BFSI Security Market – Global Drivers, Opportunities, Trends, and Forecasts to 2023

  • Report Code : INF497464
  • Published On: Apr, 2021
  • Category : Business & Finance
  • Pages : 101

Get in-depth COVID-19 impact and recovery analysis on the BFSI Security Market

Flash Discount
15% Single User
20% Multi User
25% Corporate
30% Enterprise
  • Overview:

    The BFSI sector deals with the largest bulk of financials facilitating transactions, insurance, and other financial services to the customer. This sector has been victim to huge cyber crimes, physical risks, and terrorism, thereby demanding increased security measures for the industry. The growing adoption of technology, increasing use of internet, cloud, electronic platform, online and mobile banking are all together leading to increased susceptibility to cyber and physical threats to data and information of the banking customers. This is enhancing the need to implement new and improved solution for secure transactions in the BFSI industry.

    Market Analysis:

    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.

    Technology Analysis:

    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.

    Regional Analysis:

    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.

    Key Players:

    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.

    Competitive Analysis:

    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.

    Benefits:

    The report provides with in-depth analysis of BFSI security market aiming at improvement in security. The report gives insights about major drivers as well as challenges coming forth on the path of the market growth. The information provided can benefit the stakeholders with knowledge on trends, investments, drivers, governmental initiatives, and various regulatory changes about to be adopted in years to come. The report covers profiles of major vendors leveraging security solutions for BFSI sector to the end-users.

    Key Stakeholders:

    Device manufacturers, network providers, data security solution vendors, policy makers, standard development organizations, investor community, university researchers, blog writers, and technology magazines

     

  • With tables and figures helping analyze worldwide BFSI Security market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.


    1 Industry Outlook

    1.1 Industry Overview

    1.2 Industry Trends

    1.3 Pest Analysis


    2 Report Outline

    2.1 Report Scope

    2.2 Report Summary

    2.3 Research Methodology

    2.4 Report Assumptions


    3 Market Snapshot

    3.1 Total Addressable Market (TAM)

    3.2 Segmented Addressable Market (SAM)

    3.2.1 Market Segmentation

    3.3 Related Markets

    3.3.1 Intrusion Detection System/ Intrusion Prevention System Market
    3.3.2 Encryption Software Market

    4 Market Outlook

    4.1 Overview

    4.2 Market Definition – Infoholic Research

    4.3 Market Trends and Impact

    4.4 Market Segmentation

    4.5 Porter 5 (Five) Forces


    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
    5.6.4 DRO – Impact Analysis

    6 Information Security

    6.1 Overview

    6.2 Information security software

    6.2.1 Identity & Access Management (IAM)
    6.2.1.1 Market Size and Analysis
    6.2.2 Security & Vulnerability Management
    6.2.2.1 Market Size and Analysis
    6.2.3 Unified Threat management (UTM)
    6.2.3.1 Market Size and Analysis
    6.2.4 Intrusion Detection System and Intrusion Prevention System (IDS/IPS)
    6.2.4.1 Market Size and Analysis
    6.2.5 Disaster Recovery
    6.2.5.1 Market Size and Analysis
    6.2.6 Others
    6.2.6.1 Market Size and Analysis

    6.3 Information security service

    6.3.1 Consulting and training Services
    6.3.1.1 Market Size and Analysis
    6.3.2 Managed Security Service
    6.3.2.1 Market Size and Analysis
    6.3.3 Integration and Maintenance Service
    6.3.3.1 Market Size and Analysis

    7 Physical Security

    7.1 Overview

    7.2 Physical Security Software’s

    7.2.1 Access Control
    7.2.1.1 Market Size and Analysis
    7.2.2 Video Surveillance
    7.2.2.1 Market Size and Analysis
    7.2.3 Physical Security Information Management (PSIM)
    7.2.3.1 Market Size and Analysis
    7.2.4 Intrusion and Fire Detection
    7.2.4.1 Market Size and Analysis
    7.2.5 Others
    7.2.5.1 Market Size and Analysis

    7.3 Physical Information Security Services

    7.3.1 Consulting and Training Services
    7.3.1.1 Market Size and Analysis
    7.3.2 Managed services
    7.3.2.1 Market Size and Analysis
    7.3.3 Integration and Maintenance services
    7.3.3.1 Market Size and Analysis

    8 End Users: Market Size and Analysis

    8.1 Overview

    8.2 Banking

    8.2.1 Market Size and Analysis

    8.3 Insurance

    8.3.1 Market Size and Analysis

    8.4 Financial services

    8.4.1 Market Size and Analysis

    9 Regions: Market Size and Analysis

    9.1 Overview

    9.2 North America

    9.2.1 Market size and Analysis
    9.2.2 DRO for North America
    9.2.3 US
    9.2.4 Canada

    9.3 Europe

    9.3.1 Market Size and Analysis
    9.3.2 DRO for Europe
    9.3.3 UK
    9.3.4 Germany
    9.3.5 France

    9.4 APAC

    9.4.1 Market size and Analysis
    9.4.2 DRO for APAC
    9.4.3 India
    9.4.4 China
    9.4.5 Japan
    9.4.6 Others

    9.5 LAMEA

    9.5.1 Market Size and Analysis
    9.5.2 DRO for LAMEA
    9.5.3 Brazil
    9.5.4 Mexico
    9.5.5 South Africa
    9.5.6 GCC
    9.5.7 Others

