BFSI security market to reach $44 billion by 2020

Cybersecurity issues
The BFSI security market is expected to grow to $44.38 billion by 2020, at an estimated compound annual growth rate (CAGR) of 11.6 percent, from $25.61 billion in 2015.

The major growth driver are enforcement of regulatory security compliances, the increasing number of sophisticated threats, and the incorporation of Internet of Things (IOT), according to a report in Research and Markets.

The significant adoption of heterogeneous and Bring-Your-Own-Device (BYOD) is propelling the growth of physical and information security solutions. Mergers and acquisitions, and long term government contracts has raised the demand for BFSI-centric solutions and offers opportunities to security suppliers, the IT market report said.