Prescriptive Security in BFSI Market Outlook - 2030
Prescriptive security refers to detecting threats and preventing from disrupting systems. Banks are increasingly using advanced analytic, real-time monitoring, and artificial intelligence (AI), which is becoming major trends in the market. With growing concern about the safety of financial institutions as a result of rising cyber-attacks and cybercriminal activities, prescriptive security continues to create a high growth perspective. Furthermore, businesses are constantly on the lookout for products that implement safety security technologies. According to the market forecast, the prescriptive security market is expected to grow significantly in the coming years.
The global prescriptive security in BFSI market is segmented on the basis of type, application, and region. Based on type, the market is divided into hosted, on-premise. In terms of application, the market is categorized into incident detection, pattern recognition, surveillance, others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global prescriptive security in BFSI industry include Cisco, Systems Inc, Nice Systems Ltd, SAS Institute Inc, ESRI , Hexagon, IBM , NEC Corporation, SAP ERP, and Splunk. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global prescriptive security in BFSI market.
COVID-19 Scenario Analysis
- In the wake of the COVID-19 pandemic, as the BFSI industry has increased its usage of technology for online services, the use of safety and security has gain momentum during the pandemic situation.
- Furthermore, the global lockdown has had a significant impact on banking and financial services. Due to an increase in the number of COVID-19 cases, businesses and manufacturing units have to shut down their offices in various countries, and the use of online delivery services has increased tremendously. As a result, to protect the interests of customers, the prescriptive security in BFSI market analysis should implement a prescriptive security system.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased usage of digital platform and rise in speed of data transfer through advanced technology are some of the major factors driving the growth of the market. However, specific rules & regulations enforced by the government toward security of data in BFSI sector are expected to hamper the growth of the market. Contrarily, instant payments through UPI, smart machines or augmented reality, which enhances the customer experience can be seen as an opportunity for the market.
The Prescriptive Security in the BFSI Market Trends are as Follows:
Increased Speed of Data Transfer Through Advanced Technology
As compared to traditional technology, an advanced algorithm can perform faster data transfer. This advanced technology is more efficient and specialized with higher accuracy, and with increased use of electronic payments, it must have higher accuracy and successful transaction completion. In addition, if users spend several hours each day online downloading documents or working with even a few seconds' delay in loading pages, it can decrease their productivity. Therefore, increased speed of data transfer through advanced technology will boost the growth of prescriptive security during the forecast period.
Improving Customer's Experience by Implementation of Augmented Reality
Consumer-facing mobile applications are designed with security & interfaces designed so that automated test gateways can be tested against known and unknown sources, and thus the industry must consider cyber security to protect data & secure information. With an increasing scam, data theft, and cyber-attack, organizations are adopting secured technologies to secure customer data and provide better user experience. Effective cyber security training and awareness programs are critical for protecting an organization and there is an opportunity for the prescriptive security market.
Key Benefits of the Report
- This study presents analytical depiction of the prescriptive security in the prescriptive security in BFSI market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the prescriptive security in BFSI market share.
- The current market is quantitatively analyzed to highlight the prescriptive security in the prescriptive security in BFSI market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the prescriptive security in BFSI market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Prescriptive Security in BFSI Market Research Report:
- Which are the leading players active in the prescriptive security in BFSI market trends?
- What are the detailed impacts of COVID-19 on the prescriptive security in BFSI market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the prescriptive security in BFSI market size?
Prescriptive Security in BFSI Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | IBM, Systems Inc, NEC Corporation, SAS Institute Inc, Splunk, Cisco, Hexagon, Nice Systems Ltd, ESRI, SAP ERP |
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