The BFSI security is a set of technologies and solutions, tools, policies, security concepts, guidelines, risk management approaches, and professional services. BFSI security products are defined by their capability to provide access management, authentication procedures, detection and responses to incidents, security updates or patch management, data recovery, mitigation of impacts, and risk and compliance management. Some of the drivers in the BFSI security market are the rise in adoption of cloud-based security solutions, enforcement for regulatory security compliance, and the increasing risk of sophisticated threats against critical infrastructure. The BFSI security market size is projected to reach USD 48.95 Billion by 2021, at a CAGR of 10.1% during the forecast period 2016 to 2021.
Key players operational in the BFSI security market include Cisco Systems, Inc. (U.S.), Computer Sciences Corporation (CSC) (U.S.), EMC Corporation (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), Booz Allen Hamilton, Inc. (U.S.), McAfee, Inc. (Intel Security Group) (U.S.), Sophos Group Plc. (U.S.), Symantec Corporation (U.S.) and Trend Micro Incorporated (U.S.). These companies have adopted different strategies to extend their worldwide presence and expand their market share. Partnerships, collaborations, mergers & acquisitions, and new product launches are some significant strategies adopted by market players to accomplish growth in the BFSI Security market.
Cisco Systems, Inc. (U.S.) is one of the leading players in the BFSI Security market for designing and selling lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. It considers security portfolio as its top investment priority and is continuously supporting the R&D against revenue loss, intellectual property deprivation, and reputation diminution in the BFSI industry vertical. The company has adopted both, organic as well as inorganic strategies to enhance its presence in this market. The company has been involved in various partnerships, alliances, and new product launches with local as well as global players. It has also acquired few renowned players, such as Cloudlock (U.S.) and OpenDNS (U.S.) in order to provide cloud security protection for users, applications and data and to boost its Security Everywhere Approach by adding broad visibility and threat intelligence. Additionally, the company has adopted organic strategies to sustain its competitive positions in the BFSI security market.
Computer Sciences Corporation (U.S.), is a major player in the BFSI Security market with its main strategy to introduce enhanced solutions in the BFSI security market and consistently add new features to existing solutions. The prime focus of the company is on designing and implementing customer-oriented technologies and infrastructure to reduce incident reaction time, improving cyber security measures. In the past few years, it has adopted inorganic strategies in order to build and maintain its competency, and provide BFSI security by expanding its cloud cyber security services portfolio. With new product launches and product enhancements, CSC aims to continue its leadership position in the BFSI security market.
BFSI Security Market by Information Security (IAM, Encryption, Disaster Recovery, UTM, Firewall, Security and Vulnerability Management, IDS/IPS, Data Loss Protection, Antivirus & Antimalware) & Physical Security - Global Forecast to 2021
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