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Banking Encryption Software Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | Microsoft Corporation, Dell EMC, Intel Corporation, International Business Machines Corporation
Banking Encryption Software Global Market Report 2024
The Business Research Company offers in-depth market insights through Banking Encryption Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The banking encryption software market size has grown rapidly in recent years. It will grow from $3.71 billion in 2023 to $4.18 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to rise in cyber threats, stringent data protection regulations, growth in adoption of cloud computing, shift towards mobile banking, fraud prevention and compliance.
The banking encryption software market size is expected to see rapid growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to expansion of digital banking, increased awareness of data privacy rights, adoption of advanced technologies like blockchain and internet of things (iot) in banking, growing bfsi sector. Major trends in the forecast period include homomorphic encryption, quantum-resistant cryptography (qrc), leveraging blockchain's distributed ledger technology, ai-powered threat detection and anomaly identification, scalable and flexible encryption solutions.
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Market Segmentation:
The banking encryption software market covered in this report is segmented -
1) By Component: Software, Services
2) By Encryption Type: Symmetric Encryption, Asymmetric Encryption, Hashing Algorithms
3) By Function: Disk Encryption, Communication Encryption, File Or Folder Encryption, Cloud Encryption, Other Functions
4) By Deployment Model: Cloud, On-premise
5) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
Major Driver - Cyberattack Escalation Drives Banking Encryption Software Adoption
The rise in cyberattacks is expected to propel the growth of the banking encryption software market going forward. Cyberattacks are malicious activities that target computer systems, networks, and digital devices to compromise security, steal sensitive information, disrupt operations, or cause harm. Banking encryption software is essential for protecting financial data and communications. It is essential to reduce cyberattack risks, implement proper key management, update and patch software frequently, avoid social engineering attacks, and use a multi-layered security strategy. For instance, in June 2023, according to Embroker Insurance Services LLC, a US-based insurance company, IoT cyber-attacks alone were expected to double by 2025. Furthermore, in 2022, according to the Annual Cyber Threat Report 2021-2022 report by the Australian Cyber Security Centre, an Australia-based government agency, Australia recorded a staggering 76,000 cybercrime reports, representing a 13% increase from the previous financial year. Therefore, the rise in cyberattacks is driving the growth of the banking encryption software market.
Competitive Landscape:
Major companies operating in the banking encryption software market report are Microsoft Corporation, Dell EMC, Intel Corporation, International Business Machines Corporation, Cisco System Inc., Broadcom Inc., Hewlett Packard Enterprise, Thales Group, NetApp Inc., Gemalto, Digital China Holdings Limited, Check Point Software Technologies Ltd., McAfee LLC, Trend Micro Inc., Proofpoint Inc., Zscaler, Eset Spol S.r.o., Wondershare Technology Co. Ltd., F-Secure, CipherCloud, Seclore, Sophos Ltd., Digital Guardian, WinMagic, PKWARE Inc., Skyhigh Networks, InfoSec Global Inc., Axur, Symplified Inc., Inova Solutions Inc.
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Top Trend - The Banking Encryption Software Market Embraces Cutting-Edge Technologies
Technological advancements are a key trend gaining popularity in the banking encryption software market. Major companies operating in the banking encryption software market are innovating new products to sustain their position in the market. For instance, in October 2022, Mastercard Inc., a US-based financial services company, launched a new crypto service related to risk management. This service involves using blockchain data, artificial intelligence, and public crypto transaction records to determine crypto exchange crime-related risks within the Mastercard network. The service's primary aim is to help banks find and prevent fraud on crypto merchant platforms.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Banking Encryption Software Market Characteristics
3. Banking Encryption Software Market Trends And Strategies
4. Banking Encryption Software Market - Macro Economic Scenario
5. Banking Encryption Software Market Size And Growth
…..
27. Banking Encryption Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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