BFSI Security Market Value Hits 44.38 Billion USD by 2020
According to market report "BFSI Security Market by Information Security (IAM, Encryption, Disaster Recovery, UTM, Firewall, Security & Vulnerability Management, IDS/IPS, Data Loss Protection, Antivirus & Antimalware), by Physical Security - Global Forecast to 2020", The BFSI security market size is estimated to grow from USD 25.61 Billion in 2015 to USD 44.38 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 11.6% from 2015 to 2020.
BFSI Security Market by Information Security (IAM, Encryption, Disaster Recovery, UTM, Firewall, Security & Vulnerability Management, IDS/IPS, Data Loss Protection, Antivirus & Antimalware), by Physical Security - Global Forecast to 2020
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Rise in the sophistication level of security breaches will drive the BFSI security market
The major drivers of this market includes increasing sophisticated threats against critical infrastructures, strict regulations and compliances from government, and growing Internet of Things (IOT) market.
Physical and information security solutions such as video surveillance and encryption to play a key role in the BFSI security market
The BFSI security market has been segmented into physical security and information security. To cater to the expanding threat landscape, the demand for security solutions, both for physical assets and confidential business data, is increasing in the banking and financial institutions.
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North America is expected to have the largest market share, however APAC will grow with the highest CAGR from 2015 to 2020. The major vendors in the BFSI security market include Booz Allen Hamilton, Cisco, CSC, EMC, Honeywell, IBM, McAfee, Sophos, Symantec, and Trend Micro.