According to the Market Statsville Group (MSG), the global banking encryption software market size is expected to grow from USD 1,679.5 million in 2021 to USD 4,985.2 million by 2030, at a CAGR of 12.8% from 2022 to 2030. The banking encryption software provide high security features while transferring payment from one account to another, which increases the demand for banking encryption software among its users. Furthermore, encryption software delivers numerous benefits to banks, which include optimizing database performance of the organization, delivering real-time updates on fraudulent activities, and increasing security to user’s financial details.
An increase in the use of digital payment technology among the people and rise in cyberattacks among the fintech institutes across globe boost the growth of the global banking encryption software market. In addition, the rise in demand for data security technology among banks and financial institutions positively impacts the growth of the market. However, factors, such as implementation issues and lack of awareness toward encryption software among the banks of developing nations, is expected to hamper the market growth.
Request Sample Copy of this Report: https://www.marketstatsville.com/request-sample/banking-encryption-software-market
Global Banking Encryption Software Market Definition
Banking encryption software is an information protection technology that helps financial institutions to protect their client’s information from cyber-attacks.
COVID–19 Impact on the Global Banking Encryption Software Market
The banking encryption software market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness growth in 2020. This is attributed to the implementation of lockdown by governments in majority of the countries have led rise in adoption of digital banking across the globe. In addition, banking encryption software serves as an ideal solution to protect banking information such as financial information, credit card number and date of birth, which is driving the growth of the market. Moreover, various financial services providers have launched advance payment technology to increase their market share in the pandemic situation and to enhance customer experience. For instance, in June 2021, Swiss National Bank, one of leading central bank in Switzerland have launched cross-border digital currency with integrating encryption software technology. The banking encryption software market is anticipated to gain more profit by the third quarter of 2022.
Global Banking Encryption Software Market Dynamics
Drivers: Increasing cyber-attacks and data proliferation around the world
Encryption software helps banks and insurance companies to protect sensitive information from cyber-attack in the payment transaction process, which drives the growth of the market. In addition, encryption software technology allows financial institutions to prevent unauthorized transactions and delivers high-level data protection security, especially for complex data that includes customer information. This is an important advantage offered by banking encryption software. This in turn is projected to boost the growth of the market.
Restraints: Implementation issues of banking encryption software
Several complexities in installation & configuration of the encryption software have been observed during the deployment of these solutions among banks globally. These institutions face several difficulties to implement encryption software owing to a smaller number of technical expertise. Most of these encryption technologies are complex to deploy among banks, and thus, require software development expert having better understanding of encryption tools. However, lack of required skills & expertise in these technologies hinder the growth of the banking encryption software market.
Global Banking Encryption Software Market Segmentation
The study categorizes the banking encryption software market based on component, deployment mode, enterprise size, and industry vertical at the regional and global levels.
Direct Purchase Report: https://www.marketstatsville.com/buy-now/banking-encryption-software-market?opt=2950
By Component Outlook (Revenue, USD Million, 2017–2030)
- Software
- Services
By Deployment Mode Outlook (Revenue, USD Million, 2017–2030)
- On-premise
- Cloud
By Enterprise Size Outlook (Revenue, USD Million, 2017–2030)
- Large Enterprises
- Small & Medium Enterprises
By Industry Vertical Outlook (Revenue, USD Million, 2017–2030)
- Disk Encryption
- Communication Encryption
- File / Folder Encryption
- Cloud Encryption
By Region Outlook (Revenue, USD Million, 2017–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- The Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
The software segment accounts for the largest market share, by component
By component, the banking encryption software market is bifurcated into software and service. Software is a set of data, instructions or programs which is used to operate computers and execute specific tasks. Moreover, the implementation of banking encryption services ensures effective functioning of the software with transparency and control throughout the process.
In 2021, The software segment was the highest contributor to the market, with a share of 70.1% in the global banking encryption software market. Banking software offers the infrastructure to deploy, construct, and manage financial products. In addition, banking software stores account-holder data such as personal name, address, and birth date. An increase in the adoption of encryption software among the banks to offer their consumers secures money transfer services which propels the growth of the market in this segment.
Asia Pacific accounts for the highest CAGR during the forecast period
Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.marketstatsville.com/table-of-content/banking-encryption-software-market
Based on the regions, the market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is projected to hold the highest CAGR of 14.2% in the global banking encryption software market during the forecast period (2022-2030). The countries studied in the Asia-Pacific banking encryption software market include China, India, Japan, Singapore, Australia and rest of Asia-Pacific. Rise in need among the banking service providers toward secure, comprehensive, and reliable security technologies propels the growth of the market in this region. In addition, increase in adoption of mobile payment technology and rise in government’s privacy regulation are some of the important factors that boost the growth market in this region.
The countries studied in the Asia-Pacific banking encryption software market include China, India, Japan, Singapore, Australia and rest of Asia-Pacific. Rise in need among the banking service providers toward secure, comprehensive, and reliable security technologies propels the growth of the market in this region. In addition, increase in adoption of mobile payment technology and rise in government’s privacy regulation are some of the important factors that boost the growth market in this region.
Request For Report Description: https://www.marketstatsville.com/banking-encryption-software-market
Key Market Players in the Global Banking Encryption Software Market
Key providers of banking encryption software, such as Trend Micro Sophos, IBM Corporation, and Thales Group, among others account for a significant share in the market of banking encryption software. According to industry experts, the market is expected to witness increased adoption in the coming years, owing to the rise in adoption of digital technology among banks for delivering fast and secure payment transaction services.
Major Competitors in the global banking encryption software market are:
- IBM Corporation
- Intel Corporation
- McAfee, LLC
- Microsoft Corporation
- Thales Group
- Broadcom
- ESET
- Sophos Ltd.
- Trend Micro Incorporated
- WinMagic