The Small & Medium Enterprises market is expected to witness a CAGR of 14.1% during (2021 - 2027).īased on Function, the market is segmented into Disk Encryption, Communication Encryption, File / Folder Encryption, Cloud Encryption, and Others. The Large Enterprises market dominated the Global Banking Encryption Software Market by Enterprise Size 2020. Moreover, this encryption software is providing a facility to the enterprises to access confidential information and have a greater control over the software from faraway locations with improved security.īased on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. This growth is attributed to the growing adoption of cloud-based encryption software by various financial institutes and banks.
The cloud segment is projected to witness a rise in growth during the forecast period. The service segment would witness the lucrative growth opportunity over the forecast period, due to the rising need for data encryption services in the banks for controlling threats of an organization, assessing, identifying.īased on Deployment Type, the market is segmented into On-premise and Cloud. To secure customer information from cyber-attacks, financial institutes and banks are implementing banking encryption software across their premises.īased on Component, the market is segmented into Software (Without Services) and Services. Additionally, banking encryption software would witness a lucrative growth rate over the forecast period because of the several norms imposed due to a pandemic like social distancing, digital transformation of the payment industry, and working from home. In addition, the pandemic has led to some essential changes in financial institutions and banks as there is rising awareness about offering secured banking services. There is increasing investment of the companies in encryption software since the outbreak of the pandemic due to several factors like growing usage of digital banking services and increase in adoption of online payment services. The pandemic has a positive impact on the growth of the banking encryption software market. Several banks are hit hard by the imposition of lockdown in many nations. The outbreak of the COVID-19 pandemic has impacted every domain of society. Moreover, to protect the client information such as, survey responses, call center transcripts, banker notes, and customer emails, the financial & banking industry is using encryption technology that helps them to improve business operations. This software encrypts and decrypts banks customer’s confidential information as per the customer demand and because of this, most of the fintech agencies and banks are deploying this software across their premises. To protect the customer’s confidential information like social security numbers, credit scores, names, and addresses from cyber-attacks, most banks use a powerful information security technology, called Banking Encryption Software. Many banks are using this encryption software, leading to the rise in the growth of the banking encryption software market. In addition, to provide secure payment transactions to the customer, numerous financial institutions and banks are using banking encryption software services. Moreover, banking encryption software services provide several benefits like hassle-free data transaction service, high-level security, and among others. 31, 2021 (GLOBE NEWSWIRE) - announces the release of the report "Global Banking Encryption Software Market By Component, By Deployment Type, By Enterprise Size, By Function, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027". Banking encryption software is used as a data protection platform, which allows banks to exchange the transaction detail document privately with their customer. 2 billion by 2027, rising at a market growth of 12% CAGR during the forecast period. The Global Banking Encryption Software Market size is expected to reach $3.
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