The Global Banking Encryption Software Market size is expected to reach $3. 2 billion by 2027, rising at a market growth of 12% CAGR during the forecast period. Banking encryption software is used as a data protection platform, which allows banks to exchange the transaction detail document privately with their customer.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com 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" - https://www.reportlinker.com/p06131622/?utm_source=GNW
Moreover, banking encryption software services provide several benefits like hassle-free data transaction service, high-level security, and among others. In addition, to provide secure payment transactions to the customer, numerous financial institutions and banks are using banking encryption software services. Many banks are using this encryption software, leading to the rise in the growth of the banking encryption software market.
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. 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. 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.
The outbreak of the COVID-19 pandemic has impacted every domain of society. Several banks are hit hard by the imposition of lockdown in many nations. The pandemic has a positive impact on the growth of the banking encryption software market. 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.
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. 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. To secure customer information from cyber-attacks, financial institutes and banks are implementing banking encryption software across their premises.
Based on Component, the market is segmented into Software (Without Services) and Services. 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.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud segment is projected to witness a rise in growth during the forecast period. This growth is attributed to the growing adoption of cloud-based encryption software by various financial institutes and banks. 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.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Large Enterprises market dominated the Global Banking Encryption Software Market by Enterprise Size 2020. The Small & Medium Enterprises market is expected to witness a CAGR of 14.1% during (2021 - 2027).
Based on Function, the market is segmented into Disk Encryption, Communication Encryption, File / Folder Encryption, Cloud Encryption, and Others. The disk encryption segment would procure a prominent share in the market over the forecast period. The utilization of encrypted disks is safe because in case of misplaced or stolen, no one can access the data except the authorized users, thereby propelling the development of this segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. On the basis of region, North America emerged as a leading region in the banking encryption software market, in 2020 and would maintain the leading position over the forecast period. This surge is due to the rise in demand for encryption software by the public and private banks to ensure and secure the privacy of data and an increase in government support to implement data security technology.
The major strategies followed by the market participants are Partnerships, Collaborations, and Agreements. Based on the Analysis presented in the Cardinal matrix; Intel Corporation and Microsoft Corporation are the forerunners in the Banking Encryption Software Market. Companies such as Thales Group, IBM Corporation, and Broadcom, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Broadcom, Inc., Eset, Spol. S.r.o., IBM Corporation, Intel Corporation, McAfee, LLC, Microsoft Corporation, Sophos Group PLC (Thoma Bravo), Thales Group S.A., Trend Micro, Inc., and Winmagic, Inc.
Recent Strategies deployed in Banking Encryption Software Market
Partnership, Collaboration, and Agreements:
Jun-2021: Intel came into collaboration with Duality Technologies, a leading provider of commercial platforms. This collaboration aimed to boost Fully Homomorphic Encryption on the latest 3rd Gen Intel Xeon Processors, improving performance for privacy-preserving Data Science, collaborative, and AI applications.
Jun-2021: Microsoft came into a partnership with Morgan Stanley, an American multinational investment bank and financial services company. The partnership aimed to unlock the opportunities, where Microsoft’s cloud offers a specific view toward the challenges of financial services and allowing Morgan Stanley to boost the modernization of its IT environment to improve employee, customer, and developer experiences.
Apr-2021: Broadcom came into collaboration with Google Cloud. This collaboration focuses on boosting innovation and strengthens cloud services incorporation into the key software franchises of Broadcom. In this collaboration, Broadcom would offer its portfolio of security & enterprise operations software on Google Cloud, allowing companies to implement Broadcom solutions in safety, DevOps, and more on Google Cloud’s trusted, global infrastructure.
Apr-2021: Intel joined hands with NASDAQ, a global technology company. Under this collaboration, NASDAQ would leverage the crypto acceleration in Intel’s 3rd Generation Intel Xeon Scalable platform to considerably boost up computation for its high-performance improved homomorphic encryption (HE) applications. HE is the latest form of encryption, which enables the capability to compute private information without any need to decrypt the data.
Mar-2021: IBM collaborated with METACO, a provider of security-critical infrastructure. In this collaboration, METACO would leverage confidential computing offerings via IBM Cloud & IBM Cloud Hyper Protect Services for their digital asset orchestration system. By operating the platform on IBM Cloud, METACO can provide its conventional finance customers advantages that include improved security and scalability with the adoption of hybrid cloud strategies.
Mar-2021: Thales entered into collaboration with Axis Bank, an Indian banking and financial services company. Under this collaboration, the latest Thales chip form factor would leverage Tappy Technologies’ holistic payment solution to Axis Bank, to improve users outreach by providing innovative purchase methods. This range of wearable contactless payment gadgets is convenient to carry around and integrate effortlessly into the customers’ daily lives with the reduced intrusion.
