Global Banking Encryption Software Market Forecast, Trend Analysis And Competition Tracking - Market Insights: 2015 – 2031

Global Banking Encryption Software Market Introduction

Banking encryption software is a program designed to encrypt and decrypt sensitive information such as credit card numbers and login information. They are typically used to protect the confidentiality of computer data stored or transmitted on public networks, notably the Internet. Banking encryption software prevents unauthorized access to private data by hackers, governments, corporations, and other individuals. It’s important to use banking encryption software to keep your personal information secure.

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This software is best used when you need to protect individual files or folders. The encrypted files are unreadable by unauthorized people, even if they have the encryption key. The data within the file is also inaccessible because it's scrambled into blocks of random letters, numbers, and symbols that can't be deciphered without the encryption key. Files that are encrypted with encryption software are well-protected against cyberattacks like ransomware, cyberterrorism, and phishing scams.

The global banking encryption software market was valued at US$ 1.66 billion in 2020, and is projected to grow at a CAGR of 9.8%.

In today's world, where hacking is a major threat, bank should be number one priority. In order to protect their customers' data from being hacked, banks have been implementing a variety of security measures. Encryption software is just one way that they are trying to protect sensitive account information from being used by hackers.

It is important for banks to protect their customer’s information in the event of a breach. Banks are turning to encryption software to store customer data, ensuring that in the event of a breach, hackers will be unable to access the sensitive information they are looking for. Encryption software can be installed on any computer system, but if you are unsure about what you are doing, it is best to ask for help from an IT professional at your bank.

The global banking encryption software market is segregated into component, deployment mode, function, organization size, and regions. On the basis of component, the global banking encryption software market is sub-segmented into software, and service. With respect to deployment mode, the global banking encryption software market is distributed into on-premise, and cloud-based. On the basis of function, the global banking encryption software market is sub-segmented into disk encryption, communication encryption, file/folder encryption, cloud encryption, and other functions. With respect to organization size, the global banking encryption software market is distributed into SMEs, and large enterprises. On the basis of region, the global banking encryption software market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Rise in the adoption of encryption software among various banks across globe

The adoption of encryption software by various banks across the globe has shown a marked increase in recent times. With more and more security breaches and cyber attacks taking place, banks are opting for encryption software to safeguard customer data. Encryption software is typically used to encrypt data, which renders it unreadable for unauthorized persons even if it falls into their hands. Apart from that, there has been an increase in awareness about cyber security among the masses leading to a surge in demand for such software.

Increase in the use of digital payment technology among users

The use of digital payment technology has been on the rise, and this trend is expected to continue, despite a recent slowdown in growth. This is because businesses are using technology to offer their customers a more personalized shopping experience, which will result in an increase in customer satisfaction. Furthermore, many consumers are also looking for ways to reduce the amount of cash that they carry with them and so will be switching over to digital payments.

An increase in the use of digital payment technologies such as credit cards, debit cards, and mobile banking among individuals

The increasing number of digital payment technologies, such as credit cards, debit cards, and mobile banking have been changing the way society views money. In turn, these new innovations have been changing the way businesses handle transactions from small purchases to large investments. Banks believe that by installing new financial encryption software they will be able to stay on top of an ever-changing financial landscape.

COVID-19 Impact Analysis on Banking Encryption Software Market

The COVID-19 pandemic has affected all facets of society. Many banks have been adversely affected by the shutdown of banking in many nations. The pandemic has a positive influence on the growth of banking encryption software. The growing income from the software business was greater than the increase in the beginning of the pandemic due to several reasons, including the rise in the utilization of digital banking services and the development of online payment services.

Additionally, pandemics have caused alterations in financial institutions and banks as there's a greater emphasis on providing secure banking facilities. Banking encryption software is expected to grow because of its numerous applications brought about by social distancing, digital transformation of the payment industry, and teleworking. To protect customer data, financial institutes and banks are deploying ransomware data centers at each of their business enterprises.

North America is expected to dominate the global market

The global banking encryption software market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Markets in the North America region are expected to account for the largest share due to the increase in demand for encryption software by the public and private banks to ensure and secure the privacy of data and an rise in government support to implement data security technology.

Competitive Landscape for Banking Encryption Software Market

• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• McAfee, LLC
• Sophos Group Plc
• Thales Group
• Trend Micro Inc.
• WinMagic, Inc.
• Broadcom, Inc.
• Eset, Spol, S.r.o
• Other Key Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Segments Covered in Global Banking Encryption Software Market by Component

• Software
• Service

Key Segments Covered in Global Banking Encryption Software Market by Deployment Mode

• On-Premise
• Cloud-Based

Key Segments Covered in Global Banking Encryption Software Market by Function

• Disk Encryption
• Communication Encryption
• File/Folder Encryption
• Cloud Encryption
• Other Functions

Key Segments Covered in Global Banking Encryption Software Market by Organization Size

• SMEs
• Large Enterprises