Artificial Intelligence
Industrial Cybersecurity Market by Security Type, Offering, End-user and Region – Global Forecast to 2027
Dublin, April 22, 2022 (GLOBE NEWSWIRE) — The “Global Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Services), End-user (Power, Utilities, Transportation, Chemicals & Manufacturing) and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The industrial cybersecurity market size was valued at USD 16.2 billion in 2022 and was expected to reach USD 20.1 billion by 2027; it is expected to grow at a CAGR of 4.4% from 2022 to 2027.
The Increasing focus on integrating IoT into industrial control systems. Likewise, the rising importance of cloud-based industrial cybersecurity services to create lucrative opportunities for the players in the industrial cybersecurity market. However, lack of awareness about best practices and the criticality of cybersecurity in industrial control systems are expected to restraint market growth.
Products will have the highest growth in coming years
Cyberattacks and threats against critical infrastructure have increased over the years due to the growing use of connected devices and IT systems. Instead of stealing data, digital attackers target to access industrial control systems, such as SCADA, DCS, and PLC, on which organizations rely for managing their industrial processes. Industries such as pharmaceuticals, oil & gas, manufacturing, and electric utilities use control systems. These systems are connected with a large number of sensors with the help of network infrastructure (either wired or wireless systems). Any alteration in control network infrastructure by infrastructure industries to meet their business needs might lead to an increase in cyberattacks.
The industrial cybersecurity market for products has been broadly segmented into gateways and networking devices. Gateways help prevent cyberattacks on SCADA systems by allowing them to connect with management information systems securely. Gateways help manage network user access by directly accessing the networks in the industrial zone. Furthermore, networking devices are further classified into routers and industrial Ethernet switches.
Power is expected to hold the largest share in 2027
Power companies are increasingly adopting cybersecurity solutions and upgrading their cybersecurity capabilities to protect their industrial systems from rapidly evolving cyber threats. Cybersecurity in power companies helps in mitigating the challenges pertaining to aging grid infrastructure, monitoring power system operations, maintaining the balance between power generation and production, and providing fast and efficient ways to restore services after interruptions. The importance of monitoring systems has increased with the growing use of renewable sources in power grids.
APAC is attributed to growing at the highest CAGR in the Industrial cybersecurity market during the forecast period (2022-2027)
Asia Pacific comprises emerging economies such as China and India. These countries have the presence of a large number of small and medium-sized enterprises (SMEs), which collectively account for the employment of more than 70% of the total population in the countries. These SMEs provide growth opportunities to the providers of industrial cybersecurity solutions and services to customers from the manufacturing, transportation, and energy industries. In the 2021 Union Budget, the Singaporean government announced an investment of USD 1.8 billion in economic strategies for the next four years. Some portion of this investment is also dedicated to the Cybersecurity Agency (CSA) of Singapore.
However, the need for huge investment associated with the successful deployment of an industrial control system security project restricts SMEs from adopting strong security practices in their organizations. However, factors such as the increasing complexity of businesses, the growing trend of BYOD, as well as the rapid shift toward digitization and virtualization, are expected to encourage SMEs to adopt various industrial control solutions and services.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Industrial Cybersecurity Market
