Artificial Intelligence
Banking BYOD Security Market to Reach $63,305.28 Million, Globally, by 2032 at 22.7% CAGR: Allied Market Research
The banking BYOD security market is driven by the adoption of containerization. Containerization involves isolating work-related applications and data within secure containers on employees’ personal devices. This trend ensures a higher level of security by separating corporate data from personal information and applications, reducing the risk of data breaches and unauthorized access.
PORTLAND, Ore., July 5, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Banking BYOD security Market by Component (Solution and Service) Device Type (Laptop, Smartphone & Tablet), Security Type (Device Security, Email Security, Application Security, Mobile Content Security, Network Security, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global banking BYOD security industry generated $8,431.92 million in 2022, and is anticipated to generate $63,305.28 million by 2032, witnessing a CAGR of 22.7% from 2023 to 2032.
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Prime Determinants of Growth
BYOD allows employees to work on their preferred devices, leading to higher productivity and efficiency due to familiarity and comfort. Adopting BYOD reduces hardware costs for banks as employees use their personal devices instead of dedicated devices provided by the organization strengthening the market growth. In addition, BYOD enables employees to work remotely or during non-traditional hours, improving work-life balance and increasing job satisfaction. Furthermore, employees use their own devices with personalized settings and applications, resulting in a more seamless and enjoyable user experience. Such factors enhance market growth. However, BYOD introduces potential security vulnerabilities, such as lost or stolen devices, unauthorized access, and malware threats, requiring robust security measures to mitigate risks. On the contrary, BYOD security solutions present opportunities to implement strong authentication methods like biometrics and multi-factor authentication, improving overall security. Moreover, the growing market for MDM solutions tailored for the banking industry provides centralized control and management of devices, applications, and security policies. Banks can offer specialized security services to customers, such as secure banking applications, encryption services, and secure VPN connections, to enhance their overall banking experience and build trust, which is expected to create lucrative opportunities for market growth.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$8,431.92 million
Market Size in 2032
$63,305.28 million
CAGR
22.7 %
No. of Pages in Report
256
Segments covered
Component, Device Type, Security Type, and Region.
Drivers
Employee productivity and flexibility
Employee satisfaction and retention
Increase in mobile banking and customer expectations
Opportunities
High prevalence of advanced and innovative technologies
Restraints
Security concerns
Lack of employee education and awareness
COVID-19 Scenario
The impact of COVID-19 on the banking BYOD security market has been predominantly positive. The pandemic led to increased adoption of BYOD policies, allowing employees to use their personal devices for work-related tasks owing to the increased need for BYOD security solutions in order to reduce the risk involved.In addition, the pandemic has accelerated the adoption of digital payment solutions. BYOD security enables banks to expand their digital payment offerings, such as mobile wallets and contactless payment options. By assuring the security of various payment solutions on personal devices, banks can capitalize on the growing demand for cashless transactions and provide simple payment options to their clients, Therefore, during the pandemic, some factors such as collaboration with fintech companies, and expansion of digital payment solutions accelerated the adoption of banking BYOD security market.The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global banking BYOD security market revenue and is estimated to maintain its leadership status throughout the forecast period, attributed to the fact that banking BYOD security solutions provide features such as device encryption, remote data wipe, and policy enforcement to protect against unauthorized access or data breaches. Moreover, by implementing robust BYOD security solutions, banks can provide employees with the flexibility to work from their preferred devices while ensuring data security, which enhances employee productivity and satisfaction. Therefore, such factors are expected to create market growth opportunities. However, the service segment is projected to manifest the highest CAGR of 24.9% from 2023 to 2032, which has created a demand for robust security services. Companies can capitalize on this trend by developing advanced security services, offering consulting services, providing mobile threat intelligence, and delivering compliance and regulatory services tailored for the banking sector.
