TechNavio: Global Cybersecurity Market in Finance to Hit 13% CAGR through 2019

A new TechNavio report has forecast a 13.14 percent year over year growth for the cybersecurity market in the banking, financial services and insurance sector through 2019.

The report notes a rise in the BFSI sector’s adoption of cybersecurity services and presents global growth prospects for the 2014-2019 forecast period, ReportsnReports said Saturday.

According to the analysis, an increase in the use of mobile devices could be among the market’s drivers and the high cost of implementation could pose a challenge to the market.

TechNavio calculated the market size by factoring in the sector’s revenue generated from cybersecurity services installation.

The report covers Asia Pacific, Europe, Latin America, Middle East and Africa, and North America regions.

TechNavio listed BAE Systems, Booz Allen Hamilton, CSC, Symantec and TrendMicro as tier-one market players.