4.2 Industrial Cybersecurity Market, by End-User Industry and Region, 2022
4.3 Industrial Cybersecurity Market, by Offering
4.4 Industrial Cybersecurity Market, by Security Type
4.5 Industrial Cybersecurity Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Investments by Governments and Private Organizations Worldwide to Create Safe and Secure Industrial Environment
5.2.1.2 Growing Number of Sophisticated Cyberattacks on Critical Industrial Infrastructure
5.2.2 Restraints
5.2.2.1 Underestimation of Threat Levels and Misunderstanding of Nature of Threats
5.2.2.2 Lack of Adequate Funds, Framework, and Governance Required to Develop High-End Cybersecurity Solutions
5.2.3 Opportunities
5.2.3.1 Rising Importance of Cloud-Based Industrial Cybersecurity Services
5.2.3.2 Growing Focus of Government Organizations on Releasing Rules and Regulations for Security of Industrial Control Systems
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Best Practices and Criticality of Cybersecurity in Industrial Control Systems
5.3 Pricing Analysis
5.3.1 Industrial Routers
5.4 Value Chain Analysis
5.4.1 Industrial Cybersecurity Market
5.5 Porter’s Five Forces Analysis
5.5.1 Threat of New Entrants
5.5.2 Threat of Substitutes
5.5.3 Bargaining Power of Suppliers
5.5.4 Bargaining Power of Buyers
5.5.5 Intensity of Competition Rivalry
5.6 Key Stakeholders and Buying Criteria
5.6.1 Key Stakeholders in Buying Process
5.6.2 Buying Criteria
5.7 Key Conferences and Events in 2022-2023
5.8 Industrial Cybersecurity Market: Ecosystem
5.9 Patent Analysis
5.10 Trade Analysis
5.11 Tariff and Regulatory Landscape
5.11.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.12 Case Studies
5.12.1 Power and Water Industry
5.12.2 Mining Industry
5.13 Technological Trends in Industrial Cybersecurity
5.13.1 Zero-Trust Framework
5.13.2 Potential of Artificial Intelligence and Machine Learning
5.13.3 Security for Cloud-Native Environments
5.14 Codes and Standards Related to Industrial Cybersecurity
5.15 Key Stakeholders and Buying Criteria
5.15.1 Trends/Disruptions Impacting Customer’s Business
5.15.1.1 Revenue Shift and New Revenue Pockets for Cybersecurity Service Providers
6 Industrial Cybersecurity Market, by Security Type
6.1 Introduction
6.2 Network Security
6.2.1 Exposure of Government Organizations and Production Facilities to Unauthorized Network Access Triggers Market Growth of Network Security
6.3 Endpoint Security
6.3.1 Endpoint Security Assures Protection of It and Ot Infrastructure That Includes Endpoints and Remote Devices from Cyber Threats
6.4 Application Security
6.4.1 Increased Presence of Cloud-Connected Networks Creates Need for Application Security to Protect Them from Cyberattacks and Data Breach Issues
6.5 Cloud Security
6.5.1 Adoption of Saas Application Accelerates Need for Cloud Security Solutions
6.6 Wireless Security
6.6.1 Strong Focus on Prevention of Data Theft Across Wireless Networks to Increase Need for Wireless Security
6.7 Others
7 Industrial Cybersecurity Market, by Offering
7.1 Introduction
7.2 Products
7.2.1 Gateways
7.2.1.1 Gateways Help Provide Cybersecurity to Industrial Control Systems
7.2.2 Networking Devices
7.2.2.1 Routers
7.2.2.1.1 Conventional Routers Will be Replaced with Advanced Technology-Based Routers
7.2.2.2 Industrial Ethernet Switches
7.2.2.2.1 Industrial Ethernet Switches Offer Industry-Grade Reliability, Network Redundancy, and Enhanced Security
7.3 Solutions & Services
7.3.1 Solutions
7.3.1.1 Antivirus/Malware
7.3.1.1.1 Antivirus/Malware Segment to Hold Largest Share of Solutions Market in 2027
7.3.1.2 Firewall
7.3.1.2.1 Working Via Vpn During COVID-19 Heightened Requirement for Firewall Solutions
7.3.1.2.1.1 Proxy Firewall
7.3.1.2.1.2 Packet-Filtering Firewall
7.3.1.2.1.3 Stateful Inspection Firewall
7.3.1.2.1.4 Next-Generation Firewall (Ngfw)
7.3.1.3 Scada Encryption
7.3.1.3.1 Scada Encryption Helps Mitigate Common Attacks
7.3.1.4 Virtualization Security
7.3.1.4.1 Demand for Virtualization Security Expected to Increase During Forecast Period
7.3.1.5 Data Loss Prevention (Dlp)
7.3.1.5.1 Dlp Solutions to Have Huge Demand in Post-Pandemic Situation
7.3.1.6 Security Information and Event Management (Siem)
7.3.1.6.1 Siem Provides Centralized Combined System
