BFSI sector runs in an extremely regulated environment, and non-adherence to the standards causes several security incidents. As the consequences are severe, there is a growing need for security to ensure data visibility for a long term. The security components of the market are video surveillance, access control, fire detection & intrusion, physical security information management, and information security.
The transactions related to banking sector are processed remotely on an efficient electronic banking platform. Although the transactions are executed over the internet from web-based applications, they are susceptible to security risks. There has been a rise in threats from cyber-crimes, terrorism, and physical risks, which are likely to expose the loopholes in BFSI systems and infrastructure. Other possible threats could be internal & external threats and natural calamities, fostering the need for security in the BFSI sector.
According to Infoholic Research, it is estimated that the “BFSI Security” market will witness a CAGR of XX% during the forecast period 2017–2023. The rise in demand for integrated security solutions, growing digitization, increase in mobile data usage, and strict government regulations are the major drivers for the growth of the BFSI security market. The Banking and Financial security market is segmented by physical security, information security, and regions. Some of the vendors profiled in the report are Booz Allen Hamilton, Cisco, EMC, IBM, Honeywell, Symantec, CSC, and McAfee.
The study covers and analyzes the BFSI Security market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.