The research service provides an analysis of the banking & finance security technology market. Frost & Sullivan anticipates that concerns about digital threats will continue to drive the banking and finance industry in all regions to make cyber security investment. With attack types and frequency increasing, the deployment of intelligent and comprehensive solutions will become essential for organisations.
In addition, greater interest in the commercialisation of biometric systems will result in rapid increase in demand for logical access solutions over the forecast period, especially of more widely available technologies such as fingerprint and voice recognition. With an increasing number of security suppliers in the market, creating product uniqueness will be key for companies looking to gain market share.
Key Findings
– The banking & finance security technology market will remain strong throughout the forecast period driven by new digital security challenges.
– Investment in new technology will be primarily driven by spending associated with cyber security although funding will continue also in the physical security and logical access sectors.
– Technology integration and the creation of security cost efficiencies will continue to impact investment decisions as organisations look to lessen operational expenditure (OPEX) at physical banking locations.
– Additional oversight by both national and international regulatory bodies will help to shape new standardised levels of security across the industry, especially in relation to wider reaching threats such as cyber security.
– Traditionally developed financial markets as found in Europe and North America will see the greatest overall expenditure on security technology over the forecast period owing to high concentration of large banking organisations and established commercial banking markets.
– Frost & Sullivan forecasts the market for banking & finance security technology to increase from $ billion in 2015 to $ billion in 2024.
