Blogs   -

Banking Encryption Software Market - Increasing Use of Digital Payment Technology by People is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 12.5% from 2022 to 2028

As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e., Component, Deployment, Enterprise Size, Function, and Region); the Global Banking Encryption Software Market accounted for USD 1,428.5 Million in the year 2021

Key Factors Likely to Drive Growth of Banking Encryption Software Market

Banking Encryption Software is a data protection platform that allows banks to secretly exchange transaction details with their customers. In addition, bank cryptographic software services offer many benefits, such as advanced security, hassle-free data transaction services, and more. Furthermore, various banks and financial institutions use Banking Encryption Software services to provide customers with secure payment processing services. This will increase the acceptance of cryptographic software among banks and accelerate the growth of the Banking Encryption Software Market.

Key factors driving the growth of the Global Banking Encryption Software Market include the increasing use of digital payment technology by people and increasing cyber-attacks among fintech institutions around the world. In addition, the growing demand for data security technology among banks & financial institutions has a positive impact on Banking Encryption Software Market growth. However, factors such as implementation issues and lack of awareness of cryptographic software in banks in developing countries are expected to impede the Banking Encryption Software Market growth. On the contrary, the penetration of Al-based banking software in developing countries in the Asia-Pacific and LAMEA regions is expected to provide lucrative growth opportunities for the Banking Encryption Software Market over the forecast period.

The disk encryption segment is expected to occupy a significant share during the forecast period. Encrypted hard drives are secure because they remain restricted to authorized users. However, with the adoption of cloud encryption by various banking companies, the cloud encryption segment is expected to grow the most during the forecast period. This, in turn, is driving the growth of the Banking Encryption Software Market across the globe. 

North America dominated the Global Banking Encryption Software Market and is expected to maintain its leading position during the forecast period. This growth is driven by increased government support for data security technology and increased demand for cryptographic software by public & private banks to protect & provide data privacy. In addition, one of the main driving factors in the growth of the Banking Encryption Software Market is the increase in cyber-attacks & the risk to information that impacts business.

Some of the key players in the Global Banking Encryption Software Market include- IBM Corporation, Intel Corporation, Microsoft Corporation, McAfee LLC, Sophos Group PLC, Thales Group, Trend Micro Inc., WinMagic Inc., Broadcom Inc., ESET SPOL 10;and others.