In terms of revenue, the Global Banking Encryption Software Market is expected to reach USD 2,895.9 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.5% from 2022 to 2028.
Successful banking and positive transactions are crucial for a strong economy and financial security. A lot of software is available on the market for carrying out positive transactions but little is available for security purposes. The encryption algorithm needed for security processes requires highly software-based solutions. The major factor driving the market is the need for high security and avoiding cyber-attacks on banks and other financial assets. Thus, key players are investing heavily in developing highly encrypted data software to safeguard banking systems.
Key Highlights from Report:
- The SMEs (Small & Medium Enterprises) sub-segment of the Enterprise Size segment is anticipated to dominate the Banking Encryption Software Market. The use of mobile technology along with BYOD trends has increased profitability among SMEs. The rate of cyber-attack has drastically reduced in recent years, thus making this segment flourish during the forecast period.
- The IT & Communication sub-segment of the vertical segment is accounted for the largest market share in 2021 for the Banking Encryption Software Market. The IT & Communication sub-segment is expected to drive this segment during the forecast period. High reliability in computers & other devices for financial purposes has caused a surge in the Banking Encryption Software Market.
- North America is the largest regional segment. The growth of advanced manufacturing purposes and the need for end-to-end encryption data in the banking domain has actively demanded the Banking Encryption Software Market in this region. The lack of skilled professionals in this region will further demand security software in this region.
The growing need for data security especially in the BFSI domain will continue to generate revenue in the coming years. As the population grows the number of accounts and financial activity will increase. Need for stronger encrypted software will be needed. Carrying our fund transfers, cashless transactions and other important transaction will require theft-proof infrastructure. Major companies involved in developing software for Banking Encryption Software need to invest heavily in developing full-proof software in the coming years. For instance, an embedded Crypto-Biometric authentication scheme for ATM banking systems has been proposed. The claimed user’s fingerprint is required during a transaction. Thus major challenges will come for developers to find new ways and techniques for safeguarding the banking infrastructure across the globe.
North America is expected to dominate the Global Banking Encryption Software Market in 2021 and is likely to continue the same trend during the forecast period increase in government initiatives provided for banks and support for Banking Encryption Software is likely to generate demand in this region for this market in near future. Increasing key players and rising inclination toward payment efficiency and removing human error approach in countries such as India & China are further adding spotlight.