The North America Banking Encryption Software Market would witness market growth of 10.6% CAGR during the forecast period (2021-2027).
The financial institutes and banks are protecting their customer’s confidential information from cyber-attacks with the help of encryption software that is propelling the banking encryption software market growth. The key factor surging the global market growth is the rise in illegal activities like money laundering, payment card fraud, and accounting fraud. In addition to it, issues related to the integration and implementation among financial institutes and banks are hindering the growth of the market. On the other hand, the increasing usage of banking software around the developing countries is anticipated to provide major opportunities for the growth of predictive analytics in the banking market over the forecast years.
The high adoption of various improved and advanced technology in this region has contributed to the growing demand for the regional banking encryption software market. There are several companies that are heavily investing in the safety and security of their data by adopting various solutions and software. In addition, the growing cases of cyber-attacks and threats to information prevailing across an organization are one of the major factors that would augment the demand for this software in this region.
Moreover, the presence of various global organizations’ headquarters like World Bank and others in this region can create more opportunities for the market players in this region. Several banking and financial institutions are increasingly adopting advanced software to improve their security. Additionally, many companies are also implementing this software to generate more insights and better management for data, which would bolster the growth of the regional market.
The US market dominated the North America Banking Encryption Software Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $321.8 million by 2027. The Canada market is exhibiting a CAGR of 15.2% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 14.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Banking Encryption Software Market is Estimated 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.
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