How Is BFSI Industry Supporting Security Policy Management Market Growth?

A number of factors, such as the rising shift of enterprises from homogeneous model to hybrid network model, increasing adoption of advanced technologies, such as cloud computing and internet of things, accelerating adoption rate of industrial automation solutions, and surging awareness among businesses regarding cyberattacks, are projected to fuel the security policy management market at a CAGR of 9.1% during the forecast period (2019–2024). The market was valued at $1,622.3 million in 2018 and it is expected to generate $2,647.1 million revenue by 2024.

The surging preference for hybrid network model over homogeneous model among enterprises is expected to drive the security policy management solutions demand worldwide. This shift can be attributed to the accelerating digitization rate, the surging volume of data being generated, and the increasing adoption of wireless network infrastructure. Deployment of security policy management solutions over a hybrid network helps in tracking security configuration changes, which assists in reducing compliance violations, maintaining consistency in the security policy, and providing real-time visibility, thereby enabling the optimum use of security policy control over the network segmentation architecture.

Additionally, the increasing adoption of advanced technologies, such as cloud computing, machine learning (ML), and natural language processing (NLP), in the banking, financial services, and insurance (BFSI) industry will also contribute to the security policy management market growth. The surging use of these technologies in the BFSI sector increases the vulnerability of online data, owing to which it is adopting security policy management solutions to reduce risk, ensure compliance with industry norms, and prevent operational disruption.

Categories under the application segment of the security policy management market include vulnerability assessment, change management, network policy management, compliance and adulting, and others, such as risk management and application connectivity management. Under this segment, the change management category will exhibit the fastest growth throughout the forecast period. This will be on account of the increasing usage of change management solutions for monitoring policy changes, sending notifications regarding restoration and changes to trusted versions, and restricting unauthorized access.

According to P&S Intelligence, North America accounted for the largest share in the security policy management market in 2018, due to the increasing adoption of cloud technology, rising preference for hybrid network model, burgeoning demand for effective risk management solutions, and soaring cases of cyberattacks, especially in the BFSI and healthcare sectors, in the region. In this region, the U.S. generated the higher revenue in 2018, and it is expected to continue this trend in the forecast years due to the escalating adoption rate of deep learning, ML, and cloud computing in the country.

Whereas, the Asia-Pacific (APAC) security policy management market will demonstrate the fastest growth during the forecast period, owing to the surging adoption of cloud-enabled services, soaring public awareness about cyberattacks, and improving information technology (IT) infrastructure in the region. Among APAC nations, China generated the highest revenue in 2018, due to the growing focus of banks on artificial intelligence (AI) technologies and cybersecurity regulations. Additionally, countries such as India, Indonesia, Australia, and China hold huge growth potential for network security, owing to which market players are increasingly launching advanced cyber security management solutions in the region.

Thus, the rising use of state-of-the-art technologies in the BFSI sector and growing preference for hybrid network model are the key catalysts of the market growth.

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Why North America Is Biggest Building Automation System Market?

In 2021, the size of the building automation system market was $77.1 billion, and it will reach $207.5 billion by 2030, propelling at a growth rate of about 12% during 2021–2030. The increasing need for energy-efficient infra, lower cost of operations and upkeep, improved quality of indoor air, and managed home automation services and the progressions in sensors, communication technologies, touchscreen displays, and analytics take the market forward.

Commercial users have the largest share, at about 40%, in the building automation system market. As per a government association, approximately 30% of the energy used in commercial buildings is wasted, and it can be saved using BAS, as these systems can regulate cooling and heating, lighting, appliances, and other electrical appliances for the maximization of energy efficiency and productivity of workers. Hence, supermarkets, shopping malls, restaurants, warehouses, office buildings, colleges, schools, libraries, museums, nursing homes, and hospitals are accepting these solutions to reduce the costs related to building management.

