Press release
Banking Encryption Software Market Size to Boost USD 6.82 Billion By 2032 | CAGR 13.1% - Published by Emergen Research
Banking Encryption Software Market
The latest research report serves as a perfect example of the precise analysis of the global Banking Encryption Software Market. It includes the ToC, list of tables and figures, research methodology, geographic segmentation, competitive landscape, future developments, and technological innovation. Moreover, the report offers the latest coverage of the massive impact of the COVID-19 pandemic on the worldwide Banking Encryption Software industry.
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Drivers of the Banking Encryption Software Market :
Several factors are driving the expansion of the Banking Encryption Software Market. One of the primary drivers is the growing volume and complexity of cyber threats targeting the banking sector, including ransomware attacks, phishing schemes, and malware infections. In response to these evolving threats, banks are ramping up their investments in encryption technologies to encrypt data both at rest and in transit, thereby mitigating the risk of data breaches and financial fraud. Moreover, the proliferation of digital banking channels, such as mobile banking apps and online platforms, has expanded the attack surface for cybercriminals, necessitating robust encryption measures to secure sensitive transactions and communications.
Restraints and Challenges
Despite the optimistic growth trajectory, the Banking Encryption Software Market faces certain restraints and challenges. One significant challenge is the complexity of implementing encryption solutions across diverse banking environments, including legacy systems, cloud-based infrastructure, and third-party applications. Ensuring seamless integration, interoperability, and scalability of encryption software across disparate systems and platforms poses a considerable obstacle for banks seeking to enhance their cybersecurity posture. Additionally, the resource constraints and budgetary limitations of smaller banks and financial institutions may hinder their ability to invest in sophisticated encryption technologies, leaving them vulnerable to cyber threats and compliance risks.
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The report also discusses the key players involved in the market such as:
Broadcom, Trend Micro Incorporated, Thales, McAfee, LLC, TaskUs, Microsoft, Intel Corporation, Sophos Ltd, IBM, and WinMagic.
The report provides a thorough estimation of the overall impact of the pandemic on the Banking Encryption Software Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Banking Encryption Software Market
Banking Encryption Software Latest Industry News
On 7 April 2021, IBM announced the public availability of IBM Cloud for Financial Services, the industry's first financial services-ready cloud platform, which includes support for Red Hat OpenShift and other cloud-native services. The IBM Cloud for Financial Services is intended to enable financial institutions, their partners, and FinTechs to decrease risk and innovate quickly by including built-in rules that are followed by the entire ecosystem.
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Banking Encryption Software Market Segment Analysis :
For the purpose of this report, Emergen Research has segmented the global banking encryption software market on the basis of component, enterprise size, deployment, function, encryption type, end-use, and region:
· Component Outlook (Revenue, USD Billion; 2019-2032)
Services
Software
· Enterprise Size Outlook (Revenue, USD Billion; 2019-2032)
Large Enterprises
Small & Medium Enterprises
· Deployment Outlook (Revenue, USD Billion; 2019-2032)
On-premise
Cloud
· Function Outlook (Revenue, USD Billion; 2019-2032)
Disk Encryption
Communication Encryption
File/Folder Encryption
Cloud Encryption
· Encryption Type Outlook (Revenue, USD Billion; 2019-2032)
Symmetric Encryption
Asymmetric Encryption
Hashing Algorithms
· End-Use Outlook (Revenue, USD Billion; 2019-2032)
Retail Banks
Commercial Banks
Investment Banks
Other financial institutions
· Regional Outlook (Revenue, USD Billion, 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Israel
Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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