7.3.1.7 Intrusion Detection System/Intrusion Prevention System
7.3.1.7.1 Ids/Ips Technologies to Help in Detecting Suspicious Activities
7.3.1.8 Identity and Access Management (Iam)
7.3.1.8.1 Iam Helps Provide Secure Remote Access
7.3.1.9 Unified Threat Management (Utm)
7.3.1.9.1 Utm Allows Network Operators to Monitor and Control Security-Related Applications
7.3.1.10 Distributed Denial of Service (Ddos)
7.3.1.10.1 Increasing Ddos Attacks to Heighten Need for Ddos
7.3.1.11 Others
7.3.1.11.1 Application Whitelisting
7.3.1.11.2 Update and Patch Management
7.3.1.11.3 Database Activity Monitoring (Dam)
7.3.2 Services
7.3.2.1 Managed Services
7.3.2.1.1 Managed Services Help Companies with Critical Infrastructure to Gain Complete Visibility and Control Over Systems That are Part of Network Infrastructure
7.3.2.2 Professional Services
7.3.2.2.1 Professional Services to Dominate Market from 2022 to 2027
7.3.2.2.1.1 Risk Management Services (Rms)
7.3.2.2.1.2 Companies Such as Sword and Shield Enterprise Security, Inc. (Us) and Thales S.A. (France) Provide Risk Management and Assessment Services to Industries Having Critical Infrastructure. Audit and Reporting Services
7.3.2.2.1.3 Design, Integration, and Consulting Services
8 Industrial Cybersecurity Market, by End-User Industry
8.1 Introduction
8.2 Power
8.2.1 Power Sector Expected to Hold Largest Market Share in 2027
8.2.1.1 Power Generation
8.2.1.2 Nuclear Power Plants
8.2.1.3 Thermal and Hydropower Plants
8.2.1.4 Renewable Energy Power Plants
8.2.1.5 Power Grid
8.3 Utilities
8.3.1 Utilities Sector to Witness High Demand for Industrial Cybersecurity Products Owing to Rising Number of Cyber Crimes
8.3.1.1 Oil and Gas Pipelines
8.3.1.2 Electric Power Transmission
8.3.1.3 Water Treatment and Distribution
8.3.1.4 Wastewater Collection and Treatment
8.4 Transportation
8.4.1 Transportation Industry to Witness Highest CAGR in Industrial Cybersecurity Market due to Increased Number of Cyberattacks
8.4.1.1 Airports
8.4.1.2 Seaports
8.4.1.3 Railways
8.4.1.4 Others
8.5 Chemicals and Manufacturing
8.5.1 Urgent Need to Protect Industrial Control Systems Propels Growth of Industrial Cybersecurity Market
8.5.1.1 Automated Production Units
8.5.1.2 Refining Plants
8.5.1.3 Mining Units
8.6 Others
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Us to Hold Major Share of Industrial Cybersecurity in 2027
9.2.2 Canada
9.2.2.1 Canada to Witness High Demand for Industrial Cybersecurity Products and Services Owing to Rising Adoption of Digital Technologies by Business Owners
9.2.3 Mexico
9.2.3.1 Mexican Market Growth is Driven by Implementation of Wireless Connectivity Devices in Industrial Plants
9.3 Europe
9.3.1 UK
9.3.1.1 Rising Number of Active Cybersecurity Firms in UK to Create Opportunities for Market Growth
9.3.2 Germany
9.3.2.1 Growing Adoption of Industrial Cybersecurity Solutions by Private and Government Organizations to Ensure Data Privacy
9.3.3 France
9.3.3.1 Increasing Demand for Data Security Solutions from Defense Sector to Fuel Industrial Cybersecurity Market Growth
9.3.4 Italy
9.3.4.1 Increasing Number of Cybercrimes Prompts Use of Industrial Cybersecurity Solutions in Italy
9.3.5 Netherlands
9.3.5.1 Growing Number of Digital Attacks to Create Strong Need for Cybersecurity Products
9.3.6 Rest of Europe
9.4 Asia-Pacific
9.4.1 China
9.4.1.1 Growing Implementation of Latest Technologies in Industrial Plants to Boost Demand for Industrial Cybersecurity Products
9.4.2 Japan
9.4.2.1 Rising Technological Advancements in Japan Will Force Country to Follow Industrial Cybersecurity Measures
9.4.3 India
9.4.3.1 Increasing Number of Crimes Prompts Country to Install Industrial Cybersecurity Solutions
9.4.4 South Korea
9.4.4.1 Surging Penetration of Computer Networks to Propel Growth of Industrial Cybersecurity Market
9.4.5 Rest of Asia-Pacific
9.5 Rest of the World (Row)
9.5.1 Middle East and Africa (Mea)
9.5.1.1 Cybersecurity Spending by Governments Increased due to Growing Vulnerability of Critical Infrastructure to Cyber Threats
9.5.2 South America
9.5.2.1 Demand for Cybersecurity Solutions During Forecast Period Would Increase with Rising Number of Cyberattacks in Oil & Gas and Transportation Sectors
