Portland, OR -- (SBWIRE) -- 12/26/2017 -- Since the past decade, the electronic banking platform has been an efficient channel to remotely process banking transactions. These transactions are performed using web-based applications over the internet and can create security risk for the user as the data is exposed to hackers. With the increased cases of cyber-crime, the security of sensitive data such as personal banking details and confidential corporate information is at high risk, creating the demand for BFSI security solutions which have seen high traction in the past couple of years.

Based on type, the BFSI Security Market is divided into tangible security and information security; by solution type the market is sub-segmented into hardware, software, and services. The application segment for the BFSI security market is sub-segmented into risk management, security governance, data security, threat extenuation, video surveillance, access controls, identity management, malware protection, and others. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.

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Market Dynamics:

Drivers:

Increase in the number of cyber-attacks and frauds encourage the banking and financial organizations to deploy advanced cyber-security solutions, and propelling global market growth
Growth in demand for connected devices and digitization in the banking and financial sector
Restraints:

Lack of awareness among customers in understanding the complexity of modern security infrastructure
Market Players:

The top players in the global BFSI security market include Cisco Systems, Inc., Computer Sciences Corporation, EMC Corporation, Honeywell International, Inc., IBM Corporation, Booz Allen Hamilton, Inc., MacAfee, Inc. (Intel Security Group), Sophos Group PLC., Symantec Corporation, and Trend Micro Incorporated.

KEY TAKEAWAYS

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MARKET LANDSCAPE

By Type

Tangible Security
Information Security

By Solution

Hardware Components
Software
Services

By Application

Risk Management
Security Governance
Data Security
Threat Extenuation
Video Surveillance
Access Controls
Identity Management
Malware Protection
Others

By Geography

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA