DUBLIN, Oct. 27, 2022 /PRNewswire/ — The "Banking Encryption Software Market Size, Share & Trends Analysis Report by Component, by Deployment, by Enterprise Size, by Function (Cloud Encryption, Folder Encryption), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global banking encryption software market size is expected to reach USD 5.03 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to this study conducted. The growing need for modern security solutions worldwide is anticipated to drive the growth of the industry. In addition, the rising incidences of cyber-attacks also bode well for growth.
Banking encryption software facilitates the confidential exchange of vital data by encrypting the data at the sender's end in a form not readable without a proper authentication key, which is usually in the form of a password. The receiver can use the authentication key to decrypt the data and read it. The strong emphasis banks and other financial institutions are putting on securing data transactions is driving the adoption of banking encryption software.
The growing partnerships among the encryption software providers are expected to drive market growth. For instance, In April 2021, Google Cloud and Broadcom collaborated. This collaboration increased the integration of cloud services into Broadcom's primary software franchises. In this partnership, Broadcom was able to make enterprise operations software and its security suite available on Google Cloud, enabling organizations to encrypt and decrypt data at the column level.
Banking Encryption Software Market Report Highlights
- The software segment is expected to dominate the segment over the forecast period. This is due to its offered benefits such as security and privacy protection to the financial institutes
- The cloud segment is anticipated to witness the fastest growth over the projection period. The growth of the segment can be attributed to the inexpensive deployment and customization options
- The large enterprise segment dominated the market in 2021. Large organizations are adopting encryption solutions to meet the changing security needs owing to the rising incidences of cybercrimes
- The cloud encryption segment is anticipated to witness the fastest growth because of its capability to facilitate a cost-effective and scalable encryption model
- The Asia Pacific regional market is expected to witness the fastest growth over the projection period due to an increase in demand for encryption software among banks in developing countries in the Asia-Pacific, including China and India, to safeguard and ensure the privacy of data
Key Topics Covered
Chapter 1: Methodology and Scope
Chapter 2: Executive Summary
Chapter 3: Banking Encryption Software Industry Outlook
Chapter 4: Investment Landscape Analysis
Chapter 5: FinTech Industry Highlights
Chapter 6: Banking Encryption Software Component Outlook
Chapter 7: Banking Encryption Software Deployment Outlook
Chapter 8: Banking Encryption Software Enterprise Size Outlook
Chapter 9: Banking Encryption Software Function Outlook
Chapter 10: Banking Encryption Software Regional Outlook
Chapter 11: Competitive Analysis
Chapter 12: Competitive Landscape
- ESET North America
- IBM Corporation
- Intel Corporation
- McAfee, LLC
- Sophos Ltd.
- Thales Group
- Trend Micro Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/fp92vx.