10 Competitive Landscape
10.1 Introduction
10.2 Key Player Strategies/Right to Win
10.2.1 Overview of Strategies Adopted by Key Players in Industrial Cybersecurity Market
10.3 Market Share Analysis
10.4 Revenue Analysis
10.4.1 Industrial Cybersecurity Market
10.5 Company Evaluation Quadrant
10.5.1 Industrial Cybersecurity Market
10.5.1.1 Star
10.5.1.2 Emerging Leader
10.5.1.3 Pervasive
10.5.1.4 Participant
10.6 Competitive Benchmarking
10.6.1 Startup/Small and Medium-Sized Enterprises (Sme) Evaluation Matrix
10.6.1.1 Progressive Company
10.6.1.2 Responsive Company
10.6.1.3 Dynamic Company
10.6.1.4 Starting Block
10.7 Competitive Scenario and Trends
10.7.1 Industrial Cybersecurity
10.7.1.1 Product Launches and Developments
10.7.1.2 Deals
10.7.1.3 Others
11 Company Profiles
11.1 Key Players
11.1.1 International Business Machines (Ibm) Corporation
11.1.1.1 Business Overview
11.1.1.2 Products/Solutions/Services Offered
11.1.1.3 Recent Developments
11.1.1.4 Analyst’s View
11.1.1.4.1 Key Strengths/Right to Win
11.1.1.4.2 Strategic Choices Made
11.1.1.4.3 Weaknesses and Competitive Threats
11.1.2 Honeywell International Inc.
11.1.2.1 Business Overview
11.1.2.2 Products/Solutions/Services Offered
11.1.2.3 Recent Developments
11.1.2.4 Analyst’s View
11.1.2.4.1 Key Strengths/Right to Win
11.1.2.4.2 Strategic Choices Made
11.1.2.4.3 Weaknesses and Competitive Threats
11.1.3 Abb Ltd.
11.1.3.1 Business Overview
11.1.3.2 Products Offered
11.1.3.3 Recent Developments
11.1.3.4 Analyst’s View
11.1.3.4.1 Key Strengths/Right to Win
11.1.3.4.2 Strategic Choices Made
11.1.3.4.3 Weaknesses and Competitive Threats
11.1.4 Cisco Systems, Inc.
11.1.4.1 Business Overview
11.1.4.2 Products Offered
11.1.4.3 Recent Developments
11.1.4.4 Analyst’s View
11.1.4.4.1 Key Strengths/Right to Win
11.1.4.4.2 Strategic Choices Made
11.1.4.4.3 Weaknesses and Competitive Threats
11.1.5 Schneider Electric
11.1.5.1 Business Overview
11.1.5.2 Products Offered
11.1.5.3 Recent Developments
11.1.5.4 Analyst’s View
11.1.5.4.1 Key Strengths/Right to Win
11.1.5.4.2 Strategic Choices Made
11.1.5.4.3 Weaknesses and Competitive Threats
11.1.6 Mcafee Corporation
11.1.6.1 Business Overview
11.1.6.2 Products Offered
11.1.6.3 Recent Developments
11.1.7 Siemens
11.1.7.1 Business Overview
11.1.7.2 Products Offered
11.1.7.3 Recent Developments
11.1.8 Dell Technologies Inc.
11.1.8.1 Business Overview
11.1.8.2 Products Offered
11.1.8.3 Recent Developments
11.1.9 Nortonlifelock Inc.
11.1.9.1 Business Overview
11.1.9.2 Products Offered
11.1.9.3 Recent Developments
11.1.10 Rockwell Automation Inc.
11.1.10.1 Business Overview
11.1.10.2 Products Offered
11.2 Other Players
11.2.1 Kaspersky Lab
11.2.2 Fortinet
11.2.3 Palo Alto Network
11.2.4 Proofpoint
11.2.5 Trend Micro
11.2.6 Splunk Technology
11.2.7 Broadcom Inc.
11.2.8 Microsoft Corporation
11.2.9 Forescout Technologies Inc.
11.2.10 Opswat
11.2.11 Dragos Inc.
11.2.12 Cyberark
11.2.13 Argus Cyber Security
11.2.14 Cylus
11.2.15 Upstream Security
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/upytcn
Attachment
Artificial Intelligence
Asia Mobiliti Applauded by Frost & Sullivan for Powering Intelligent Urban Mobility and Offering Customer Value with Its MaaS Solutions
Asia Mobiliti’s efficient, sustainable, and interconnected mobility solutions improve user experience, reduce congestion and environmental impact, and reshape urban spaces.
