New York City, NY, July 14, 2017: Banks, insurance providers, and other financial institutions implement security solutions and services to protect their data as well as physical assets. BFSI security includes the implementation of physical as well as information security applications to protect intellectual and financial assets of a business, such as stocks, bonds, and bank deposits. BFSI security solutions and services provide protection against various threats, such as malicious software, dishonest insider, and external frauds as well as natural and manmade disasters. These solutions and services are implemented by small and medium businesses (SMBs) as well as large enterprises.
Financial institutions offer web-based services, such as online banking and corporate banking to its customers. These services require multiple layers of encryption and decryption authentication solutions. The heterogeneous mix of services also requires a comprehensive and flexible transaction security infrastructure and physical asset protection systems to safeguard the reputation of the organization, reduce financial losses, and facilitate business continuity. Organizations operational in the BFSI vertical are rapidly adopting both physical and information security solutions to integrate information and systems. This integration will help these organizations to proactively avert unwanted events, such as security breaches, investigations, regulatory reporting, and financial losses and thereby mitigate risks, damages, and liabilities.
Major factors expected to drive the growth of the BFSI security market include implementation of regulatory security compliances, increasing number of sophisticated threats, and incorporation of the Internet of Things (IOT). In addition to this, mergers & acquisitions and long-term government contracts to companies in the BFSI industry are expected to result in increased demand for BFSI-centric solutions. These developments are expected to offer opportunities to suppliers across the globe, due to the need of IT system migrations, platform integrations, data transfers, structuring of new processes, incorporation of new policies, and workforce alliances.
North America is expected to be the largest market for BFSI security. The market in Asia-Pacific is expected to witness highest growth during the forecast period, due to technological advancements and expansion by various leading vendors of BFSI security solutions in the region. The Middle East and Africa (MEA) and Latin America markets are also expected to witness significant growth in the BFSI security market in the coming years.
Physical and information security solutions are being increasingly adopted by several companies across the BFSI industry, owing to the introduction of cost-effective and technologically-advanced security solutions through investments in the Research and Development (R&D) by leading vendors. These solutions help end users to ensure secure transaction across various portals.
Source: - 24 Market Reports