Privacy Filters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Privacy Filters Market is expected to reach a CAGR of 12.96% over the forecast period. With the expanding use and application of smart connected devices, such as laptops, desktops, smartphones, and tablets, in corporations and enterprises, security concerns are also rising.
New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Privacy Filters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06382171/?utm_source=GNW
Visual hacking, one of the most common and traditional hacking techniques, is one such threat. It makes it possible to spy on confidential company information anytime workers leave the confines of the office.
Data security becomes more crucial as more firms transition to digital operations. Business representatives or IT experts who work with or have access to sensitive data belonging to a company or client may occasionally be required to travel or access the data in public locations, increasing the risk of sensitive data exposure.
Unauthorized eyes may view the data shown on a laptop, monitor, or tablet. While antivirus software, encryption, and authentication are the mainstays of conventional data security, physical screen privacy could play a significant role in a comprehensive data protection program.
Moreover, the increased online payment process increases the demand for privacy filters. The sensitive information on the screen revealing passwords and PINs can be picked up by the onlookers and used later for malicious activities. Personal data, like messages, chats, pictures, and contacts, need to be safeguarded in an exposed environment, driving the demand for Privacy Filters.
The majority of screen filters are simple to apply and remove. They frequently clip on or are magnetic for monitors. There are detachable adhesive privacy filters for laptops, tablets, and smartphones that adhere to the screen, similar to a typical screen protector; however, the lack of knowledge is a significant barrier to the market’s overall growth.
With the advent of COVID-19, the typical workplace has evolved. Sensitive information shown on computer displays is more vulnerable to wandering eyes because many employees choose to work from areas outside of the workplace. Privacy filters are an affordable and straightforward way to prevent visual hackers and pry eyes from seeing critical screen information. This is therefore analyzed to contribute to the demand for privacy filters during the forecast period.
Privacy Filters Market Trends
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.
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.
Privacy Filters Market Competitor Analysis
The privacy filter market is fragmented due to the rapid increase in demand for consumer privacy filters, leading to higher production. Moreover, players are competing among themselves with product innovation and low prices. The key player in the market is the 3M Company, followed by Targus Inc., Tech Armor, and DMC Co. Ltd., among others.
October 2022 - Targus, the manufacturer of laptop cases and tech accessory products, announced that B. Riley Financial had acquired it. This diversified financial services platform provides tailored solutions to meet its clients’ and partners’ strategic, operational, and capital needs. This is a significant prospect for the team as it accelerates Targus’ global expansion. Moreover, Targus will continue to prioritize technology solutions and laptop cases as it expands its line of docking stations and laptop accessories for use in the office, at home, or on the go.
April 2022 - The 3M Valley in Nebraska produced most of its products for the 3M Personal Safety Division and played a significant role in helping 3M meet the unprecedented demand. 3M is investing USD 58 million to fund the 80,000-square-foot expansion. The investment will allow 3M to expand the production of 3M respiratory and hearing protection products.
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