The laptop segment to maintain its leadership status throughout the forecast period
Based on device type, the laptop segment held the highest market share in 2022, accounting for more than two-thirds of the global banking BYOD security market revenue, this is because BYOD security solutions for laptops in the banking industry have become increasingly important in recent years. As more employees use their personal laptops for work-related tasks, it has become crucial for banks to implement robust security measures to protect sensitive financial data. However, the smartphone and tablet segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2032, this is because these solutions aim to protect sensitive financial data and ensure secure access to banking services on personal devices. Mobile device management, mobile application management, and secure containerization are the key components of a banking BYOD security solution, as this software enables IT administrators to manage and secure mobile devices used in the banking environment.
The device security segment to maintain its leadership status throughout the forecast period
Based on security type, the device security segment held the highest market share in 2022, accounting for around one-third of the global banking BYOD security market revenue, this is attributed to the growing threat landscape, because sophisticated hackers and malware, necessitates constant advancements in security technologies and practices. In addition, regulatory requirements and industry standards continue to shape device security by mandating specific safeguards and data protection measures. However, the mobile content security segment is projected to manifest the highest CAGR of 26.6% from 2022 to 2032. The increasing use of personal mobile devices in banking, along with the benefits of productivity, cost savings, and employee satisfaction, along with advancements in security technologies, are the major growth factors driving the adoption of BYOD security for mobile content security in the banking industry.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global banking BYOD security market revenue. This is because consumers in this region prefer mobile banking and banks are also developing user-friendly mobile applications that allow customers to perform a wide range of transactions conveniently. Furthermore, consumers in this region are using mobile banking services that offer features such as fund transfers, bill payments, mobile check deposits, and real-time account monitoring, which can witness serious cyber-attacks. Thus, the adoption of banking BYOD security in North America is growing at a faster rate, which is driving market growth in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 25.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, this is because banks in this region are investing in digital platforms and mobile applications to provide convenient and accessible banking services to customers. Furthermore, banks in this region are adopting the practice of BYOD which in turn gives opportunities for the banking BYOD security to grow their market in this region, as the rate of hackers and cyber-attacks in countries such as India, Bangladesh and others is growing. Therefore, the adoption of banking BYOD security is projected to grow in this region.
Leading Market Players: –
Broadcom (Symantec)BlackBerry Limited.Cisco Systems, Inc.Check Point Software Technologies LtdFortinet, Inc.IBM corporationPalo Alto Networks, IncSophos Ltd.Trend Micro Incorporated.VMware, Inc.The report provides a detailed analysis of these key players in the global banking BYOD security market. These players have adopted different strategies such as partnership, expansion, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking BYOD security market forecast from 2023 to 2032 to identify the prevailing banking BYOD security market opportunity.The market research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the banking BYOD security market segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global banking BYOD security market trends, key players, market segments, application areas, and market growth strategies.Banking BYOD Security Market Report Highlights
By Component
SolutionServiceBy Device Type
LaptopSmartphone and TabletBy Security Type
OthersDevice SecurityEmail SecurityApplication SecurityMobile Content SecurityNetwork SecurityBy Region
North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)Key Market Players
Palo Alto Networks, Inc., Trend Micro Incorporated., Fortinet, Inc., BlackBerry Limited, Broadcom (Symantec), Cisco Systems, Inc., Check Point Software Technologies Ltd., VMware, Inc., IBM Corporation, Sophos Ltd.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SAN FRANCISCO, Sept. 19, 2024 /PRNewswire/ — Lucinity and Sift have announced a partnership, unifying fraud and Anti-Money Laundering (AML) into Lucinity’s integrated FinCrime compliance platform for case management, agent-enabled workflow automation, and Generative AI.
Sift is an AI-powered fraud platform securing digital trust for leading global businesses. Its Global Data Network analyzes more than 1 trillion events and identity signals per year to prevent fraud across the entire consumer journey. Lucinity and Sift formed this new partnership to address the challenges of fragmented fraud and AML systems, aiming to centralize and enhance financial crime investigations.
