Banking, FinServ & Insurance Security Market to Hit $48Bn 5 Years

Banking, Financial Services and Insurance is estimated to grow from USD 30.23 Billion in 2016 to USD 48.95 Billion by 2021, at a CAGR of 10.1%.

"BFSI” Security Market is measured by marketsandmarkets based on Information Security -IAM, Encryption, Disaster Recovery, UTM, Firewall, Security and Vulnerability Management, IDS/IPS, Data Loss Protection, Antivirus & Antimalware) & Physical Security - Global Forecast to 2021".

This growth can be attributed to the increasing adoption of cloud-based security solutions, enforcement of regulatory security compliance, and the increasing risk of cyber threats against BFSI infrastructure.

This report provides information about different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments adopted by major players to increase their market share.

Key players operational in the BFSI security market include Cisco Systems, Inc. (U.S.), Computer Sciences Corporation (CSC) (U.S.), EMC Corporation (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), Booz Allen Hamilton, Inc. (U.S.), McAfee, Inc. (Intel Security Group) (U.S.), Sophos Group Plc. (U.S.), Symantec Corporation (U.S.), and Trend Micro Incorporated (U.S.).

Based on type, the physical security segment is expected to hold the largest market share during the forecast period

On the basis of type, the BFSI security market is segmented into information security and physical security. The physical security segment is expected to account for the largest market share from 2016 to 2021. This growth can be attributed to the rapid adoption of IP-based video surveillance, physical security information management (PSIM) and biometrics across the world.

Based on subvertical, the insurance segment is expected to grow at the fastest rate during the forecast period

On the basis of subvertical, the insurance segment of the BFSI security market is expected to grow at a high CAGR during the forecast period. The insurance segment has led the banking and other financial institutions because of tremendous transformation in the last decade as a result of deregulation, globalization, and terrorist attacks.

North America is expected to lead the BFSI security market with the largest market share during the forecast period

On the basis of region, the BFSI security market has been segmented into North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America.

North America is expected to account for the largest share of the BFSI security market in 2016, owing to the extensive implementation of BFSI security solutions across varied industries in this region.

The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. This growth can be attributed to the increasing adoption of BFSI security solutions across India, China, Japan, and Australia.