04, May 2022
The adoption of bank encryption software has significantly skyrocketed due to the growing need for security and protection from cyberattacks. With the rise in banks and financial institutions, data security technology has gained pivotal importance. This is projected to supplement the global bank encryption software market at a CAGR of 14.11% between 2022 and 2028.
Digitization has become an integral part of banking with consistent development in digital data and internet banking. These software attained beneficial applications for banks, financial institutions, large enterprises, and small and medium enterprises. As a result, its installation in sensitive industries offered efficient and excellent security to the overall data. Another aspect allowing the market’s penetration is the reduction in bank costs, owing to the advancement in IT, opening doors for modern payment methods.
However, the lack of awareness among the audience regarding encryption software or its installation on their computers has alarmingly raised the number of hackers, viruses, ransomware, malware, and other online threats. Moreover, due to the complexity involved in implementing the software, the market is assumed to face a major hindrance in its growth.
Our experts have studied the market segmentation based on deployment model, enterprise type, component, and encryption type.
Following are the key trends that give you a detailed scope of the market’s performance:
The component segment is divided into software and services. Estimates indicate the component type is expected to generate profitable revenue in the upcoming years. Software encryption ensures confidentiality and security of customer records and information. Therefore, banks and financial institutions take the first step to deploy software and avail their services, contributing to the market’s growth.
The deployment segment includes on-premise and cloud-based services. The demand for cloud-based services is expanding in the financial industry due to its problem-solving benefits. For instance, SaaS (Software as a Service) solutions offered by big players such as Dell Technologies Inc. enable banks to change their services within time. Thus, benefits like flexibility & scalability are projected to drive cloud services in the deployment segment.
Large and small & medium enterprises conduct their businesses mainly via digital communications. The expansion of these software is majorly influencing the enterprise type segment. The need for the security and confidentiality of information and data stored has showcased steady growth for the segment in the market. Furthermore, the increased use of digital payment is set to create several growth opportunities for the market among various industries.
Disk encryption, communication encryption, cloud encryption, and file/folder encryption are some of the encryption types available in the market. Among all, Cloud encryption software dominates the segment. Its key benefit of protecting encrypted data with end-to-end encryption is majorly contributing to the growth trend.
Based on the global scenario, the market is globally classified into countries across the regions to study its performance and region-specific potential.
North America holds the largest position in the bank encryption software market
This is owing to the increasing awareness among its people and stringent policies related to cybersecurity. Also, the prevalence of advanced technology and robust cybersecurity system in the region shoots up the market’s demand.
Asia-Pacific is the fastest-growing region over the forecast period
The demand for security and privacy concerns has developed significantly owing to the increased use of digital payment methods. Such benefits have greatly raised the market’s growth, especially in developing countries like India and China.
Bank-level encryption pinpoints the security measures that financial institutions use to help protect their customer’s data and assets. Increased banking services and transactions across digital platforms have raised the number of attacks and data breaches. Due to the rising demand for cryptocurrency, industries are implementing data protection platforms into their system to prevent data theft. Hence, data security and privacy concerns are estimated to remain the key drivers in the growth of the bank encryption software market.
The Asia-Pacific region is expected to grow with the highest CAGR in the global bank encryption software market. The growing demand for data security and digital payment methods are the key factors supporting the market growth.
Our estimates indicate the global bank encryption software market to earn revenue worth $29.50 billion by the end of 2028.
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