SAN ANTONIO, June 26, 2024 /PRNewswire/ — Frost & Sullivan recently researched the mobility-as-a-service (MaaS) industry and, based on its analysis, recognizes Asia Mobiliti with the 2024 Asia-Pacific (APAC) Customer Value Leadership Award. As a pioneering start-up, the company has dedicated itself to reshaping urban mobility by actively developing innovative data products. It specializes in designing, engineering, and operating a cutting-edge data platform aimed at powering intelligent urban mobility. The platform seamlessly connects fleet operators, transport providers, transit authorities, and end users through a data-driven approach. The company’s comprehensive suite of products and services include:
Internet of Things (IoT) and Machine Learning powered digital city solutionsMaaS technologiesDemand-Responsive Transit systemsMobility data servicesAsia Mobiliti’s unique mobility platform integrates IoT and telematics with journey planning, enabling it to lead transport digitalization. The company catalyzes innovative data-driven and artificial intelligence solutions for the transit and mobility ecosystem, facilitating the widespread adoption of MaaS across emerging markets. Asia Mobiliti is at the forefront of revolutionizing intelligent urban mobility, offering diverse products and services. The company’s connected vehicle systems provide real-time tracking and monitoring capabilities for vehicles and fleets. These systems have analytics tools that optimize routes, enhance fuel efficiency, and improve fleet performance. Asia Mobiliti places a significant emphasis on mobility data services, utilizing the power of data to offer valuable insights for informed decision-making processes. Over the long term, it envisions reducing congestion, reducing environmental impact, and reshaping urban spaces while replacing spaces traditionally reserved for parking and traffic with more sustainable, natural living spaces.
Ming Lih Chan, industry principal for Frost & Sullivan’s mobility practice, observed, “Asia Mobiliti disrupts the traditional transportation system model and promotes the development of public travel needs. Its MaaS integrates multiple transportation modes and combines private and public modes of transport with demand-responsive services, which sustainably meets the different needs of the public.”
Asia Mobiliti’s Trek Rides and Trek App solutions represent a paradigm shift in urban mobility. Trek Rides, an on-demand transit service, efficiently fills the first-mile/last-mile gaps by merging the convenience of ride-hailing with the dedicated supply of public transport. This reduces traffic congestion, lowers travel costs, and facilitates the shift towards net-zero emission goals. Trek’s MaaS engine employs advanced algorithms for comprehensive multimodal journey planning, ensuring the seamless integration of various transportation modes. Additionally, Trek API facilitates integration with 3rd-party systems and super apps. Asia Mobiliti’s unique selling proposition lies in its compelling price/performance value within the highly competitive mobility services landscape, granting it a distinctive competitive edge in effectively addressing a broad spectrum of client needs.