    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

    11.1.1 Overview
    11.1.2 Business Units
    11.1.3 Geographic Revenue
    11.1.4 Business Focus
    11.1.5 SWOT Analysis
    11.1.6 Business Strategy

    11.2 IBM

    11.2.1 Overview
    11.2.2 Business Units
    11.2.3 Geographic Revenue
    11.2.4 Business Focus
    11.2.5 SWOT Analysis
    11.2.6 Business Strategy

    11.3 Symantec Corp.

    11.3.1 Overview
    11.3.2 Business Units
    11.3.3 Geographic Revenue
    11.3.4 Business Focus
    11.3.5 SWOT Analysis
    11.3.6 Business Strategy

    11.4 McAfee LLC

    11.4.1 Overview
    11.4.2 Business Units
    11.4.3 Geographic Presence
    11.4.4 Business Focus
    11.4.5 SWOT Analysis
    11.4.6 Business Strategy

    11.5 Oracle

    11.5.1 Overview
    11.5.2 Business Units
    11.5.3 Geographic Revenue
    11.5.4 Business Focus
    11.5.5 SWOT Analysis
    11.5.6 Business Strategy

    12 Global Generalist

    12.1 Herjavec Group

    12.1.1 Overview
    12.1.2 Herjavec Market
    12.1.3 Herjavec in BFSI Security

    12.2 Stromshield

    12.2.1 Overview
    12.2.2 Stromshield Market
    12.2.3 Stromshield in BFSI Security Market

    12.3 Dell Security

    12.3.1 Overview
    12.3.2 Dell Market
    12.3.3 Dell in BFSI Security Market

    12.4 FireEye, Inc.

    12.4.1 Overview
    12.4.2 FireEye, Inc.
    12.4.3 FireEye,Inc in BFSI Security Market

    12.5 Gemalto NV

    12.5.1 Overview
    12.5.2 Gemalto NV Market
    12.5.3 Gemalto NV in BFSI Security Market

    12.6 Trend Micro Incorporated

    12.6.1 Overview
    12.6.2 Trend Micro Market
    12.6.3 Trend Micro in BFSI Security Market
    12.7 Accenture
    12.7.1 Overview
    12.7.2 Accenture Market
    12.7.3 Accenture in BFSI Security Market
    Annexure
     Abbreviations

     

  • The BFSI Security Market has been segregated into various crucial divisions including applications, types, and regions. Each market segment is intensively studied in the report contemplating its market acceptance, worthiness, demand, and growth prospects. The segmentation analysis will help the client to customize their marketing approach to have a better command of each segment and to identify the most prospective customer base.

    Report Objectives / Segmentation Covered :
    By Companies / players:
    • Cisco Systems
    • Inc. PTC Inc. Qualcomm Technologies
    • Inc. Amazon.com
    • Inc. SAP SE. Samsung Electronics Co. Ltd. General Electric Company Ericsson Schneider Electric SE Accenture PLC Cisco Systems
    • IBM
    • Symantec Corp.
    • McAfee LLC
    • Oracle
    • Herjavec Group
    • Stromshield
    • Dell Security
    • FireEye
    • Inc.
    • Gemalto NV
    • Trend Micro Incorporated
    • Accenture
    By Regions:
      By Type:
        By Application:
        Licensing options
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        Research objectives

        Where will all these developments take the industry in the long

        To study and analyze the global Market consumption (value & volume) by key regions/countries, product type and application, history data from 2015 to 2019, and forecast to 2025.

        What are the future opportunities in the market?

        To understand the structure of Market by identifying its various subsegments.

        What are the major driving forces expected to impact the development of the market market across different regions?

        To analyze the market with respect to individual growth trends, future prospects, and their contribution to the total market.

        Which industry trends are likely to shape the future of the industry during the forecast period 2020-2025?

        To project the consumption of market submarkets, with respect to key regions.

        Who are the major driving forces expected to decide the fate of the industry worldwide.

        To strategically profile the key players and comprehensively analyze their growth strategies.

        What are the key barriers and threats believed to hinder the development of the industry?

        To analyze competitive developments such as expansions,agreements, new product launches, and acquisitions in the market.

        Who are the prominent market players making a mark in the market with their winning strategies?

        To share detailed information about the key factors influencing the growth of the market

        What will be the growth rate and the market size of the industry for the forecast period 2020-2025?

        Focuses on the key global market Vendors, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.

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