The Asia Pacific Banking Encryption Software Market would witness market growth of 13.9% CAGR during the forecast period (2021-2027).
There is a surge in the growth of the banking encryption software market, owing to the rise in the usage of digital payment technologies like mobile banking, debit cards, and credit cards among the population. The banking encryption software provides various benefits like reduction of illegal activities in the banking process, enhancement in the payment transaction service, and higher payment security, owing to the incorporation of encryption technology in the electronic payment method.
However, at the time of digital payment, banks ensure and protect the security & privacy of customer’s confidential records using encryption technology. Besides, to avoid the expected threats, there is a growth in the requirement to protect confidential records of fintech institute and banks, leading to a boost in the market growth. These benefits are offered by banks to consumers while doing digital payment, hence fueling the growth of banking encryption software market during the forecast years.
The growing security and privacy concerns across developing countries like India and China where Cybersecurity is a major concern would accelerate the demand for banking encryption software in this region. With the increasing cases of cyberattacks, fraud activities, and misuse of data, enterprises are highly recommending using this software that would augment the regional market.
Along with that, the increasing awareness among the banking & financial institutions about the benefits of this software would boost its demand in the regional market. There is a huge amount of data in an organization, which is difficult to handle, and thus, it becomes more important to encrypt it and protect it from hackers and frauds. For this, these organizations implement banking encryption software on their premise for enhanced security and better encryption of data.
The China market dominated the Asia Pacific Large Enterprises Banking Encryption Software Market by Country 2020, thereby, achieving a market value of $198 million by 2027. The Japan market is showcasing a CAGR of 12.5% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 13.8% during (2021 - 2027).
Based on Component, the market is segmented into Software (Without Services) and Services. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Function, the market is segmented into Disk Encryption, Communication Encryption, File / Folder Encryption, Cloud Encryption, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Banking Encryption Software Market is Projected to reach USD 3.2 Billion by 2027, at a CAGR of 12%
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.
By Component
By Deployment Type
By Enterprise Size
By Function
By Country
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