“Asia Mobiliti underlines its supremacy in the MaaS sector through its strategic commitment to collaboration and customization. The company is a pivotal partner for governments, transit authorities, and large clients, offering a user-friendly platform backed by cutting-edge technology. Asia Mobiliti earns recognition as the best-in-class provider in the dynamic MaaS landscape for its operational efficiency, consistent revenue growth, and forward-looking expansion strategy,” added Norazah Bachok, best practices research analyst at Frost & Sullivan. As a cost-effective and innovative market player, the company solidifies its position by delivering exceptional client value.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company’s unique focus on augmenting the value that its customers receive, beyond simply good customer service, leading to improved customer retention and customer base expansion.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
Contact:
Tarini SinghP: +91 9953764546E: [email protected]
About Asia MobilitiFounded in 2018 and based in Kuala Lumpur, Malaysia, Asia Mobiliti is an award-winning, Malaysia Digital status company providing a Mobility-as-a-Service (MaaS) platform and digital city solutions designed and engineered for the developing world. We adopt a technology platform approach with a core software-defined engine that is capable of spawning innovative mobility solutions that encompass Internet of Things (IoT)-enabled advanced telematics, machine learning-based mobility-as-a-service technology, as well as a wide variety of transit technologies, such as demand-responsive transit, transport service analytics, condition monitoring for rail and road and account-based ticketing and payments.
For more information, visit asiamobiliti.com or email [email protected]
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Region sees 108% increase in voice scams as fraudsters continue shift to mobile
MELBOURNE, Australia and MUMBAI, India, June 25, 2024 /PRNewswire/ — A new financial crime report out today details how criminal organizations in the APAC region now outsource the laundering of money stolen via scams to international syndicates specializing in this cleaning. BioCatch identified and helped APAC banks shut down more than 150,000 money mule accounts in 2023 and estimates exponentially more such accounts in use across the region.
“Where there are scams, there are mules,” BioCatch Director of Global Fraud Intelligence Tom Peacock said. “Criminal organizations use these mule accounts as intermediate stops between the victim’s bank account and the final account from which they plan to withdraw their stolen money. The mules we’ve identified almost certainly represent a tiny fraction of those actively laundering money in the region, with more cropping up every day. Financial institutions in APAC and around the world must do more to identify these mules, hamper their ability to open new accounts, and identify those legitimate accounts money launderers succeed in turning from good to bad.”
In this latest edition of its Digital Banking Fraud Trends in APAC report, BioCatch – which identifies and prevents fraud and financial crime in real time by analyzing as many as 3,000 different physical behavior patterns (mouse movements and typing speed, for example) and cognitive signals (hesitation, segmented typing, etc.) in search of anomalies – points to mobile malware as the greatest threat to banks in Southeast Asia in 2024.
“Whether through SMS-mining or illegal loan apps, we’ve seen an explosion in Android-based malware in the region,” Peacock said. “Malware developers continue to innovate, circumventing bank and Google Play Store defenses to harvest what they need from mobile devices to access digital banking accounts and then transfer away the victim’s funds to a money mule.”
There is reason for hope in fighting fraud in APAC, however. In Australia, the number of reported scam cases grew by 13% in 2023, but scam losses declined by $90 million.
“Nine out of the 10 largest Australian banks employ BioCatch solutions to protect their customers from fraud and financial crime by analyzing the behavior of the user behind every online banking session,” BioCatch APAC Vice President Richard Booth said. “Already in 2024, we see massive progress: Money lost to fraud in the country declined by 48% in the first quarter of this year compared to Q1 of 2023. It’s difficult to reach any conclusion other than that BioCatch has left Australian digital-banking customers far safer from fraud than they were before.”
