The Banking Encryption Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Banking Encryption Software Global Market Report 2024, The banking encryption software market size has grown rapidly in recent years. It will grow from $3.71 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to rise in cyber threats, stringent data protection regulations, growth in adoption of cloud computing, shift towards mobile banking, fraud prevention and compliance
The banking encryption software market size is expected to see rapid growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to expansion of digital banking, increased awareness of data privacy rights, adoption of advanced technologies like blockchain and internet of things (iot) in banking, growing bfsi sector. Major trends in the forecast period include homomorphic encryption, quantum-resistant cryptography (qrc), leveraging blockchain’s distributed ledger technology, ai-powered threat detection and anomaly identification, scalable and flexible encryption solutions.
The rise in cyberattacks is expected to propel the growth of the banking encryption software market going forward. Cyberattacks are malicious activities that target computer systems, networks, and digital devices to compromise security, steal sensitive information, disrupt operations, or cause harm. Banking encryption software is essential for protecting financial data and communications. It is essential to reduce cyberattack risks, implement proper key management, update and patch software frequently, avoid social engineering attacks, and use a multi-layered security strategy. For instance, in June 2023, according to Embroker Insurance Services LLC, a US-based insurance company, IoT cyber-attacks alone were expected to double by 2025. Furthermore, in 2022, according to the Annual Cyber Threat Report 2021-2022 report by the Australian Cyber Security Centre, an Australia-based government agency, Australia recorded a staggering 76,000 cybercrime reports, representing a 13% increase from the previous financial year. Therefore, the rise in cyberattacks is driving the growth of the banking encryption software market.
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The banking encryption software market covered in this report is segmented –
1) By Component: Software, Services
2) By Encryption Type: Symmetric Encryption, Asymmetric Encryption, Hashing Algorithms
3) By Function: Disk Encryption, Communication Encryption, File Or Folder Encryption, Cloud Encryption, Other Functions
4) By Deployment Model: Cloud, On-premise
5) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
Technological advancements are a key trend gaining popularity in the banking encryption software market. Major companies operating in the banking encryption software market are innovating new products to sustain their position in the market. For instance, in October 2022, Mastercard Inc., a US-based financial services company, launched a new crypto service related to risk management. This service involves using blockchain data, artificial intelligence, and public crypto transaction records to determine crypto exchange crime-related risks within the Mastercard network. The service’s primary aim is to help banks find and prevent fraud on crypto merchant platforms.
The banking encryption software market report table of contents includes:
1. Executive Summary
2. Banking Encryption Software Market Characteristics
3. Banking Encryption Software Market Trends And Strategies
4. Banking Encryption Software Market – Macro Economic Scenario
5. Global Banking Encryption Software Market Size and Growth
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26. South America Banking Encryption Software Market
27. Brazil Banking Encryption Software Market
28. Middle East Banking Encryption Software Market
29. Africa Banking Encryption Software Market
30. Banking Encryption Software Market Competitive Landscape And Company Profiles
Top Major Players:
- Microsoft Corporation
- Dell EMC
- Intel Corporation
- International Business Machines Corporation
- Cisco System Inc
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