Banking Encryption Software Market Hit $4.98 Bn, Globally, by 2030 at 12.8% CAGR
PORTLAND, UNITED STATES, UNITED STATES, July 7, 2023/EINPresswire.com/ — Allied Market Research recently published a report, titled, “Banking Encryption Software Market by Component (Software and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Sized Enterprises), and Function (Disk Encryption, Communication Encryption, File/Folder Encryption, and Cloud Encryption): Global Opportunity Analysis and Industry Forecast, 2021–2030”. As per the report, the global banking encryption software industry was accounted for $1.49 billion in 2020, and is expected to reach $4.98 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.
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Major determinants of the market growth
Surge in use of digital payment technology, increase in demand for data security technology among banks and financial institutions, and rise in cyberattacks and data proliferation drive the growth of the global banking encryption software market. However, lack of awareness toward encryption software and implementation issues of banking encryption software hinder the market growth. On the contrary, rise in adoption of secure infrastructure and penetration of banking software across developing countries are expected to open lucrative opportunities for the market players in the future.
The software segment dominated the market
By component, the software segment held the largest share in 2020, accounting for nearly three-fourths of the global banking encryption software market, as encryption software is cheaper and faster to deploy than services. However, the services segment is estimated to register the highest CAGR of 15.1% during the forecast period, owing to increase in need for various services such as managed services and professional services.
The cloud segment to portray the highest CAGR through 2030
By deployment model, the cloud segment is projected to manifest the highest CAGR of 13.9% from 2021 to 2030, owing to the different services offered by the cloud. However, the on-premise segment held the largest share in 2020, contributing to nearly three-fifths of the global banking encryption software market, due to rise in adoption of these systems for their enhanced security features.
North America held the lion’s share
By region, the market across North America dominated in 2020, accounting for nearly two-fifths of the market, due to availability of a massive amount of data that needs to be safeguarded. However, the global banking encryption software market across Asia-Pacific is anticipated to showcase the highest CAGR of 14.2% during the forecast period, owing to rise in penetration of IoT, cloud services, and BYOD in the region.
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Key Benefits For Stakeholders
The study provides an in-depth analysis of global banking encryption software market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global banking encryption software market share is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the banking encryption software market from 2021 to 2030 is provided to determine the market potential.
Key Market Segments
By Component
Software
Services
By Deployment Model
On-premise
Cloud
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By Industry Vertical
Disk Encryption
Communication Encryption
File / Folder Encryption
Cloud Encryption
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
Singapore
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Broadcom
ESET
IBM Corporation
Intel Corporation
McAfee, LLC
Microsoft Corporation
Sophos Ltd.
Thales Group
Trend Micro Incorporated
WinMagic
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Banking Encryption Software Market Report Highlights
Aspects Details
By Component
Software
Services
By Deployment Model
On-premise
Cloud
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By Industry Vertical
Disk Encryption
Communication Encryption
File / Folder Encryption
Cloud Encryption
By Region
North America (U.S., Canada, Mexico)
Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players IBM CORPORATION, SOPHOS LTD, McAfee, LLC, ESAT, WinMagic, BROADCOM, Intel Corporation, Thales Group, Microsoft, Trend Micro Incorporated
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