The global Banking Encryption Software Market was valued at USD 1.4 Billion in 2022 and it is anticipated to grow up to USD 3.8 Billion by 2032, at a CAGR of 10.4% during the forecast period.
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Banking encryption software is a type of software that is used to protect banking information from being accessed by unauthorized individuals. This software typically uses a combination of encryption algorithms and security protocols to ensure that data is only accessible to authorized users. In most cases, banking encryption software is designed to work with a variety of different types of banking platforms and systems.
Market Trends and Drivers
The increasing use of digital payment technologies such as debit cards, credit cards, and mobile banking facilities among people is driving the growth of the Banking Encryption Software Market. There are multiple benefits offered by encryption software, such as advanced payment security, reduced fraud in banking processes, and improved payment transaction services by integrating encryption technology into the electronic payment process. In addition, encryption technology enables banks to secure and protect their customers’ financial records when making digital payments. Furthermore, a growing need to protect the financial records of banks and fintech institutions is driving the Banking Encryption Software Market growth. The increasing number of benefits offered by banks to their customers when making digital payments is accelerating the growth of the Global Banking Encryption Software Market in the coming years.
Major Players in the Global Banking Encryption Software Market
The key players in the Banking Encryption Software Market Broadcom, ESET North America, IBM Corporation, Intel Corporation, McAfee, LLC, Microsoft, Sophos Ltd., Thales Group, Trend Micro Incorporated and WinMagic, among others.
COVID-19 Impact
The COVID-19 pandemic is expected to play an emphasized part in propelling the growth of the banking encryption software market. Since the outbreak, the global payment industry has evolved rapidly owing to the rise in the use of digital payment methods among people as well as digital transformation worldwide. In line with this, the need for providing digital financial services to customers has increased among the banks, which thereby has created growth opportunities. Thus, creating the need for implementing encryption software to secure customers’ data such as debit/credit numbers, and date of birth.
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Global Banking Encryption Software Market Segmentation
By Deployment
- Cloud
- On-Premise
By Enterprise Size
- SMEs
- Large Enterprise
By Function
- Disk Encryption
- Communication Encryption
- File/Folder Encryption
- Cloud Encryption
- Others
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