Global Banking Encryption Software Market Size to Reach USD 6.82 Billion in 2032 | Emergen Research

Vancouver, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global banking encryption software market size is expected to reach USD 6.82 Billion in 2032 and register a revenue CAGR of 13.1% during the forecast period, according to the latest analysis by Emergen Research. Rising awareness regarding data security is a major factor driving the market revenue growth. Encryption software is utilized to transform sensitive data such as customer financial records, transaction details, and account numbers, into unreadable cipher text using complex algorithms. Encryption software is used to secure data stored in databases, ensuring that even if unauthorized access occurs, the data remains encrypted and unreadable without the decryption key hence contributing to the market revenue growth. Financial institutions and banks are actively investing in encryption technologies to protect customer data and secure financial transactions which as a result is driving market revenue growth.

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By encrypting all consumer data, financial organizations can limit the likelihood of fraudulent actions occurring within the networks which as a result helps to keep clients' money safe while also lowering the costs associated with having to investigate fraudulent activities after they have occurred as a result of insufficient security measures in place beforehand hence driving the market revenue growth. It not only increases security, data integrity, and consumer trust, but it also helps to speed transactions and prevent fraudulent activity, making it a beneficial tool for both financial institutions and their clients.

However, encryption relies on cryptographic keys to encrypt and decrypt data. Managing and safeguarding these keys can be complex, especially in large-scale banking systems which is restraining the market revenue growth.

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Scope of Research

Major Companies and Competitive Landscape

The global banking encryption software market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Broadcom.
• Trend Micro Incorporated.
• Thales.
• McAfee, LLC.
• TaskUs.
• Microsoft.
• Intel Corporation.
• Sophos Ltd.
• IBM.
• WinMagic.

Strategic Development

• On 7 April 2021, IBM announced the public availability of IBM Cloud for Financial Services, the industry's first financial services-ready cloud platform, which includes support for Red Hat OpenShift and other cloud-native services. The IBM Cloud for Financial Services is intended to enable financial institutions, their partners, and FinTechs to decrease risk and innovate quickly by including built-in rules that are followed by the entire ecosystem.

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Some Key Highlights From the Report

• The software segment accounted for largest revenue share in 2022. Encryption helps in prevention of data breaches during data transit and storage. If an employee misplaces a company device, such as a phone or laptop, encrypted data can remain safe. Encrypted communication lines allow sensitive data to be transferred without the fear of a security compromise. Encryption software converts sensitive financial data, such as client information, transaction details, and account credentials, into unreadable code to secure it, hence driving revenue growth of this segment.
• The cloud segment accounted for a significantly large revenue share in 2022. Banks and other financial institutions use cloud to detect fraud by analyzing vast volumes of data from many sources hence driving revenue growth of this segment. This enables them to notice potentially suspicious or risky conduct and respond to it before it causes harm. Cloud-based encryption software is easily scalable to meet changing demands. Banks frequently have fluctuating workloads and storage requirements, and cloud enables them to swiftly alter their resources as needed which is also driving revenue growth of this segment.
• The disk encryption segment accounted for a significantly large revenue share in 2022. Rising demand for disc encryption software as it prohibits a disc drive from booting up, such as a hard drive in a portable USB storage device or laptop, unless the user enters the necessary authentication data hence driving revenue growth of this segment. Without encryption, no extra instructions are needed to interpret the disk's contents. Volume-level disc encryption protects clients from data theft or unintentional loss by rendering data on hard drives unreadable when an unauthorized user attempts to access them which is also driving revenue growth of this segment.

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For the purpose of this report, Emergen Research has segmented the global banking encryption software market on the basis of component, enterprise size, deployment, function, encryption type, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Services
  • Software
• Enterprise Size Outlook (Revenue, USD Billion; 2019–2032)
  • Large Enterprises
  • Small & Medium Enterprises
• Deployment Outlook (Revenue, USD Billion; 2019–2032)
  • On-premise
  • Cloud
• Function Outlook (Revenue, USD Billion; 2019–2032)
  • Disk Encryption
  • Communication Encryption
  • File/Folder Encryption
  • Cloud Encryption
• Encryption Type Outlook (Revenue, USD Billion; 2019–2032)

• • Symmetric Encryption
  • Asymmetric Encryption
  • Hashing Algorithms

• End-Use Outlook (Revenue, USD Billion; 2019–2032)

• • Retail Banks
  • Commercial Banks
  • Investment Banks

• Regional Outlook (Revenue, USD Billion, 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of MEA
• • Other financial institutions

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