Worldwide Banking Encryption Software Market to Grow Substantially at 12.5% CAGR from 2022 to 2028 – Report by Vantage Market Research

WASHINGTON, June 28, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Banking Encryption Software Market finds that growing use of digital payment technology, rising cyber-attacks around the world, and increasing demand for data security technology among banks & financial institutions are influencing the growth of the Banking Encryption Software Market in coming years. In addition, the penetration of Al-based banking software in developing countries is expected to create lucrative growth opportunities for the Banking Encryption Software Market during the projected period.

On the other hand, factors such as implementation issues and lack of awareness of cryptographic software in banks are expected to hamper the Banking Encryption Software Market growth.

The Global Banking Encryption Software Market revenue is expected to reach a value USD 2,895.9 Million in the year 2028.

The Global Market revenue stood at a value USD 1,428.5 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period; states Vantage Market Research, in a report, titled “Banking Encryption Software Market Size, Share & Trends Analysis Report by Component (Software, Service), by Deployment (On-Premise, Cloud-Based), by Enterprise Size (Small and Medium Enterprises, Large Enterprises), by Function (Disk Encryption, Communication Encryption, File/Folder Encryption, Cloud Encryption), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

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Market Dynamics:

Drivers:

Increasing Use of Digital Payment Technology among the Population

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.

Increasing Demand for Data Security Technology from Banks and Financial Institutions

Banks and financial institutions process large amounts of financial & personal data of their customers. To protect numerous financial records & improve the security of a variety of important documents in customers’ banks and Fintech, they are deploying cryptographic software, which in turn, fuels the growth of the Banking Encryption Software Market. In addition, the increasing digitization around the world has brought many innovations to the payments sector in recent years, including money transfers, mobile payments, and online banking technologies. Therefore, as the payments industry is constantly changing, financial service providers need data security technology to protect their banking information from cyber-attacks, which is also responsible for driving market growth. Furthermore, the growing demand for authentication when initiating payment transactions is accelerating the growth of the Banking Encryption Software Market across the globe.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Banking Encryption Software market is predicted to grow at a CAGR of roughly 12.5% during the forecast period.
• The Banking Encryption Software market was estimated to be worth roughly USD 1,428.5 Million in 2021 and is expected to reach USD 2,895.9 Million by 2028; based on primary research.
• On the basis of region, North America is projected to dominate the worldwide Banking Encryption Software market.

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Segmentation of Banking Encryption Software Market:

• Component
  • Software
  • Service
• Deployment
  • On-Premise
  • Cloud-Based
• Enterprise Size
  • Small and Medium Enterprises
  • Large Enterprises
• Function
  • Disk Encryption
  • Communication Encryption
  • File/Folder Encryption
  • Cloud Encryption
  • Other Functions
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The Report on Banking Encryption Software Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on “Banking Encryption Software Market Size, Share & Trends Analysis Report by Component (Software, Service), by Deployment (On-Premise, Cloud-Based), by Enterprise Size (Small and Medium Enterprises, Large Enterprises), by Function (Disk Encryption, Communication Encryption, File/Folder Encryption, Cloud Encryption), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.

Regional Analysis:

North America Dominated the Global Banking Encryption Software Market

North America dominated the Global Banking Encryption Software Market in 2021 and will maintain its leading position during the forecast years. This is attributed to the increased demand for cryptographic software by public & private banks to ensure privacy & security and increased government support for the implementation of data security technologies in this region.

List of Prominent Players in the Banking Encryption Software Market:

• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• McAfee LLC
• Sophos Group PLC
• Thales Group
• Trend Micro Inc.
• Win Magic Inc.
• Broadcom Inc.
• ESET SPOL S.R.O.

Recent Developments:

December 2020: IBM has acquired Montreal-based fintech company Expertus Technologies. The acquisition aims to enhance IBM’s ability as a provider of end-to-end digital payment solutions and further enhance IBM’s hybrid cloud and AI strategies.

February 2020: Sophos has introduced the latest Xstream architecture for the Sophos XG firewall with more powerful Transport Layer Security (TLS) decryption capabilities. This further eliminates the critical security threats associated with encrypted network traffic that security teams often overlook due to performance and complexity issues. XG Firewall also provides AI-enhanced threat analysis by Sophos Labs and better application performance.

April 2019: Thales acquired Gemalto and created a world leader in digital identity and security. Through this acquisition, Thales will develop safer solutions to address key social challenges such as data and network cyber security, unmanned air traffic management, airport security, and financial transaction security.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Banking Encryption Software Market?
• How will the Banking Encryption Software Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Banking Encryption Software Market?
• What is the Banking Encryption Software market drivers and restrictions?
• What will be the CAGR and size of the Banking Encryption Software Market throughout the forecast period?

This market titled “Banking Encryption Software Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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