Sift’s AI-powered solution will now be integrated into Lucinity’s platform. This collaboration enhances Lucinity’s ability to provide a seamless and efficient compliance solution. It allows teams to review and manage fraud alerts more effectively through Lucinity’s unified Case Management system, thanks to the native integration between the systems. Key benefits to Lucinity’s users include:
Real-Time Fraud Screening: Payments are screened for potential fraud in real time, utilizing Sift’s fraud detection capabilities.Automatic Payment Holds: Payments suspected of fraud are temporarily held, ensuring verification before processing.Streamlined Reviews: Compliance teams can conduct thorough reviews of flagged payments within Lucinity’s Case Management solution.Risk Level Adjustments: Fraud detection parameters can be customized to adjust sensitivity levels, adapting to emerging fraud trends and risk appetites.This partnership also enables users to leverage Lucinity’s Generative AI capabilities through the Luci copilot to investigate fraud cases more efficiently.
Udi Nessimyan, President and Chief Revenue Officer of Lucinity, comments, “One of the greatest challenges in fighting financial crime is fragmented systems and data. Our partnership with Sift helps address this challenge by providing a centralized platform for various case types, including AML, fraud, sanctions, and ad hoc cases. Our collaboration significantly enhances the productivity of investigation teams, reducing the time spent on cases from hours to minutes.”
Sift’s Chief Marketing Officer, Armen Najarian, emphasizes the collaborative effort to enhance financial crime prevention, stating, “Cybercriminals are increasingly leveraging AI to bypass traditional anti-money laundering and fraud controls, creating sophisticated and dynamic threats. To combat these evolving risks, companies must adopt a ‘fight fire with fire’ approach by leveraging AI-powered solutions. Through Sift’s partnership with Lucinity, businesses can stay ahead of fraudsters, ensuring robust protection against abuse and enabling fearless growth.”
About Sift: https://sift.com About Lucinity: https://lucinity.com
Media contact:Celina [email protected] +354 792 4321
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Artificial Intelligence
Employee Background Check Software Market Size to Grow USD 828.8 Million by 2030 at a CAGR of 4.9% | Valuates Reports
BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — Employee Background Check Software Market is Segmented by Type (Cloud-Based, On Premises), by Application (SMEs, Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Employee Background Check Software Market was valued at USD 587 Million in 2023 and is anticipated to reach USD 828.8 Million by 2030, witnessing a CAGR of 4.9% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Employee Background Check Software Market:
The employee background check software market is growing due to increasing demands for secure hiring processes and regulatory compliance, especially in industries such as finance, healthcare, and IT. As companies look to reduce risks associated with fraud, legal liabilities, and workplace safety, background checks are becoming a critical part of recruitment processes. The rise of remote work has further accelerated the need for digital solutions. However, challenges include concerns over data privacy and varying legal frameworks across regions, which may slow adoption in some areas.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL EMPLOYEE BACKGROUND CHECK SOFTWARE MARKET:
Cloud-based background check software is gaining traction due to its scalability, remote access, and cost-effectiveness. With cloud-based systems, businesses can streamline their hiring processes, particularly when operating across multiple locations. The ability to access data and conduct checks in real-time is highly valuable for organizations managing large workforces or remote employees. The flexibility and lower upfront investment of cloud-based solutions make them popular among businesses seeking efficient and adaptable systems for their recruitment processes.
On-premises solutions remain important for organizations with strict security and data control requirements, such as those in government, defense, or finance. These companies often need complete ownership of their data, which on-premises software offers, reducing the risk of external breaches. Although it requires significant upfront investment and maintenance, on-premises software provides a high level of customization and security. It’s especially useful for businesses dealing with sensitive information and industries where compliance with local data protection laws is critical.
Large enterprises, particularly those operating in regulated industries like banking and healthcare, are the major adopters of employee background check software. These organizations deal with large volumes of hires, making streamlined background checks essential for compliance and operational efficiency. The ability to integrate background check systems with existing HR tools, such as applicant tracking systems, allows large companies to manage their recruitment processes more effectively. The need for comprehensive and accurate background checks is crucial for mitigating risk and ensuring legal compliance.
The rise in remote working has increased the demand for background check software that allows companies to vet employees regardless of their location. Digital background checks, particularly cloud-based ones, make it easier for organizations to screen remote workers efficiently. This trend is expected to continue as more companies adopt hybrid or fully remote work models, where geographical barriers no longer restrict talent acquisition but require thorough and remote-friendly verification processes.
