Global banking encryption software market to reach $29.50 billion by 2028

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Triton’s research report shows that the global banking encryption software market accumulated $11.83 billion in 2021 and is expected to grow at 14.11% CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Bank Encryption Software Market’ provides global analysis and forecasts by type of business (small and medium enterprises, large enterprises), type of encryption (communication encryption, disk, cloud encryption, file/folder), component (software, services), deployment mode (cloud, on-premise) and by geography (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa).

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Banking encryption software provides protection to sensitive user data through algorithms, encrypting data accessed through a password.

The Triton market report states that the global banking encryption software market is expected to grow at a growth rate of 14.11% CAGR during the forecast period 2022-2028. Moreover, it is likely to generate revenue worth $29.50 billion by 2028.

Protection software that enables users such as financial institutions and banks to protect their customers’ data in an encrypted format is driving the growth of the global banking encryption software market. Additionally, with the massive shifts in digitalization, banking technology is facing challenges related to cybersecurity threats. As a result, government regulatory bodies have contributed significantly in increasing the demand for data security technology, thereby contributing to the growth of the banking encryption software market.

However, privacy software vendors have observed that many users do not know about the protection software and its benefits, which ultimately affects the market demand. Additionally, implementing banking encryption software involves complex mathematical operations that must be carefully balanced. When decrypting the data, the backup can take double or triple the time and sometimes completely fail to recover the data. Such risks with the software affect the growth of the market.

The global banking encryption software market is categorized by business type, encryption type, deployment mode, and components. Business type is divided into large business and small and medium business. It is segmented into disk, communication, file/folder and cloud encryption in encryption type. On the other hand, it is divided into on-premises and in the cloud according to the mode of deployment.

Asia-Pacific is the fastest growing region in the banking encryption software market. The incorporation of encryption technology in the electronic payment mode has allured the region, driving the growth of the banking encryption software market. Due to growing security and privacy concerns, China and India have accelerated the demand for banking encryption software. Moreover, the governments of countries in the region are contributing to the development of the market by increasing the awareness of banking and financial institutions about the software.

Leading companies in the banking encryption software market are McAfee Corp, Dell Technologies Inc, ESET, Broadcom Inc, Winmagic Data Security Solutions, IBM, Thales Group, Netskope Inc, Intel Corp, Trend Micro Inc, Protegrity Pvt Ltd, Lookout Security, Bitdefender Pvt and Microsoft Corporation.

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Question & Answer: Global Banking Encryption Software Market

Question 1: What factors contribute to the growth of the banking encryption software market?

Answer: Protection software that enables users such as financial institutions and banks to protect their customers’ data in an encrypted format is driving the growth of the global banking encryption software market. Additionally, with the massive shifts in digitalization, banking technology is facing challenges related to cybersecurity threats. As a result, government regulatory bodies have contributed significantly in increasing the demand for data security technology, thereby contributing to the growth of the banking encryption software market.

Question 2: What factors are affecting the growth of the banking encryption software market?

Answer: Privacy protection software vendors have observed that many users do not know about privacy protection software and its benefits, which ultimately affects market demand. Additionally, implementing banking encryption software involves complex mathematical operations that must be carefully balanced. When decrypting the data, the backup can take double or triple the time and sometimes completely fail to recover the data. Such risks with the software affect the growth of the market.

Question 3: Which region is experiencing the fastest growth in the banking encryption software market?

Answer: Asia-Pacific is the fastest growing banking encryption software market. The incorporation of encryption technology in the electronic payment mode has allured the region, driving the growth of the banking encryption software market. Due to growing security and privacy concerns, China and India have accelerated the demand for banking encryption software. Moreover, the governments of countries in the region are contributing to the development of the market by increasing the awareness of banking and financial institutions about the software.

Question 4: Who are the leading companies in the global banking encryption software market?

Answer: The major companies in the banking encryption software market are McAfee Corp, Dell Technologies Inc, ESET, Broadcom Inc, Winmagic Data Security Solutions, IBM, Thales Group, Netskope Inc, Intel Corp, Trend Micro Inc, Protegrity Pvt Ltd, Lookout Security, Bitdefender Pvt and Microsoft Corporation.

Related report:

Global application security market

The global application security market is expected to grow at a CAGR of 14.89% during the forecast period 2022-2028 and generate revenue worth $12,106.32 million by 2028.

Mobile and web applications are increasingly raising concerns about cyberattacks, thus increasing the demand for application security software. Due to the application vulnerabilities, the data breach has increased in number and hence the growth of the application security market has expanded.

On the other hand, budgetary constraints are the major factor limiting the growth of the application software market. In addition, the lack of expertise and professional knowledge of users has hindered the development of the market.

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