The Latin America, Middle East and Africa Banking Encryption Software Market is expected to witness market growth of 17.2% CAGR during the forecast period (2021-2027).
In the online banking field, major concerns related to data are its privacy and security. To avoid any kind of mishappening like illegal transactions, it is important to use high-level security. On the internet, numerous services for transactions and all kinds of details are available for the users. The only way to provide data privacy and security in online banking is the encryption of information. A digital signature, pin code, biometric, steganography, and password are some ways through which confidential data can be secured.
There is an increase in the number of threats and usage of mobile & online channels, owing to which banks are excessively investing in data & information security technology. The biggest challenge for financial institutes and banks is to handle the security of mobile and online banking. In banks and financial service organizations, Cryptography plays an important role by keeping all the data secured. It transforms the message into an unintelligible form so that nobody can read it except the authentic users. It can also authenticate the source of messages and make sure that transaction message had not been forged.
The rising need for protecting and encrypting the huge amount of data in a firm is expected to bolster the growth of the regional market. In addition, the increasing demand for an advanced and improved solution for enhancing the security of the data and minimized security breaches is expected to contribute to the surging growth of the regional market.
Moreover, the increasing focus of many SMEs and large enterprises towards data encryption is estimated to propel regional growth. However, the significant cost attached to banking encryption software is expected to restrict small companies from employing this software. With the increasing cases of digital threats, the requirement for such software is expected to augment in this region. These aspects is expected to slow down the growth of the regional banking encryption software market during the forecast period.
The Brazil market dominated the LAMEA Communication Encryption Banking Encryption Software Market by Country 2020, thereby, achieving a market value of $13.9 million by 2027. The Argentina market is expected to witness a CAGR of 17.3% during (2021 - 2027). Additionally, The UAE market is showcasing a CAGR of 16.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Software (Without Services)
- Services
By Deployment Type
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Function
- Disk Encryption
- Communication Encryption
- File / Folder Encryption
- Cloud Encryption
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- 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.
Methodology
LOADING...
