Industry Background:
Banking encryption software automated the encryption process of the banking sector, the standard level of encryption used is 256-bit AES, an advanced encryption standard. The software manages the level of data protection by accredited as equivalent to the same high-level security in the financial institutions and banks. Data security and privacy play an important role in banks sectors/operations maintaining the enterprise level of data protection.This growth is primarily driven by Growing Number of Data Credential Thefts and Unauthorised Access Related Issus in Banking Operations
.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), Intel Corporation (United States), ESET (Slovakia), McAfee, LLC (United States), Sophos Group plc (United Kingdom), Thales Group (France), Microsoft Corporation (United States), Trend Micro Inc. (Japan), WinMagic (Canada), Symantec (United States), Kaspersky Lab (Russia) and AppSealing (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In December 2020, IBM Security launched a new service that allows companies to experiment with fully homomorphic encryption (FHE) – an emerging technology designed to allow data to remain encrypted even while being processed or analyzed in the cloud or third-party environments. The new IBM Security Homomorphic Encryption Services provide companies with education, expert support, and a testing environment for clients to develop prototype applications that can take advantage of FHE.
On 16th September 2021, AppSealing, a leading mobile application security solution provider and a service of INKA NETWORKS, announced the launch of its data encryption solution for Android applications. With this solution, companies can protect a slew of sensitive data like authentication tokens, unique identifiers, and passwords from unauthorized access and modification. The company makes fintech, payments, banking, and gaming apps a lot more secure.Banking Encryption Software is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Regulatory Insights:
"The Federal Financial Institutions Examination Council (FFIEC), which is “empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions,” adds between FFIEC and GLBA, banks and financial institutions should encrypt, any sensitive information an individual gives you to get a financial product or service (such as name, address, income, Social Security number, or other information on an application), any information you get about an individual from a transaction involving your financial products or services (for example, the fact that an individual is your customer, account numbers, payment history, loan or deposit balances, and credit or debit card purchases) and any information you get about an individual in connection with providing a financial product or service (for example, information from court records or from a consumer report)."
Influencing Trend:
Rising Online Banking Operation is with Different Encrypted Technology in the Market
Market Growth Drivers:
Growing Number of Data Credential Thefts and Unauthorised Access Related Issus in Banking Operations and Need for Data Encryption and Protection in Banking
Challenges:
Network and Supportability Related Issues with Banking Encryption Software Market
Restraints:
Regulatory Compliances and Standards Related to Encryption Software used in Banking
Opportunities:
Growing Demand for Mobile Banking Security will Boost the Banking Encryption Software Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Banking Encryption Software Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Banking Encryption Software Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Banking Encryption Software players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Banking Encryption Software Study Sheds Light on
The Banking Encryption Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Banking Encryption Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Banking Encryption Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.