As regulatory frameworks for employment practices become more stringent globally, businesses are increasingly relying on background check software to ensure compliance. Laws like the General Data Protection Regulation (GDPR) in Europe and the Fair Credit Reporting Act (FCRA) in the U.S. have made it mandatory for companies to conduct background checks within specific legal parameters. This has led to increased demand for software solutions that can automate these processes while maintaining compliance with regional and international laws.
A major trend in the employee background check software market is the integration of these solutions with human resources management systems (HRMS). Integrating background checks with HR software streamlines the hiring process by consolidating background checks, employee records, and onboarding into one system. This improves operational efficiency for businesses, particularly large enterprises that handle significant recruitment volumes. Integration with HRMS allows for real-time updates, making background screening an even more integral part of the hiring process.
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EMPLOYEE BACKGROUND CHECK SOFTWARE MARKET SHARE
North America dominates the market due to stringent employment regulations and widespread adoption across industries. Europe is another key region, driven by GDPR compliance and demand in finance and healthcare. The Asia-Pacific region is experiencing rapid growth due to increasing awareness of the importance of background checks, especially in countries like China and India, where digital hiring platforms are becoming more popular. The market is also expanding in the Middle East and Africa as businesses prioritize secure hiring practices.
Key Companies:
HireRightGoodHireCheckrSterlingHireologyINTELIFIGood EggPeopleG2VitayCertnGlobal HR ResearchVeritable ScreeningXrefZincPaycomADPVICTIGIntelliCorp (Cisive)SpringVerifyAsurintUniversalAssureHireVerified FirstHireSafePurchase Chapters: https://reports.valuates.com/request/chaptercost/QYRE-Auto-2A10579/Global_Employee_Background_Check_Software
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Artificial Intelligence
Shang Haifeng from Huawei Cloud: Building a Resilient, Intelligent Hybrid Cloud and Taking an Intelligence Leap
SHANGHAI, Sept. 19, 2024 /PRNewswire/ — The Hybrid Cloud Infra Forum 2024, with the theme, “Dive into Cloud and Leap to a New Horizon”, convened at HUAWEI CONNECT 2024 today. At the event, Shang Haifeng, CEO of Huawei Mainframe Modernization BU and President of Huawei Hybrid Cloud, announced the launch of Huawei Cloud Stack 8.5. The new version introduces a new solution, Mainframe-to-Cloud Solution, and includes more use cases for Hybrid Cloud for Large AI Models.
Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, stated in her opening speech: “Thanks to the strong support from our customers, Huawei Cloud’s hybrid cloud business has been continuously expanding in the global market. An increasing number of customers from sectors, such as government, finance, education, healthcare, transportation, mining, and power have joined forces with Huawei Cloud to drive innovation. Huawei Cloud Stack synchronizes a wide array of services from the Huawei public cloud and can be deployed on-premises, breaking through technological barriers and meeting customer demands. With leading technologies, a mature platform, and a robust local ecosystem, we provide our customers with cutting-edge, scenario-specific solutions. Looking ahead, Huawei Cloud looks forward to continuing our collaboration with customers to develop superior hybrid cloud solutions and embark on the digital transformation journey together.”
Today, hybrid cloud has become the preferred foundation for digital transformation of government organizations and large enterprises. Huawei Cloud has been continuously investing in R&D, committed to providing government and enterprise customers with a sustainable and optimal hybrid cloud foundation.
Shang Haifeng said: “Cloud transformation of core systems and intelligent production have become the twin pillars for government and enterprise customers diving into cloud. Huawei Cloud Stack will innovate in resilience and intelligence, elevating the hybrid cloud to a new horizon and helping customers move faster to take a smart, digital leap.”
A New Horizon of Resilience: Creating a New Mainframe-to-Cloud Benchmark
As industries have been accelerating cloud adoption, the migration of core systems to the cloud represents the final piece of the all-cloud puzzle. It is a gateway to comprehensive intelligence. However, this migration poses many challenges, spanning hardware, software, security, O&M, optimization, and tools. It is an end-to-end comprehensive project that requires software-hardware synergy.