Other key findings:
No desktop or laptop needed: BioCatch found as much as 70% of all reported frauds in APAC originated from mobile apps in 2023, an increase of 17% from the year before.Scams are everywhere: Across the region, the number of reported voice scams increased by 108% in 2023.Australia bucking all trends: In addition to seeing fraud losses actually decline, the nation also saw fewer fraud cases involving malware or Remote Administration Tools (RATs) in 2023 than it did in 2022.Click here to access BioCatch’s complete 2024 Digital Banking Fraud Trends in APAC report.
About BioCatch:BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world’s largest 100 banks and 196 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
Media contact:Jay [email protected]
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Artificial Intelligence
Puyi Fund, Managed by Highest Performances Holdings Inc., Surpasses RMB 24.0 Billion in Assets under Advice, Showing Promising Start to Strategic Transformation
GUANGZHOU, China, June 25, 2024 /PRNewswire/ — Highest Performances Holdings Inc. (“HPH” or the Group, NASDAQ: HPH), announces that its Puyi Fund’s assets under advice for its asset allocation services reached RMB 24.7 billion as of June 21, 2024, reflecting a remarkable year-on-year growth of 188%. This substantial increase in scale showcases significant growth for the fund.
This accomplishment is primarily attributed to the Puyi Fund’s service philosophy, “long-term commitment to clients and clients’ long-term benefits,” introduced in 2023, as well as the ongoing efforts of the Company in adjusting its product strategy and embracing digital transformation. On one hand, the Company implemented a comprehensive family wealth management account system, redirecting its flagship products towards fixed-income funds and fund portfolios to enhance clients’ perception of wealth acquisition. On the other hand, the Company has elevated its overall service standard through digital transformation, greatly improving the client’s investment experience.
Transforming Product Strategy to Maximize Client Returns
In relation to product strategy transformation, Puyi Fund offers investors a comprehensive solution for managing their family wealth through a scientific approach. This solution guides investors in allocating their investment assets across three types of accounts: Flexible Withdrawal Accounts, Stable Appreciation Accounts, and High-Yield Pursuit Accounts. By considering various market conditions and cycles, investors can make informed decisions on how to distribute their funds among these accounts through a scientific approach for achieving risk mitigation, consistent asset growth, and long-term sustainable investment returns.
Taking into account the prevailing market conditions in China, Puyi Fund advises investors to allocate 25% to 90% of their funds to Stable Appreciation Accounts, depending on their risk tolerance. These accounts primarily involve investing in fixed-income funds, providing investors with consistent and reliable expected returns. By employing the stable appreciation strategy, Puyi Fund aims to restore investors’ confidence in the market, leading to increased trust and recognition. Consequently, Puyi Fund has experienced a period of rapid growth and positive development.
An analysis of data from the Chinese mutual fund market highlights the alignment of Puyi Fund’s client-centric product strategy transformation with market demands. According to Wind data, the market value of the Chinese mutual fund market stood at RMB 25.45 trillion at the end of 2021. By the end of May 2024, this amount grew to RMB 29.09 trillion, representing an increase of RMB 3.64 trillion or 14.30%. The value of equity and hybrid funds, however, experienced a decline from RMB 8.54 trillion to RMB 6.34 trillion, marking a decrease of RMB 2.21 trillion. In contrast, bond funds and money market funds collectively witnessed a significant increase of RMB 5.69 trillion. These market trends suggest that Chinese fund investors are shifting their risk preferences towards lower-risk and higher-certainty assets. Puyi Fund’s strategic transformation is well-positioned to take advantage of this evolving trend.
Enhancing Digital Service Innovation with a Focus on Client Service
In its digital transformation efforts, Puyi Fund places a strong emphasis on “client-centricity” and “service excellence”. By harnessing the power of big data, algorithm mining, and the Sensor Intelligent System, Puyi Fund establishes personalized service scenarios tailored to the unique needs of thousands of individuals. Through meticulous operations that cover the full client lifecycle, Puyi Fund offers full-scope online transactions for both public and private fund clients, establishing a distinctive digital competitive advantage. As of June 2024, the year-to-date client retention rate for fund advisory services stands at 75%, significantly enhancing the likelihood of investment profitability and returns for clients. This success enables clients to truly appreciate the value of advisory services and the time invested in their investments.
Furthermore, Puyi Fund has made continuous advancements in its intelligent client service system, leveraging digital platforms to offer investors comprehensive and efficient services. As of June 2024, the intelligent client service has catered to the needs of approximately 250,000 investors, providing 7*24 services, with a problem resolution rate surpassing 90%. Moreover, Puyi Fund complements intelligent client service with human support, resulting in a client satisfaction rate of 99%. This approach guarantees that investors receive timely and effective assistance whenever required.
Optimizing Trust-Based Communication Channels with Clients
Puyi Fund’s capability to swiftly establish client trust is attributable to its distinctive offline service channels. Unlike other third-party fund sales institutions that heavily rely on online platforms, Puyi Fund provides face-to-face, one-on-one services through offline channels. This approach is especially valuable in navigating complex investment environments, effectively calming investor emotions, enabling them to stay composed and gain a proper understanding of products, ultimately making well-informed investment decisions. Since 2024, Puyi Fund’s research and advisory team has released 28 specialized research reports and organized 19 online client exchanges, along with 35 offline client events, in response to market dynamics and client needs. These initiatives have effectively addressed investors’ concerns and enhanced their confidence.
It is worth mentioning that Puyi Fund’s institutional business has experienced remarkable growth this year, particularly in attracting clients from prominent financial institutions including banks, wealth management subsidiaries, and insurance companies. To cater specifically to institutional investors, Puyi Fund has developed an intelligent over-the-counter fund trading system called “Web-based Institution Master system”. This system provides institutional investors with a wide range of product portfolios, a comprehensive investment research system, and personalized trading experiences. As a result, it comprehensively improves the service quality and efficiency for institutional clients.
As of June 21, Puyi Fund established partnerships with 117 mutual fund companies, including the top 20 fund managers in terms of size, providing access to nearly 11,000 public funds and implementing over 20 customized advisory strategies. In the private fund sector, Puyi Fund has selected over 30 fund managers from the entire market. Of these, 38% manage assets over RMB 10 billion, while 29% manage assets between RMB 5 billion and RMB 10 billion. This selection covers a wide range of mainstream strategy products in the market, catering to the allocation needs of various types of investors.
It is reported that Puyi Fund, an independent third-party fund sales institution holding a fund sales business license issued by the China Securities Regulatory Commission, operates as a subsidiary of Highest Performances Holdings Inc. (NASDAQ: HPH). Embracing the concept of buyer advisor, Puyi Fund is dedicated to delivering comprehensive family financial asset allocation services to individual investors and diversified financial services to institutional investors through its financial technology service platform. With exceptional resource integration capabilities, professional research expertise, and high-quality client service, Puyi Fund strives to cultivate long-term partnerships with clients, catering to their personalized asset allocation needs in various scenarios while assisting a broader range of investors in achieving sustainable long-term returns. As of December 31, 2023, the accumulated assets under Puyi Fund’s allocation advisory services surpassed RMB 75.1 billion, exhibiting a compound annual growth rate of 128.8% from 2015 to 2023.
About Highest Performances Holdings Inc. (NASDAQ: HPH)
HPH was founded in 2010 with the aim of becoming a top provider of smart home and enterprise services. Its mission is to improve the quality of life for families worldwide, focusing on two main driving forces: “technological intelligence” and “capital investments.”HPH has a global strategic perspective and identifies high-quality enterprises with global potential for investment and operations. Its areas of focus include asset allocation, education and study tours, cultural tours, sports events, healthcare and elderly care and family governance.
HPH currently holds controlling interests in two leading financial service providers in China, namely Fanhua Inc., a technology-driven platform, and Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.
Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.
View original content:https://www.prnewswire.co.uk/news-releases/puyi-fund-managed-by-highest-performances-holdings-inc-surpasses-rmb-24-0-billion-in-assets-under-advice-showing-promising-start-to-strategic-transformation-302181854.html
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