BFSI Security redefines the security and well-being of financial institutions by providing effective network security capabilities to predict and mitigate the potential cyber threats and intrusions. As the frequency of sophisticated attacks on financial enterprises are growing, the BFSI security market is expected to gain traction in the next five years.
According to the latest market research report from Marketsandmarkets on this area of the security sector, the banking and financial industry is continuously visualising global terrorism, regional instability, transcontinental criminal networks, physical risks, modern threats originating from opaque sources, cyber sabotage, and espionage that are destabilising the critical infrastructure.
Thereafter, the demand for security compliance management in accordance with federal and state regulations to implement solutions that protect the framework, data, and intellectual property is growing in the BFSI sector. The report aims at estimating the market size and future growth potential of the BFSI security market across different segments, such as system and components, services, sub-verticals, and regions. The base year considered for the study is 2014 and the forecast period considered is from 2015 to 2020. With the exponential growth and sophistication of cyber-attacks in BFSI sector in the last few years, the demand for security solutions and services has grown to protect the huge confidential data of the BFSI institutions and due to this the overall BFSI security market is expected to gain traction in next the five years.
The research methodology used to estimate and forecast the BFSI security market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global BFSI security market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments which are then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, Directors, and Executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and sub-segments.
Analysts found that the BFSI security ecosystem comprises of main security vendors, such as IBM, EMC, CISCO, and Honeywell; security service providers, such as MacAfee, Symantec, Trend Micro and EMC; system integrators, such as CGI Group, Sophos, and CSC and various consulting firms like Booz Allen Hamilton which sell these BFSI security solutions to end users to cater to their unique business requirements and security needs.