However, unsurprisingly, the market of security devices has grown more significantly in the recent trend with the BFSI security market. Whereas, the BFSI segment deals with the largest bulk of financials facilitating insurance, transactions, and the other financial services to the consumers. This segment has been a target to wide cybercrimes, terrorism, and physical risks; thereby the ultimatum increased the security measures for the industry. The rise in the implementation of the technology, growing usage of internet, electronic platform, cloud, online and mobile banking are all together leading to augmented susceptibility to cyber and physical threats to data and information of the banking customers. This is improving the ultimatum to accept a new and developed solution for secure transactions in this market. Not only has this, but the key players of this market are also doing effective developments in the technology by which they can protect the consumers more efficiently from the threat and increase the demand. This will further conclude in leading the fastest market growth in the coming years.
According to the report analysis, ‘BFSI Security Market – Global Drivers, Opportunities, Trends, and Forecasts to 2023’ it states that there are several key players which are presently functioning in this market more efficiently for leading the fastest market growth during the forecasted period by making attractive advancements in the technologies and the techniques of doing work includes Cisco Systems, Inc., PTC Inc., Qualcomm Technologies, Inc., Amazon.com, Inc., SAP SE., Samsung Electronics Co. Ltd., General Electric Company, Ericsson, Schneider Electric SE, Accenture PLC, Cisco Systems, IBM, Symantec Corp., McAfee LLC, Oracle, Herjavec Group, Storm shield, Dell Security, FireEye, Inc., Gemalto NV, Trend Micro Incorporated, Accenture and several others. In addition, the market for BFSI is competitive with the foremost software vendors such as IBM, Cisco, and Symantec already having a prominent position in the market. Cisco is improving the customer’s experiences with the premium and convenience banking along with global security programs. IBM is aiming at the security and creates approximately USD 2 billion of revenue from security alone annually.
The growth in BYOD, mobile apps, and cloud has concluded in the supreme implementation of IAM in the banking industry. The augmented terror activities, robberies, identity stealing, and data breaches are between the main motives to fueling the need for physical security in the banking industry. The BFSI properties have already installed video surveillance, IAM, encryption, and fire recognition systems and many countries have instructed such installations due to the requirement of the security.
Whereas, North America is the prominent region which leads the BFSI Security market where the government is taking initiatives towards insecurity with the new cybersecurity standards and augmented investment such as the US in 2015 invested USD 4 billion in cybersecurity for financial institutions. Additionally, Europe stands second in the market and is fascinating the niche players to arrive in the market through funding. Therefore, in the near future, it is expected that the market of BFSI security will increase more significantly around the globe over the few years.
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Ankur Gupta, Head Marketing & Communications