World Security Report News2014-09-03 05:04:46

New report forecasts Physical and Cyber Security Markets worth $37.35 Billion by 2019

The 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)", 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. It also identifies the drivers, restraints, and opportunities prevalent in the market and provides burning issues along with premium insights for the market.

The report also segments the market sub-verticals (banking, insurance companies, and other financial institutions), and by regions (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The detailed analysis of the key industry players have been done to provide the insight on their product and services, strategy, and recent developments associated with the BFSI security market.

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 Booz Allen Hamilton, Cisco, CSC, EMC, Honeywell, IBM, McAfee, Sophos, Symantec, and Trend Micro.

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 $21.53 billion in 2014 to $37.35 billion by 2019. This represents an estimated Compound Annual Growth Rate (CAGR) of 11.6% from 2014 to 2019. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption for BFSI security solutions and services.

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