SandlerResearch.org adds Global BFSI Security Market 2016-2020 a new research report. An IP video surveillance system includes a number of components including cameras, video recorders, and storage devices. Private and public financial institutions are starting to use high-definition (HD) cameras, as they have high-quality imaging and 180 days of video storage. IP cameras are inexpensive when compared to analog cameras, and they offer advantages such as scalability and flexibility.
Complete report on BFSI security market spread across 83 pages, analyzing 8 major companies and provides 29 data exhibits is now available at http://www.sandlerresearch.org/global-bfsi-security-market-2016-2020.html .
The analysts forecast global BFSI security market to grow at a CAGR of 13.39% during the period 2016-2020. According to the report, cloud-based services are being adopted rapidly for authentication processes, video management systems, and storing biometrics information. Banks are storing their confidential data on the cloud, which makes it important to secure such confidential data from unauthorized access. The adoption of cloud-based services is increasing more rapidly in small and medium-sized enterprises (SMEs) compared to large enterprises as cloud-based services work on a pay-per-use model.
In this market research, analysts have estimated the cyber security segment to account for more than 50% of the total market share by 2020. Rising instances of cyber crimes over the past few decades, which results in monetary losses for the BFSI sector, is a critical factor that will result in the growth of this market segment during the forecast period. Also, factors such as the rising need for data confidentiality will drive the adoption of cyber security solutions until the end of the forecast period.
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In this market research, analysts have estimated the Americas to account for a market share of more than 41% by 2020. Recently, it has been observed that North America has been experiencing an increase in cyber attacks in the BFSI sector, which has led to the high adoption of cyber security solutions. Increasing instances of DDoS attacks, spear phishing, mobile malware, and email-borne attacks will aid in the strong growth of the market in this region until 2020.
The global BFSI security market is fragmented because of the presence of many multinational vendors and small regional players. The demand for security solutions has risen among banks and financial institutions due to an increase in data breaches. In this market, the large vendors often acquire small vendors as it helps them to expand their product portfolio and market share.
Key players in the Global BFSI Security Market: Top offerings for physical security - Axis Communications, Bosch Security Systems, and Honeywell Security. Top offerings for cyber security - IBM, McAfee, and Symantec. Other Prominent Vendors in the market are: Arecont Vision, Assa Abloy, Avigilon, AxxonSoft, Check Point Software Technologies, CNL Software, Crewe Fox, CSC, EMC, Experian, F-Secure, Fortinet, Genetec, H3C Technologies, Hewlett-Packard Enterprise, Juniper Networks, Kaspersky Lab, March Networks, MOBOTIX, Panasonic, Qognify, Safran, Salient Systems, Samsung Techwin, Skybox Security, Sophos, ThreatMetrix, Tyco, Verint Systems, videoNEXT, and VidSys.
Further, the report states that many organizations face integration issues while implementing new cyber security and physical security solutions. These solutions may not be compatible with the existing setup of an organization. Though most of the available security solutions are independent, they may face issues while trying to integrate with other security solutions.
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