Market Trends of Privacy Filters Industry
This section covers the major market trends shaping the Privacy Filters Market according to our research experts:
Financial Institutions to Hold Major Share
- The demand for privacy filters will witness significant growth in financial institutions over the coming years. With rising customer security sensitivity, increasing data breaches, and an increasingly complex legal and regulatory environment, consumer data needs to be protected while storing, transmitting, and viewing. In financial institutions, consumer data protection and internal financial statements are becoming essential, driving the demand for privacy filters.
- Further, financial institutions are constantly discovering new ways to use and access data within the enterprise to protect both customers and the company, serve customers better, and find new sources of revenue. In this new era, bankers have greater access to customer data than ever before.
- However, as this data lake widens, critical privacy issues arise, and visual privacy becomes increasingly difficult to control. Privacy filters in financial institutions offer visual privacy to protect the data, thus finding significant application in financial institutions over the last few years.
- Banks and other financial institutions worldwide are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of the numerous high-profile data breaches that have occurred over the past few years.Privacy screens or filters are ideal for adding security to personal and confidential information on a computer display.
- Further, to remain compliant with data protection regulations and to protect sensitive financial data, banks and financial institutions are ensuring visual privacy in several key areas. Various market vendors, such as 3M, are capitalizing on this opportunity and offering Privacy Filters that provide visual privacy on monitors, laptops, and mobile devices, preventing sensitive client, customer, and financial organization data from being exposed to visual hackers.
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Asia Pacific to Register Fastest Growth
- Increasing globalization has driven a significant focus on existing data privacy rules across the Asia-Pacific region. Over the past year, several Asian nations have amended, released, or reviewed their data privacy regulations and frameworks.
- In addition to cyber hacking, visual hacking has increased, where hackers capture data using cameras. Hackers can easily obtain sensitive information from a computer or tablet screen simply by capturing an image of the screen. It has become a major concern, especially in developing countries like China, India, Sri Lanka, Korea, and other Southeast Asian nations. More than health information is collected by physicians in healthcare. Healthcare professionals should be especially careful when dealing with personal and financial information, such as Social Security numbers.
- Furthermore, countries like China, Japan, Korea, and Taiwan are key laptop and smartphone manufacturers. Smartphones are especially a primary catalyst behind Asia's digital growth, connecting millions, launching social networks at scale, and spurring e-commerce and large-scale digital transactions.
- The sales volume of smartphone manufacturing in Southeast Asian countries has been on an upward trend in recent years, especially in Thailand and Vietnam, where continued economic growth has contributed to the rapid growth of smartphone manufacturing sales volume.
- Moreover, 5G is gathering pace across the Asia-Pacific: nine markets have launched commercial mobile 5G services, including Japan, and 12 more have officially announced plans to do so. In addition, governments are taking the initiative to boost the sales of mobile phones in the country.
- These regulations are boosting the growth of smartphones in the country, and with more smartphones, the demand for privacy filters is also increasing in the country as most of the important data and information are available nowadays on smartphones.
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