London, 11 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the global physical security market in the BFSI sector 2015-2019, which is expected to grow at a CAGR of 8.79% during the forecast period of 2014-2019.
Source: Technavio Report
The increasing need for organizations to comply with the payment card industry and data security standard (PCI DSS) regulations is a major factor that drives market growth. A recent rise in security threats has forced many enterprises in the banking, financial services, and insurance (BFSI) sector to adopt physical security solutions so as to prevent damage to critical infrastructure and data. As all online banking transactions, ATMs, and point-of-sale schemes require safe monetary transactions, the market for physical security in the BFSI sector is expected to show rapid growth during the forecast period.
“The biometric authentication process will provide better security to ATMs, online transactions, and critical infrastructures by linking individual credentials to a user’s face, fingerprints, eyes, or voice,” says Faisal Ghaus, Vice President of Technavio.
“Biometric identification technology has become an integral part of the security of the BFSI sector, and banks have started using it in ATMs.”
Key Market Drivers:
- Rapid Adoption of Monitoring Solutions.
- Shift from Analog to IP Cameras.
- Technological Advances and Product Innovations.
- Government Regulations.
Key Market Trends:
- Adoption of IP-Based Video Surveillance Solutions.
- Adoption of Cloud-Based Technologies.
- Emergence of Customized Solutions and Integrated Packages.
- Usage of Biometrics.
Key Market Vendors:
- Axis Communications AB
- Bosch Security Systems
- Cisco Systems Inc.
- Honeywell Security Group
- NICE Systems Ltd.
- Tyco International Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
