Press release
Banking Encryption Software Market is Projected to Accumulate $4.98 Billion By 2030, With A CAGR Of 12.8%, According to Allied Market Research
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐
https://www.alliedmarketresearch.com/request-sample/A11824
As per the report, the global banking encryption software industry was accounted for $1.49 billion in 2020, and is expected to reach $4.98 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.
Major determinants of the market growth
Surge in use of digital payment technology, increase in demand for data security technology among banks and financial institutions, and rise in cyberattacks and data proliferation drive the growth of the global banking encryption software market. However, lack of awareness toward encryption software and implementation issues of banking encryption software hinder the market growth. On the contrary, rise in adoption of secure infrastructure and penetration of banking software across developing countries are expected to open lucrative opportunities for the market players in the future.
Covid-19 scenario:
The Covid-19 pandemic had a positive impact on the demand for banking encryption software. The rise in adoption of mobile payment services and increased use of digital banking services during the pandemic favored the growth of the market.
The worldwide adoption of work from home culture and strict regulations regarding social distancing increased the need for digital transformation and ways for online payment.
The software segment dominated the market
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ :
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By component, the software segment held the largest share in 2020, accounting for nearly three-fourths of the global banking encryption software market, as encryption software is cheaper and faster to deploy than services. However, the services segment is estimated to register the highest CAGR of 15.1% during the forecast period, owing to increase in need for various services such as managed services and professional services.
The cloud segment to portray the highest CAGR through 2030
By deployment model, the cloud segment is projected to manifest the highest CAGR of 13.9% from 2021 to 2030, owing to the different services offered by the cloud. However, the on-premise segment held the largest share in 2020, contributing to nearly three-fifths of the global banking encryption software market, due to rise in adoption of these systems for their enhanced security features.
North America held the lion's share
By region, the market across North America dominated in 2020, accounting for nearly two-fifths of the market, due to availability of a massive amount of data that needs to be safeguarded. However, the global banking encryption software market across Asia-Pacific is anticipated to showcase the highest CAGR of 14.2% during the forecast period, owing to rise in penetration of IoT, cloud services, and BYOD in the region.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง:
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Major market players
Broadcom
IBM Corporation
ESET
McAfee, LLC
Intel Corporation
Sophos Ltd.
Microsoft Corporation
Trend Micro Incorporated and WinMagic
Thales Group
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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