Banking Encryption Software Market Expected to Bring Dizzying Returns to Investors by End of Forecast to 2030 – mbu timeline
According to the Market Statsville Group (MSG), the global banking encryption software market the size should go from $1,679.5 million in 2021 at $4,985.2 million by 2030at 12.8 CAGR% from 2022 to 2030. Bank encryption software provides high security features while transferring payment from one account to another, which increases the demand for bank encryption software among its users. Additionally, encryption software offers many benefits to banks, including optimizing the performance of the organization’s database, providing real-time updates on fraudulent activity, and increasing security. users’ financial information.
An increase in the usage of digital payment technology among the population and rise in cyber attacks among financial technology institutes across the globe is driving the growth of the global banking encryption software market. Additionally, increasing demand for data security technology among banks and financial institutions is positively impacting the growth of the market. However, factors such as implementation issues and lack of awareness of encryption software among banks in developing countries are expected to hamper the market growth.
Global banking encryption software market definition
bank encryption software is an information protection technology that helps financial institutions protect their customers’ information from cyberattacks.
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covid–19 Global Banking Encryption Software Market Impact
The banking encryption software market has seen significant growth in recent years; However, due to the outbreak of the COVID-19 pandemic, the market is expected to witness growth in 2020. This is attributed to the implementation of lockdown by the governments in the majority of the countries which has resulted in an increase in the adoption of digital banking across the world. Additionally, banking encryption software is 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 service providers have launched prepayment technology to increase their market share in the pandemic situation and to improve customer experience. For example, in June 2021, the Swiss National Bank, one of Switzerland’s main central banks, launched a cross-border digital currency incorporating encryption software technology. The banking encryption software market is expected to generate more profits by Q3 2022.
Global Banking Encryption Software Market Dynamics
Drivers: Increase in cyberattacks and data proliferation around the world
Encryption software helps banks and insurance companies to protect sensitive information from cyber attacks in the payment transaction process, which is driving the growth of the market. Additionally, encryption software technology enables financial institutions to prevent unauthorized transactions and provides high-level data protection security, especially for complex data that includes customer information. This is an important advantage offered by bank encryption software. This in turn is expected to drive the growth of the market.
Constraints: Problems implementing banking encryption software
Several complexities in the installation and configuration of encryption software have been observed when deploying these solutions among banks around the world. These institutions face several challenges in implementing encryption software due to a reduced number of technical expertise. Most of these encryption technologies are complex to deploy between banks and therefore require a software development expert with a better understanding of encryption tools. However, the lack of required skills and expertise in these technologies is hampering the growth of the banking encryption software market.
Segmentation of the global banking encryption software market
The study categorizes the banking encryption software market on the basis of component, mode of deployment, enterprise size, and industry vertical at regional and global levels..
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By Outlook component (RevenueUSD million, 2017–2030)
By Outlook deployment mode (Rturnover, million USD, 2017–2030)
By Outlook company size (Revenue, USD million, 2017–2030)
- Large companies
- Small and medium enterprises
By Industry Vertical Insights (Revenue, USD million, 2017–2030)
- Disk encryption
- Communication encryption
- File/folder encryption
- Cloud encryption
Outlook by region (RevenueUSD million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- The rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia and New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- North Africa
- Rest of MEA
The software part represents the largest market share, by component
By component, the banking encryption software market is split into software and services. Software is a collection of data, instructions or programs used to operate computers and perform specific tasks. Moreover, having banking encryption services in place ensures that the software runs efficiently with transparency and control throughout the process.
In 2021, the software segment was the largest contributor to the market, with a share of 70.1% in the global banking encryption software market. Banking software provides the infrastructure needed to deploy, build and manage financial products. In addition, banking software stores account holder data such as name, address and date of birth. An increase in the adoption of encryption software by banks to provide their consumers with secure money transfer services, which is propelling the market growth in this segment.
Asia Pacific represents the highest CAGR over the forecast period
Based on regions, the market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is expected to hold the highest CAGR of 14.2% in the global banking encryption software market over 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. Increasing need of banking service providers towards secure, comprehensive and reliable security technologies is propelling the growth of the market in this region. Additionally, increasing adoption of mobile payment technology and increase in government privacy regulations are some of the significant factors driving the market growth 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. Increasing need of banking service providers towards secure, comprehensive and reliable security technologies is propelling the growth of the market in this region. Additionally, increasing adoption of mobile payment technology and increase in government privacy regulations are some of the significant factors driving the market growth in this region.
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Key Market Players in Global Banking Encryption Software Market
Leading bank encryption software vendors, such as Trend Micro Sophos, IBM Corporation, and Thales Group, among others, account for a significant share of the bank encryption software market. According to industry experts, the market is expected to witness increased adoption in the coming years, owing to the increasing adoption of digital technology by banks to provide fast and secure payment transaction services.
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Leading competitors in the Global Banking Encryption Software Market are: