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Market Research Report

Global BFSI Security Market - Segmented by Type of Security, Services, End-User Sub-Vertical, and Region - Growth, Trends, and Forecast

Published by Mordor Intelligence LLP Product code 393665
Published Content info 108 Pages
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Global BFSI Security Market - Segmented by Type of Security, Services, End-User Sub-Vertical, and Region - Growth, Trends, and Forecast
Published: May 18, 2018 Content info: 108 Pages

The BFSI security market was valued at USD 32.7 billion in 2017 and is projected to reach USD 62.7 billion by the end of 2023, growing at a CAGR of 11.43% over the forecast period (2018-2023). The scope of the report is limited to the type of securities and services provided in sub-verticals of the financial sector. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other key infrastructure systems and an important component of the overall national critical infrastructure. As technological advancements are exponentially rising in the BFSI domain, new security challenges are also emerging. Now-a-days, most of the banking and financial institutions are using cloud services to perform their tasks. Increasing digitization of the BFSI, rise in cyber data breaches, and increasing adoption of cloud-based security services are the driving factors of the BFSI security market.

Rise in Cyber Data Breaches

The cyber data breaches in the banking and financial sectors are significantly impacting the consumer confidence. In the case of one major breach, for example, most of the cloud-based company saw a 46% drop in profit, the quarter after the breach. In 2017, the global average cost of a data breach was USD 3.62 million.

In 2017, Equifax, one of the three largest credit agencies in the United States, suffered a breach that may affect 143 million consumers. Sears Holdings, the parent company of Kmart, revealed that Kmart's store payment systems were infected with malware in 2017. JPMorgan was a victim in one of the biggest bank breaches in history; hackers got access to the financial information of 3,500 customers.

With security breaches such as the Equifax breach and Wannacry in 2017, the companies are bound to increase cybersecurity, which in turn will be the growth driver of the BFSI security market.

Retail banks attain scale by capturing market share, merging with, or acquiring other banks. Increasing revenue is fundamental to this process and strategically vital because it enables banks to compete effectively over the long term. Digitalization has now hit retail banking. Despite being satisfied with online customer service channels as compared to traditional channels, customers are looking forward to digitalization. After hitting digitalization, banks saw online customer subscriptions increase rapidly. Moreover, customers prefer to use their mobile phones instead of visiting bank branches. Also, of consumers who seek advice in the branch, half of them use an online channel to purchase/subscribe.

However, with the increase in digitalization, the threat of cyber data breaches has increased, which in turn will raise the need of security in the BFSI market.

Key Developments in the Market

November 2017 - RSA expanded its technology ecosystem to make strong authentication more continuous, proactive, and pervasive. Offering seamless interoperability with the CyberArk Privileged Account Security Solution, Microsoft Windows Hello, Palo Alto Networks Next-Generation Firewall, and VMware Workspace ONE, RSA enables organizations to quickly and easily leverage the broad set of modern mobile authentication methods from the RSA SecurID® Access solution.

November 2017 - LifeLock, a Symantec company, launched an identity protection product, LifeLock® Senior†, tailored to help adult children protect their senior parents from identity theft.


Reasons to Purchase the Report

Current and future BFSI security market analysis in the developed and emerging markets

Analyzing various perspectives of the market with the help of Porter's five forces analysis

The segment that is expected to dominate the market

Regions that are expected to witness fastest growth during the forecast period

Latest developments, market shares, and strategies employed by the major market players

3 month analyst support, along with the Market Estimate sheet (in Excel)

Customization of the Report

This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.

Table of Contents
Product Code: 50560

Table of Contents

1. Introduction

  • 1.1 Scope of the Study
  • 1.2 Executive Summary

2. Research Approach and Methodology

  • 2.1 Key Deliverables of the Study
  • 2.2 Study Assumptions
  • 2.3 Analysis Methodology
  • 2.4 Research Phases

3. Market Insights

  • 3.1 Market Overview
  • 3.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 3.2.1 Bargaining Power of Suppliers
    • 3.2.2 Bargaining Power of Consumers
    • 3.2.3 Threat of New Entrants
    • 3.2.4 Threat of Substitutes
    • 3.2.5 Intensity of Competitive Rivalry

4. Market Dynamics

  • 4.1 Market Drivers
    • 4.1.1 Increase in BFSI Services
    • 4.1.2 Rise in Cyber Data Breaches
    • 4.1.3 Increasing Adoption of Cloud-based Security Solutions
    • 4.1.4 Digitization of BFSI Services
    • 4.1.5 Need for Securing Sensitive Information
  • 4.2 Market Restraints
    • 4.2.1 Lack of Interoperability Between Security Products
    • 4.2.2 High Cost of Security Solution

5. Global BFSI Security Market Segmentation

  • 5.1 By Type of Security
    • 5.1.1 Physical Security
      • Access Control
      • Video Surveillance
      • Intrusion and Fire Detection
      • Physical Security Information Management (PSIM)
      • Maintenance and Support
      • System Integration
      • Others
    • 5.1.2 Information Security
      • Identity and Access Management
      • Risk and Compliance Management
      • Disaster Recovery
      • Encryption
      • Firewall
      • Unified Threat Management (UTM)
      • Data Loss Protection
      • Web Filtering
      • Others
  • 5.2 By Services
    • 5.2.1 Consulting
    • 5.2.2 Managed Security Services
    • 5.2.3 Risk & Threat Assessment
    • 5.2.4 Others
  • 5.3 By Sub-vertical
    • 5.3.1 Financial Markets
    • 5.3.2 Insurance
    • 5.3.3 Retail Banking
    • 5.3.4 Others
  • 5.4 By Region
    • 5.4.1 North America
      • US
      • Canada
    • 5.4.2 Europe
      • UK
      • Germany
      • France
      • Rest of Europe
    • 5.4.3 Asia-Pacific
      • China
      • Japan
      • India
      • Rest of Asia-Pacific
    • 5.4.4 Latin America
      • Mexico
      • Brazil
      • Argentina
      • Rest of Latin America
    • 5.4.5 Middle East & Africa
      • Saudi Arabia
      • UAE
      • Iran
      • South Africa
      • Rest of Middle East & Africa

6. Competitive Intelligence - Company Profiles

  • 6.1 Booz Allen Hamilton
  • 6.2 Cisco Systems
  • 6.3 Computer Sciences Corporation
  • 6.4 EMC Corporation
  • 6.5 Symantec Corporation
  • 6.6 IBM Corporation
  • 6.7 McAfee
  • 6.8 Trend Micro Incorporated
  • 6.9 Honeywell International
  • 6.10 Sophos Group

List is Not Exhaustive

7. Investment Analysis

8. Outlook of BFSI Security Market

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