Security Services Market: Demand, Trend, Service, Growth, Types, Applications and 2018-2023 Global Industry Forecast Research Report

This report helps to analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Security Services Market

Description:

The market for Security services for BFSI sector is expected to reach USD 62.69 billion in 2023 from USD 32.72 billion in 2017, registering a CAGR of 11.4%, during the forecast period (2018 - 2023). The scope of the report is limited to the type of securities and services provided in sub-verticals of financial sector. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Increase in BFSI services and rise in cyber data breaches are a few factors driving the growth of security services market for BFSI sector, whereas, high costs of the security solutions is inhibiting its growth.

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Rise In Cyber Data Breaches

The cyber data breaches in BFSI sector are immensely impacting the consumers’ confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.
Equifax, one of the three largest credit agencies in the U.S., in 2017 suffered a breach that affected 143 million consumers. JPMorgan too witnessed one of the biggest bank breaches in history as hackers got access to the financial information of 3500 customers.

Retail Banking

Retail banks attained scale either by merging or acquiring other banks. Digitalization has also hit retail banking as customers are looking forward towards digitalization. After getting digitized, banks saw tremendous increase in number of online customer subscriptions. Banks also found that the customers prefer to use mobile banking instead of visiting the bank branches. But, as digitization increases, the need to secure customers’ data will also increase, thus, increasing the security services market for BFSI sector.

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Key Developments In The Market

• November 2017 - RSA expanded its technology ecosystem to make strong authentication more continuous, proactive, and pervasive. Offering seamless interoperability with the CyberArk Privileged Account Security Solution, Microsoft Windows Hello, Palo Alto Networks Next-Generation Firewall, and VMware Workspace ONE, RSA enables organizations to quickly and easily leverage the broad set of modern mobile authentication methods from the RSA SecurID® Access solution
• November 2017 - LifeLock, a Symantec company launched an identity protection product, LifeLock® Senior†, tailored to help adult children protect their senior parents from identity theft

Major Players - BOOZ ALLEN HAMILTON, CISCO SYSTEMS, COMPUTER SCIENCES CORPORATION, EMC CORPORATION, SYMANTEC CORPORATION, IBM CORPORATION, amongst others.

Reasons To Purchase This Report

• To know, how various factors are driving the market with respect to the global market scenario
• To analyze various market perspectives, with the help of Porter’s five forces analysis
• To understand, which of the regions is expected to witness the fastest growth rate during the forecast period
• To identify the latest developments, market shares, and strategies that are employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
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Some Points from Table of Content:

1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study

2. Research Approach and Methodology

3. Executive Summary

4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Increase in BFSI Services
4.2.2 Rise in Cyber Data Breaches
4.2.3 Increasing Adoption of Cloud-Based Security Solutions
4.2.4 Digitization of BFSI Services
4.2.5 Need for Securing Sensitive Information
4.3 Factors Restraining the Market
4.3.1 Lack of Interoperability Between Security Products
4.3.2 High Cost of Security Solution
4.4 Industry Attractiveness - Porter's Five Industry Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products or Services
4.4.5 Competitive Rivalry among Existing Competitors

5. Security Services Market for BFSI Sector Segmentation
5.1 By Type of Security
5.1.1 Physical Security
5.1.1.1 Access Control
5.1.1.2 Video Surveillance
5.1.1.3 Intrusion and Fire Detection
5.1.1.4 Physical Security Information Management (PSIM)
5.1.1.5 Maintenance and Support

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