LLC |
According to new research report "BFSI Security Market by Physical Security (Video Surveillance, Access Control, Intrusion Detection, PSIM), & by Cyber Security (IAM, Encryption, DLP, IDS/ IPS, UTM, SVM/SIEM, Antivirus/Antimalware) - Worldwide Forecasts & Analysis (2014 - 2019)", published by MarketsandMarkets, defines & segments the global BFSI Security Market into physical security systems and services, and information security solutions and services along with in-depth analysis and revenue forecasts.
According to a company release, it also identifies the drivers, restraints, and
The report also segments the market sub-verticals (banking, insurance companies, and other financial institutions), and by regions (
The rapid increase in account takeovers, third party payment processor breaches, securities and market trading exploitation, ATM skimming and point of sale schemes, mobile banking exploitation, and telecommunication network disruption are few of the major criminal activities faced by the BFSI industry in recent times. Also, the supply chain infiltration leading to physical and technical access of computer and security equipment, software, and hardware by the cyber adversaries is leading to huge financial losses along with reputation damage to the industry. Thereafter, the demand for security solutions both for physical assets as well as confidential business data is increasing in the banking and financial institutions.
The industry is eagerly adopting various physical and information security solutions including video surveillance, biometric access control, intruder alarms, authentication, encryption, risk and compliance management, and managed security services among others. The major vendors in the BFSI Security Market are
The major forces that are driving growth in this market are strict regulations and compliances from government, increasing sophisticated threats against critical infrastructures, and growing Internet of Things (IoT) market. Moreover, lack of awareness about innovative BFSI security solutions across emerging economies along with the need for convergence of various security solutions are acting as hurdle in the growth of the market.
MarketsandMarkets forecasts that the global BFSI Security Market is expected to grow from
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Copyright: | (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |
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