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Banking Encryption Software Market to Garner $4.98 Bn by 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.

Allied Market Research recently published a report, titled, “Banking Encryption Software Market by Component (Software and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Sized Enterprises), and Function (Disk Encryption, Communication Encryption, File/Folder Encryption, and Cloud Encryption): Global Opportunity Analysis and Industry Forecast, 2021–2030”. 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.

Download Sample Report (Get Full Insights in PDF – 256+ Pages) @ https://www.alliedmarketresearch.com/request-sample/12189

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

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.

Get detailed COVID-19 impact analysis on the Banking Encryption Software Market @ https://www.alliedmarketresearch.com/request-for-customization/12189?reqfor=covid

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.

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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

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” 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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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. Each and every 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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