Jan-2021: Broadcom formed collaboration with IBM, an American multinational technology company. Under this collaboration, the companies aim to provide new levels of Cyber-Resilient Storage, where Broadcom’s Brocade storage networking material integrates with IBM’s smart storage applied sciences, which delivers a rock-solid basis for transferring data all across a company.
Jan-2021: IBM teamed up with Luminor Bank, the third-largest bank in the Baltics and Estonia. In this collaboration, Luminor Bank would adopt IBM Cloud for Financial Services to boost Digital Transformation and continuously strengthen the security & regulatory compliance procedures by transforming its IT infrastructure to IBM Cloud for Financial Services.
Jan-2021: Microsoft came into partnership with Tanla Platforms Limited, a cloud communications company. This partnership aimed to introduce Wisely, a blockchain-enabled communications platform-as-a-service (CPaaS) to deliver safe and trusted communication experiences.
Dec-2020: Intel teamed up with Consilient, developer of optimized software algorithms involved in voice, data, fax, and video communications. Under this collaboration, Consilient introduced the latest, secure, federated learning platform powered by Intel Software Guard Extensions. The AI platform focuses on preventing financial crime and allows a safer collaboration throughout financial institutions and also assists in improving privacy and secure data.
Dec-2020: Microsoft extended its partnership with Deutsche Telekom Group, a German telecommunications company. This partnership aimed to integrate the strength of Deutsche Telekom’s network and Microsoft’s cloud to deliver customers with more opportunities to be more resilient, boost innovation and eventually drive success.
Sep-2020: Thales teamed up with the Commercial Bank of Kuwait (CBK). In this collaboration, Thales would supply its Gemalto Trusted Services Hub (TSH) to the CBK, which enables CBK customers to freely and conveniently carry out secure contactless payments, on their smartphones.
Acquisitions and Mergers:
Dec-2020: IBM took over Expertus Technologies, a Montreal-based Fintech company. This acquisition aimed to strengthen IBM’s capabilities as an end-to-end digital payments solution provider and further improve IBM’s hybrid cloud & AI strategy.
Apr-2019: Thales acquired Gemalto, creating a global leader in digital identity and security. Through this acquisition, Thales would develop safer solutions to tackle the major challenges faced by the societies like data & network cybersecurity, unmanned air traffic management, airport security, or financial transaction security.
Product Launches and Product Expansions:
Apr-2021: IBM introduced IBM Cloud for Financial Services, the industry’s first financial services-ready cloud platform. This platform includes the support for Red Hat OpenShift & other cloud-native services. In addition, this platform is developed to assist in reducing risk for financial institutions, their partners & FinTechs, and innovate instantly with built-in controls, which are adhered to by the whole ecosystem.
Apr-2021: Sophos launched the latest XGS Series firewall appliances with excellent performance and improved protection against cyberattacks. These appliances feature industry-best Transport Layer Security (TLS) inspection that includes native support for TLS 1.3, which is up to five times quicker than other models accessible in the market.
Dec-2020: IBM released fully homomorphic encryption (FHE). This product enables the processing of encrypted files without any need to decrypt them.
Dec-2020: ESET released its latest endpoint security management platform, ESET PROTECT, in certain nations. This platform brings simple and automated management of ESET’s broad portfolio of security solutions with two deployment options on-premises and cloud. In addition, ESET PROTECT Cloud is the latest cornerstone for security management in ESET’s cloud-based business capability, which is capable of catering to companies of all sizes.
Sep-2020: ESET introduced version 6.0 of ESET Mobile Security (EMS). This solution offers protection against a multitude of Android mobile security risks like malware & phishing and has the added feature of Payment Protection for financial transactions. Version 6.0 of the premium Mobile Security solution launches a new layer of security for EMS customers. The Payment Protection feature secures customers from applications, which use sensitive financial information like banking transactions and online shopping.
Feb-2020: Sophos unveiled the latest Xstream architecture for Sophos XG Firewall with better performance Transport Layer Security (TLS) traffic decryption capabilities. This further eradicates substantial security threats regarding encrypted network traffic that is mostly overlooked by security teams owing to performance and complexity issues. XG Firewall also features AI-improved threat analysis from SophosLabs and better application performance.
Scope of the Study
Market Segments covered in the Report:
• Software (Without Services)
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
• Disk Encryption
• Communication Encryption
• File / Folder Encryption
• Cloud Encryption
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Broadcom, Inc.
• Eset, Spol. S.r.o.
• IBM Corporation
• Intel Corporation
• McAfee, LLC
• Microsoft Corporation
• Sophos Group PLC (Thoma Bravo)
• Thales Group S.A.
• Trend Micro, Inc.
• Winmagic, Inc.
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