Press release
Banking Encryption Software market: Analysts Predict Market to Reach New Heights by 2033
Banking Encryption Software Market Size
As per the report, 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 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%.
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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.
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 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
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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.
Contents of the report:
1. Executive Summary
2. Banking Encryption Software Market Report Structure
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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