BFSI security: Key market research findings
- Emergence of customized solutions and integrated security solutions
- Growing implementation of biometric identification technology
Technavio has released a new market research report on the global BFSI security market, which is expected to grow at a CAGR of more than 13% between 2016 and 2020. Owing to a rise in the number of cyber-attacks in the BFSI sector, the organizations have adopted a number of measures to ensure the physical security of critical data and infrastructure. The BFSI sector is also adopting security solutions like video surveillance, biometric access control, encryption, intruder alarms, and managed security services to secure customer details and monetary information. The Americas lead the global BFSI security market, accounting for 45% of the total market share. An increase in the adoption of mobile devices in BFSI sector for personal and professional purposes has led to high adoption of cyber security solutions.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Several vendors in the BFSI market are developing customized solutions for customers. For instance, they are providing open architecture systems that are designed to adapt to future network environments. For example, Honeywell’s SmartPlus is an identity management system that helps authenticate user credentials using proximity card readers and monitoring systems at a remote location. Vendors are also providing integrated security solutions for better support and functionality to its customers,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research
Biometric identification technology has become an integral part of the security of the BFSI sector, and banks have started implementing it in ATMs. The biometric authentication process offers better security to online transactions, ATMs, and critical infrastructures by linking individual credentials to a user’s face, iris, fingerprints, or voice. ATMs and online transactions can be secured by using biometrics in banks. Biometrics also protect banking information from being compromised by unauthorized personnel.
The key vendors in the global BFSI security market include Axis Communications, Bosch Security Systems, Honeywell Security, IBM, McAfee and Symantec. The market is fragmented with the presence of many multinational vendors and small regional players. Competition in the market is expected to intensify during the forecast period, owing to increase in solution extensions, technological innovations, and mergers and acquisitions. Vendors are developing new technologies and products to survive the market competition.
A more detailed analysis is available in the Technavio report, Global BFSI Security Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Physical Security Market in BFSI 2015-2019
- Global Cyber Security Market in the BFSI sector 2015-2019
- Global Vein Recognition Biometrics Market in BFSI Sector 2015-2019
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