Cyber Security Market in the BFSI Sector to Grow at 13.14 % CAGR by 2019 Says a New Research Report at ReportsnReports.com
Dallas,TX (PRWEB) February 07, 2015 -- The demand for cloud-based security solutions are one key trend in the market. End-users prefer cloud-based security solutions because they are cost-effective and can be easily managed. The introduction of cost-effective cloud-based solutions encourages both large enterprises and SMEs in the BFSI sector to adopt other cyber security solutions.
According to the report “Global Cyber Security Market in the BFSI sector 2015-2019” a growing number of consumers using mobile devices for a range of activities are contributing to a CAGR of 13.14 % from 2014-2019. The increased use of mobile devices such as tablets and laptops has increased the complexity of identification issues. The increase in the integration of networks with employees' mobile devices has escalated the need for security solutions to prevent misuse of confidential data through fraudulent activities.
The need for any business to stay connected 24/7 has encouraged employees to use their personal portable devices such as cell phones, tablets and laptops to gain access and store confidential information, thus increasing the need to protect data.
Many companies opt for cloud-based IT security solutions that are cost-effective and compatible with payment card industry data security standard regulations and offer round-the-clock monitoring of systems. The report recognizes the following companies as the key players in the Global Cyber Security Market in the BFSI sector: BAE Systems plc, Booz Allen Hamilton Inc., Computer Sciences Corp. (CSC), Symantec Corp. and TrendMicro Inc.
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Other Prominent Vendors in the market are: 41st Parameter, Check Point, Crewe Fox, FireEye, IBM, Skybox Security, ThreatMetrix, Verint Systems and WhiteHat Security.
Many mobile devices are not secure, it can be easy for hackers to gain unauthorized access to mobile devices in corporate networks, which may lead to fraudulent activities with the misuse of business-critical data. Therefore, enterprises are increasingly adopting cyber security solutions to secure their networks and provide employees with secured access to confidential information.
Further, the report states that the high cost of implementation of cyber security solution is one of the major challenges in the market. Implementing a complete traditional cyber security solution usually takes time. This increases the criticality of the implementation process because once the deployment of cyber security solutions starts, it becomes expensive to make any changes later.
Related Report:
Global Bank IT Spending Market 2014-2018 report recognizes the following companies as the key players in the Global Bank IT Spending Market: Dell Inc., Hewlett-Packard Co., IBM Corp. and Microsoft Corp.
Other Prominent Vendors in the market are: Accenture, ATOS, Capgemini, CGI Group, Cisco Systems, Cognizant, CSC, EMC, FIS Pvt. Ltd., Fujitsu, HCL Technologies, Hitachi Ltd., Infosys, Intel, Logica, Oracle, SAP SE, TCS Ltd., Temenos, Teradata, Unisys and Wipro Technologies.
The adoption of big data analytics in banking is one of the major trends in this market. The Banking sector is interpreting data for internal and marketing purposes, but big data provides more opportunities. The unstructured data with the banks can be used to analyze customer spending patterns and increase profits by creating more customer-oriented products.
According to the report, the rise in the use of business Intelligence software in retail banking is one of the major drivers of the market. It offers real-time analysis tools to increase the productivity of banks. BI helps the banks to get an insight into the purchasing behavior of customers. The software also helps to streamline core banking operations such as reporting, documentation, and data management.
Further, the report states that one of the major challenges that the market faces is concern about cyber security. The presence of hackers trying to tamper and manipulate data is very high. This creates a major challenge for the Global Banking IT Spending market.
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Ritesh Tiwari, ReportsnReports.com, http://www.reportsnreports.com/, +1 (888) 391-5441, [email protected]
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