Banking Encryption Software Market worth USD 4,985.2 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Banking Encryption Software Market by Component (Software and Services), by Deployment Mode (On-premise and Cloud), by Enterprise Size (Large Enterprises and Small & Medium Enterprises), by Industry Vertical (Disk Encryption, Communication Encryption, File / Folder Encryption, and Cloud Encryption), by Region – Global Share and Forecast to 2030".

The global banking encryption software market size is projected to grow at a CAGR of 12.8% to reach USD 4,985.2 million by 2030 from USD 1,679.5 million in 2021. The key factor that drives the growth of the global banking encryption software market includes an increase in digital payment technology among the people. In addition, the rise in demand of data security platform among the banks and financial institutions propels the market's growth. However, an increase in the adoption of secure infrastructure is expected to hamper the growth of the banking encryption software market. On the contrary, penetration of banking software across the developing nations of the Asia-Pacific and MEA region is expected to offer remunerative opportunities to expand the global market during the forecast period.

Global Banking Encryption Software Market Segmentation

The overall banking encryption software market has been segmented into the component, deployment mode, enterprise size, industry vertical, and region.

• By Component (Software and Services)
• By Deployment Mode (On-premise and Cloud)
• By Enterprise Size (Large Enterprises and Small & Medium Enterprises)
• By Industry Vertical (Disk Encryption, Communication Encryption, File / Folder Encryption, and Cloud Encryption)
• By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)

On-premise, by deployment model, is estimated to hold the largest market share during the forecast period

By deployment model, the banking encryption software market is bifurcated into on-premise and cloud. The on-premise segment had the highest revenue of 57.9% of the global banking encryption software market in 2021. The on-premise deployment model for banking encryption software enables installation of the software and permits applications to run on systems present in the premises of an organization instead of putting at a distant facility such as server space or cloud.

On-premises encryption software helps banks to protect consumer’s transaction information, personal data, and financial information from cyber-crime, which propels the growth of the market. In addition, increase in uses of new technologies and methodologies such as micro-services, cloud technology, and open application programming interface (APIs) in banks experience an increase in demand for on-premises banking encryption software. Moreover, surge in the use of biometric authentication techniques to verify customer’s identity, availability of huge amount consumers’ credit/debit card data and increase in the efficiency of banking back end operations are some of the important factors that boost the adoption of on-premises banking encryption software market across the globe.

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North America accounts for the largest market share in banking encryption software market 2021

Based on the regions, the global banking encryption software market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 37.2% in the global banking encryption software market and was anticipated to maintain its dominance throughout the forecast period. Increase in spending of banking and financial service to regain hacked customer data propels the market's growth in this region. Rise in need to protect the system from external attacks among the payment solution providers and offer data security solutions to network communications are some of the important factors boosting the growth of the market in this region.

Surge in imposing data privacy laws such as payment card industry data security standards (PCI DSS) for the banking industry mandates protection & security of cardholder data and covers sensitive information from theft or fraud. This is considered an important factor in boosting the growth of the banking encryption market in this region. Moreover, a surge in number of cyber-attacks boosts the need for encryption software in the financial industry, which drives the growth of the market in this region. Furthermore, banks generally follow traditional techniques such as email to transfer data, which pose a high threat of data breach. This is considered as an important factor that boosts the growth of the market.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the banking encryption software market. It also consists of the profiles of leading companies such as IBM Corporation, McAfee, LLC, Intel Corporation, Broadcom, ESET, Sophos Ltd., Trend Micro Incorporated, Microsoft Corporation, Thales Group, and WinMagic. These market players have focused on acquisitions and expansion to gain a larger market share in the banking encryption software market.

Browse complete report: https://www.marketstatsville.com/banking-encryption-software-market

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