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The size is estimated to grow from USD 25.61 billion in 2015 to USD 44.38 billion by 2020 at a CAGR of 11.6% from 2015 to 2020. The BFSI security market is driven by factors such as rise in the sophistication level of security breaches growing government regulations and standards for cyber security growing IoT market and rise in the adoption of cloud-based security solutions.
Physical security is expected to gain maximum traction during the forecast period
The physical security segment is estimated to hold the largest market share during the forecast period. However the BFSI information security segment is also expected to gain traction because of its ability to protect the confidentiality integrity and availability of data against malicious intentions such as unauthorized access modification of information and denial of service to unauthorized users. System maintenance & support and managed security services are expected to grow at the highest CAGR from 2015 to 2020. However training & education services are expected to hold the largest market share during the forecast period.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research extensive primary interviews were conducted with key people in tier-1 (35%) tier-2 (45%) and tier-3 (20%) companies. The interviews were conducted with various key people such as C-level (35%) Director Level (25%) and other executive level (40%) operating in the BFSI security marketplace. The primary interviews were conducted across the globe covering regions such as North America (45%) Europe (20%) APAC (30%) and RoW (5%).
The latest security trends in financial segment include authentication encryption Data Leakage Prevention (DLP) data waste monitoring managed security services IP video surveillance and biometric access control. The availability of cloud deployment options for BFSI security has further boosted the demand for cyber security solutions across the banking and insurance sectors. Therefore mobile security and cloud security are the upcoming focus for the BFSI security market.
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