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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.
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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
Questions Answered in the Prescriptive Security in BFSI Market Research Report:
Key Market Segments
Key Market Players