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Cyberattack Escalation Drives Banking Encryption Software Adoption Emerges as a Core Driver of the Banking Encryption Software Market in 2025
Banking Encryption Software
What Is the Expected CAGR for the Banking Encryption Software Market Through 2025?
In recent times, the market size of banking encryption software has expanded at a fast pace. It is projected to increase from $4.09 billion in 2024 to reach $4.55 billion by 2025, with a compound annual growth rate (CAGR) of 11.3%. The escalation during the historical period can be linked to the surge in cyber threats, strict data protection laws, the rise in the use of cloud computing, trending transition to mobile banking, prevention of fraud, and adherence to compliance.
What's the Projected Size of the Global Banking Encryption Software Market by 2029?
The market size for banking encryption software is predicted to experience significant growth in the coming years, with an estimation of reaching $7.93 billion by 2029, progressing at a compound annual growth rate (CAGR) of 14.9%. This expected growth during the forecast period is due to factors such as the proliferation of digital banking, heightened awareness of data privacy rights, the adoption of cutting-edge technologies like blockchain and Internet of Things (IoT) in the banking sector, and the expanding bfsi sector. Key trends in this forecast period include the implementation of homomorphic encryption, quantum-resistant cryptography (qrc), the utilization of blockchain's distributed ledger technology, AI-induced threat detection and anomaly recognition, and scalable and flexible encryption solutions.
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Top Growth Drivers in the Banking Encryption Software Industry: What's Accelerating the Market?
The escalating instances of cyberattacks are projected to drive the expansion of the banking encryption software market in the future. These cyberattacks are destructive actions aimed at computer systems, networks, and digital equipment with the intention of breaching security, pilfering sensitive data, disrupting operations, or causing damage. Banking encryption software plays a critical role in safeguarding financial information and communications. It is crucial to decrease the threat of cyberattacks, enforce appropriate key control, frequently update and repair software, evade social engineering assaults, and employ a security strategy with multiple layers. For example, the Australian Cyber Security Centre, a cyber security organisation based in Australia, reported in February 2023, 76,000 cases of cybercrime in 2022, a 13% increase from the preceding year. Consequently, the surge in cyberattacks is fueling the development of the banking encryption software market.
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What Trends Will Shape the Banking Encryption Software Market Through 2029 and Beyond?
Technological innovations are becoming increasingly popular in the banking encryption software market. To maintain their market standing, major firms in this sector are introducing novel products. For example, in October 2022, US financial services company Mastercard Inc. unveiled a new crypto service associated with risk management. This service employs blockchain information, AI, and public crypto transaction logs to ascertain crime-related risks related to crypto exchange within the Mastercard network. The main objective of this service is to assist banks in identifying and avoiding fraud on cryptocurrency merchant platforms.
What Are the Main Segments in the Banking Encryption Software Market?
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
Subsegments:
1) By Software: Data Encryption Software, Database Encryption Solutions, File And Folder Encryption Tools, Network Encryption Software, Endpoint Encryption Solutions, Cloud Encryption Services
2) By Services: Implementation Services, Consulting Services, Support And Maintenance Services, Training And Education Services, Managed Security Services
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Which Top Companies are Driving Growth in the Banking Encryption Software Market?
Major companies operating in the banking encryption software market include 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.
Which Regions Will Dominate the Banking Encryption Software Market Through 2029?
North America was the largest region in the banking encryption software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking encryption software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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