Wireless systems will experience a higher sales growth rate, of about 14%, in the coming years, as they are easy to fit and use and offer greater operational and control freedom than wired ones. Wired technology dominates the building automation system market since wired systems perform specific tasks, which is why their performance is usually better than wireless systems. Additionally, system latency is significantly abridged, thereby enabling seamless operation of numerous circuits, chiefly when controlling numerous devices or circuits.

North America dominated the building automation system market, with an estimated share of over 30%, in the year 2021. This is chiefly because of the technical developments and strict policies pertaining to energy efficiency and the quick acceptance of building automation. Furthermore, the increasing outlay for facility management in public buildings is encouraging the implementation of these solutions. Credited to the same factors, as well as regional countries’ efforts to meet the Paris goals, Europe is another significant user of these solutions

The growth of the APAC region will be the fastest in the building automation system market in the years to come. The increasing concerns for security and the rising requirement for integrated security systems are the main reasons driving the industry in the region. As the count of smart building solution providers has substantially increased and smart building know-how has become inexpensive, the cost of operations of a smart building project has seen a recurrent decline recently.

The rising demand for facility management in the tourism, hospitality, and construction industries is increasing the requirement for building automation systems in the world. Economic growth, driven by urbanization, is one of the key factors for the market growth, as the development of infrastructure in cities will make these services important. Moreover, the expansion of SEZs and mega food parks are expected to help the industry grow in the coming years.

Because of the growing demand for security and access control systems, there is a demand for building automation systems.

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Progressions and Quick Evolution in Automation To Power at Closed Loop Stepper Motor Market

The closed loop stepper motor market will grow significantly in the years to come. Increasing requirement for closed loop stepper motors from the packaging & labelling sector, increased development in automation, and increasing necessity for improving energy efficiency in industrial uses are the main factors powering the growth of the industry.

The main trends in the industry are the growing regulations concentrating on energy efficiency and the development of the micro-stepping method. 

Microstepping technique eases smooth functioning of a stepper motor furthermore plummeting resonance and cogging-related matters. The procedure bids smoother torque at low speeds and better resolution at high speeds, thus improving the general performance of the motor.

Some key factors powering the growth of the industry are tech progressions and quick evolution in automation.

Furthermore, with the development of industry 4.0 and the increasing requirement for improving energy efficiency in numerous industrial uses, the requirement for closed loop stepper motors is powering an increase globally.

For example, in 2014, the ANSI EESCC issued a set of instructions encompassing the standards and compliance valuation curriculum required for an energy-efficient environment. 

Therefore, in agreement with these instructions, manufacturing companies are more and more focusing on energy optimization by arranging closed loop stepper motors, as they bid higher energy efficiency than conventional stepper motors

APAC dominated the closed loop stepper motor market in the past, as stated by a market research firm, P&S Intelligence. This can be mostly credited to the increasing emphasis on automation in Japan, China, and India. 

Also, the increasing acceptance of advanced techs in emerging countries is powering the development of the industry.

Development of industry 4.0 is a main growth opportunity for the players, who are operating in the industry. Industry 4.0 is transporting automation and computer tech together to transform production in the sectors. 

More than a few users, for example the packaging & stepping motors for several uses. 

With the advent of industry 4.0 in addition to increased emphasis on error minimization, quality production, and higher productivity, the requirement for these motors will considerably increase in the years to come, further resultant in growth prospects for the players of the market.

Possible loss of synchronization of closed loop stepper motors when at high speeds is a main factor hindering the acceptance of these motors. These motors when worked at high speeds might lose synchronization, because of the reoccurrence of electrical or mechanical issues. 

These motors, therefore, necessitate a feedback sensor for identifying the stall-and-stop conditions. Furthermore, these motors also vibrate and chatter, as a sort of cogging action at advanced speeds. These factors affect the product acceptance, which, in line, hinders the development of the market to some extent.
 
It is because of the increased development in automation, the demand for closed loop stepper motor will be on the rise in the years to come.

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