Rising Cyber Attack Threats boost Global Bank Encryption Software Market Demands

Inkwood Research estimates that the Global Bank Encryption Software Market is evaluated to project a CAGR of 13.39% in terms of revenue during the forecasting years of 2022-2030.

"Browse 49 Market Data Tables and 49 Figures spread over 230 Pages, along with an in-depth TOC on the Global Bank Encryption Software Market Forecast 2022-2030."

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Bank encryption software is a data protection platform that enables transaction detail document exchange with the consumer privately. It offers several advantages that include high security and easy data interaction. Also, it provides benefits like enhanced database efficiency, increased security of user financial information, and real-time notifications on fraudulent actions.

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Growing Threat of Cyber Attacks on Banks & Financial Institutions drives Market Growth

There has been an unprecedented increase in the frequency of ransomware attacks since 2020, with the latest stats revealing a 93% in the first half of 2021. This increase in attacks is attributed to the rising 'triple extortion' ransomware technique, wherein the attackers threaten to release stolen sensitive data from organizations. Also, business partners, vendors, and consumers have become the latest targets.

In addition, there has been a 29% increase in cyberattacks worldwide, largely concentrated in Europe, the Middle East, and Africa (EMEA) and the Americas (36% and 24%, respectively). In the case of Asia-Pacific, the highest number of weekly cyberattacks was 1338. In countries like India, there was a surge in cyberattacks, given the fast-paced adoption of digital services in the wake of COVID-19. Such aspects highlight the need for protection from cyberattacks and have increased the demand for data recovery tools. As a result, the recovery and prevention functions of encryption software are contributing to its increased demands globally.

Large Enterprises: Enterprise Size with Largest Revenue Share

In large enterprises, encryption ensures the confidentiality and security of data and information stored on cloud-based or proprietary systems sent through digital communications. Also, they need to federate encryption responsibilities and roles to company locations and business units, while preserving centralized management.

With the increasing encryption adoption, there is an increasing need to incorporate a system that centralizes cryptographic key lifecycle management on enterprise levels. In addition, separate encryption technologies entail built-in key management with different levels of functionality and require the use of separate key managers. Besides, the centralized control of key management offers visibility into central processes like destruction, archiving, and backup.

Asia-Pacific: Fastest-Growing Region

The region's market growth is driven by the growing prioritization of cybersecurity, the increasing smart city projects, and the rising internet penetration. In addition, the complexity of threats has raised the need for encryption in the region, backed by the demand for more reliable, secure, and comprehensive security technologies. Also, the regulatory framework by the governments in terms of compliance and data privacy demands offers growth opportunities.

The high competitive rivalry is due to entrants offering cost-effective software solutions and penetrating niche markets. Some of the main companies operating in the market include Broadcom INC, Thales Group, IBM, Intel Corporation, etc.

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About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

This release was published on openPR.