This year, Huawei established a Mainframe Modernization BU, consolidating core R&D strengths across compute, storage, network, cloud, and the Central Research Institute to drive systematic innovation. This initiative aims to fully exploit the power of software-hardware synergy to overcome the world-class challenge of mainframe migration to cloud. They have been persistent in developing an independent and innovative technology system to ensure an ongoing supply of core technologies. The team has been stepping up efforts to develop comprehensive system engineering capabilities, from infrastructure and implementation processes to O&M, aiming to establish new core systems on the cloud.
The Mainframe-to-Cloud Solution from Huawei provides comprehensive disaster recovery (DR) for all scenarios, supports modular application deployment, and enables multi-site multi-active DR, satisfying a spectrum of availability requirements. It supports hardware fault detection in seconds, which makes O&M for large-scale clusters more efficient. The application-centric end-to-end visibility speeds up fault identification and troubleshooting. Seamless cloud OS upgrades enable the parallel upgrade of hundreds of nodes without VM migration, and without any service interruptions.
Huawei maximizes the synergy between software and hardware. Hardware NIC virtualization passthrough and the multi-core lock-free design reduce the latency of a single forward for load balancing by 83% and increase the forwarding bandwidth of a single cluster to 400 Gbit/s. Passthrough networking simplifies the network from two layers to just one, which reduces latency by 40%. Moreover, the fusion of the RoCE network and NoF+ protocol slashes end-to-end storage latency by 50%. All of these enable unparalleled performance and superior experiences.
In terms of security, GaussDB, a fully-encrypted database, and Kunpeng Trusted Execution Environment (TEE) safeguard against data breaches and minimize performance degradation, keeping it within 20%.
Shang Haifeng expressed that Huawei aspires to set new trustworthiness standards for mainframe-to-cloud migration through innovation in foundational technologies and experience consolidation. Huawei aims to take the resilience of core systems to a new horizon and provide a better choice for the world.
A New Horizon of Intelligence: Launch of Top Use Cases of Hybrid Cloud for Large AI Models
The past two years have witnessed fast development in large models. An increasing number of industries are exploring and adopting large models, forging new business models and substantially expanding market demands. New technologies and new use cases are key to the adoption of large models across industries.
In 2023, Huawei Cloud Stack launched the industry’s first Hybrid Cloud for Large AI Models, empowering enterprises to build their own large AI models in one stop. In June this year, Huawei Cloud Stack introduced 10 new technologies for Hybrid Cloud for Large AI Models, making them easier to deploy using different infrastructures, algorithms, and engineering capabilities. Additionally, Huawei Cloud Stack curates high-quality datasets, consolidates model application experience, and is fully integrated into industry ecosystems, making the use cases easier.
Huawei Cloud Stack also uses the innovative ModelArts engineering tool suite that consists of three modules: data, model, and application. It is designed to expedite AI engineering adoption, simplifying the creation, training, and deployment of large models.
At the forum, Huawei Cloud unveiled the top use cases for Hybrid Cloud for Large AI Models, targeting five major industries. 20 domain-specific and over 80 industry scenario-specific use case baselines were launched. Shang Haifeng highlighted that these use case baselines are rooted in delivered projects, covering solutions, services, and partners. They are ready for broad promotion and replication. In the future, Huawei Cloud Stack will update use cases twice a year, always delivering more use cases and superior solutions to customers.
Leveraging the powerful capabilities and experience of Huawei Cloud Stack and Pangu Models, Huawei Cloud will elevate intelligence to a new horizon, enabling every enterprise to create their own large model.
At the forum, the 2024 Global “Dive into Cloud Polaris” Awards Ceremony was held to honor global benchmark customers and partners who have made outstanding contributions to cutting-edge technologies, scenarios, and model exploration with Huawei Cloud. A total of 18 government organizations and enterprises around the world from diverse sectors, such as government, finance, oil and gas, and transportation, earned the awards.
The journey ahead is still filled with challenges. Moving forward, Huawei Cloud Stack will persist in innovating and breaking new ground, continuously refining technical solutions, optimizing product portfolios, and diving into industry scenarios. The intelligent world is just around the corner. Huawei Cloud Stack looks forward to joining hands with government and enterprise customers to leap to a new horizon and embrace a better future.
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