Report Ocean released a thorough intelligence report named “Enterprise Mobility in Banking Market“ Report, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This research offers a thorough examination at the micro-level, concentrating on insurers, significant market sectors, products, and distribution methods within the industry.
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BlackBerry Limited – VMware Inc. – Citrix Systems Inc. – IBM Corporation – Microsoft Corporation – Mobile Iron Inc. – Accenture Plc – Newgen Software Technologies Limited – Infosys Limited – HCL Technologies
The enterprise mobility market in banking is anticipated to expand at a CAGR of 24.81 percent over the forecast period (2021-2026). Because banks prioritize transactions over customers, they are unable to fully engage their clients, making it challenging to personalize and streamline the mobile user experience. As a result, enterprise mobility is required in the banking industry.
Highlights Mobile devices are practically everywhere and are exhibiting similar trends across businesses. An EMM policy, for example, ensures that the enterprise’s application, content, and device are fully integrated, safe to use, and include secure access mechanisms. As a result, companies are expected to benefit from mobility’s opportunities while protecting sensitive data and devices.
The banks and their allies are making a shift to allow Bring Your Own Device (BYOD) and insist on EMM for secure data and regulatory compliance in their financial transactions. With the multiplication of different operating system, as macOS, Windows 10, and ruggedized gadgets, alongside the Web of Things (IoT), the portable equipment setting augments, empowering ventures to zero in on EMM.
Further, the financial business presently misses the mark on appropriate framework that can deal with the general stock of gadgets and track whether the gadgets are on the web or disconnected. Banks are primarily responsible for ensuring that employees are not misusing their mobile devices and keeping track of all mobile devices used by salespeople in the field. Any accidental utilization of the gadgets, like watching non-related recordings, messing around, or introducing any application, can prompt loss of efficiency.
Associations in the market are currently embracing these versatility arrangements to expand the adequacy in controlling these cell phones regardless of the area. For instance, Fino Payments Bank chose the Seqrite mSuite in February 2020 to increase the mobility of its workforce. The company will primarily use Seqrite mSuite to enable its mobile workforce to access enterprise data and applications while simultaneously allowing IT teams to securely manage and control the devices. Additionally, the ongoing coronavirus outbreak has created a global situation that is unpredictable for most businesses. Banks need to immediately grant their employees the ability to work remotely in the banking sector.
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Key Market Trends
Increase in Cyber Attacks to Drive Market Growth Data breaches result in an exponential increase in costs and the loss of valuable customer information. It is anticipated that the industry will experience a demand for mobility solutions as a result of the growing need for digital infrastructure to facilitate the continuation of uninterrupted services. Verizon’s 2019 Data Breach Investigations Report (DBIR) reveals that 88 percent of all cyber incidents in the insurance and financial services industries were motivated by financial gain.
Both private and public banking institutions are clearly focused on implementing the most recent technology to prevent cyber attacks in order to secure their IT processes and systems, secure customer critical data, and comply with government regulations. Cyber attackers attack the financial services industry in search of the most straightforward path possible to financial gain. Additionally, banking institutions are being forced to take a proactive approach to security due to rising customer expectations, expanding technological capabilities, and regulatory requirements. In addition, customers are increasingly choosing digital channels like internet banking and mobile banking for banking services due to the growing technological penetration.
North America is Expected to Hold a Significant Share of the Enterprise Mobility in the Banking Market North America is expected to hold a significant share of the enterprise mobility in the banking market, with the increasing adoption among banks and the presence of major vendors acting as the primary factors driving the growth of the market in the region. The United States is seeing an increase in smartphone and tablet penetration, which is likely to drive the Bring Your Own Device (BYOD) policy across businesses. According to the Identity Theft Resource Center (ITRC), the business, BFSI, educational, and medical sectors experienced more than 105 data breaches in July 2019, exposing more than 104 million sensitive records.
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This is expected to encourage organizations to adopt BYOD policies because of the strong network connectivity across the region and the increasing penetration of devices. Because mobile devices are the most vulnerable endpoints that a hacker can target to gain access to an enterprise system, these incidents have increased demand for enterprise mobility management in the country. The country’s demand for managed mobility services is expected to rise over the forecast period as end-user awareness grows. In addition, the number of cyberattacks in North America, particularly in the United States, is rapidly increasing.
They have reached an all-time high primarily as a result of the region’s rapid proliferation of mobile devices. For instance, the United States government spent more than 15 billion dollars on cybersecurity-related activities in 2019, a 4% increase from 2018.
Landscape of Competitors
There are a lot of different companies competing in the on-premise or cloud-based enterprise mobility for banking market. The majority are concentrating on services related to smartphones.
Seqrite launched its Enterprise Mobility Management (EMM) portfolio in February 2019. MobiSMART and mSuite, two cloud-based solutions designed to provide comprehensive control over mobile devices accessing a company’s network and data, were introduced by Seqrite as part of the development.
Jan. 2019, 2019: Google designated the IBM MaaS360 with Watson as an “Android Enterprise Recommended” solution for company-owned, BYOD, and dedicated devices, according to IBM.
The Android Enterprise Recommended program is run by Google and validates EMM product offerings that are primarily built to an elevated set of solution standards. These product offerings make use of the advanced Android Enterprise features, which place an emphasis on cutting-edge management practices in order to assist business customers in making use of Android’s best features.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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