Over the last few decades, the operating environment of BFSI industry has changed significantly in terms of technological advancements and work flow processes. There has been continuous technological revolution in the banks and financial institutions in the form of ATMs, core banking, e-banking, mobile banking, and consequently many services came into existence such as Real Time Gross Settlement (RTGS), Centralized Fund Management System (CFMS), Public Debt Offices-Negotiated Dealing System (PDO-NDS), Structured Financial Messaging System, Point Of Sales (POS), and use of credit, debit, and smart cards among others.
Over the last few decades, the operating environment of BFSI industry has changed significantly in terms of technological advancements and work flow processes. There has been continuous technological revolution in the banks and financial institutions in the form of ATMs, core banking, e-banking, mobile banking, and consequently many services came into existence such as Real Time Gross Settlement (RTGS), Centralized Fund Management System (CFMS), Public Debt Offices-Negotiated Dealing System (PDO-NDS), Structured Financial Messaging System, Point Of Sales (POS), and use of credit, debit, and smart cards among others. Furthermore, the BFSI industry is facing unique challenges of increasing competition, narrowing profit margins, sophisticated physical risks, and information security threats as well as growing compliance requirements.
To remain competitive in the techno-savvy space, BFSI industry is ensuring easy access and transaction process for end-users and thereafter the associated security threats and challenges are mounting higher. The requirement for proactive approach towards security of physical assets, intellectual property, data, and compliance and risk management is increasing to ensure customer confidence and relationship maintenance. Thus, the demand for security governance, policy, and reliable business continuity measures are gaining importance to ensure streamlined operability of business processes and effective customer relationship management. The latest security trends in financial segment include authentication, encryption, Data Leakage Prevention (DLP), data waste monitoring, managed security services, IP video surveillance, and biometric access control.
The BFSI security market is divided into two major sub-markets, which are physical security systems and information security solutions. Physical security systems include video surveillance, access control and biometrics, intrusion and fire detection, Physical Security Information Management (PSIM), whereas information security solutions include technologies for authentication, data protection, and risk and compliance management. Both the security solutions are being widely adopted in the industry.
The BFSI security market has been broadly segmented by physical security systems and services, information security solutions and services, sub-verticals, and regions. The report also enumerates the key factors that are driving growth in this market along with restraints and new opportunities for growth.
Also, the report on the BFSI security market provides an in-depth analysis of the key players in the security solutions and services ecosystem with their profiles and recent developments, key issues and opportunities in the market, global adoption trends, and future growth potentials. Major vendors in the BFSI security market areBooz Allen Hamilton, Cisco, CSC, EMC, Honeywell, IBM, McAfee, Sophos, Symantec, and Trend Micro.
According to this report, North America is the largest market for BFSI security. MarketsandMarkets expects the BFSI security market to grow from $21.53 billion in 2014 to $37.35 billion by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 11.6% from 2014 to 2019.