Banking Encryption Software Market To Reach $5.03 Billion By 2030

Banking Encryption Software Market Growth & Trends

The global banking encryption software market size is expected to reach USD 5.03 billion by 2030, registering a CAGR of 13.8% from 2025 to 2030, according to a new report by Grand View Research, Inc. The growing need for modern security solutions worldwide is anticipated to drive the growth of the industry. In addition, the rising incidences of cyber-attacks also bode well for growth.

Banking encryption software facilitates the confidential exchange of vital data by encrypting the data at the sender’s end in a form not readable without a proper authentication key, which is usually in the form of a password. The receiver can use the authentication key to decrypt the data and read it. The strong emphasis banks and other financial institutions are putting on securing data transactions is driving the adoption of banking encryption software.

The growing partnerships among the encryption software providers are expected to drive market growth. For instance, In April 2021, Google Cloud and Broadcom collaborated. This collaboration increased the integration of cloud services into Broadcom's primary software franchises. In this partnership, Broadcom was able to make enterprise operations software and its security suite available on Google Cloud, enabling organizations to encrypt and decrypt data at the column level.

The COVID-19 pandemic impacted the banking encryption software market growth positively. Due to the pandemic, the transfer of data increased as offices and businesses adopted the work-from-home model. Remote applications got overloaded with crucial data, and cloud deployment gained more popularity. Due to the increase in online data transfer, the need for encryption software that facilitated secure data transfer increased.

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Banking Encryption Software Market Report Highlights

• The software segment accounted for the largest share of 64.64% in 2024. The software provides the infrastructure for deploying, creating, and managing financial products.

• The on-premise segment held the largest market in 2024. Institutions worldwide are making efforts to gain authority over their software and control over their data.

• The large enterprises segment dominated the market in 2024. Large enterprises comparably have to handle a lot of data owing to their large customer base, which is the key attribute responsible for the segment’s dominance.

• The disk encryption segment dominated the market in 2024. Disk encryption's capability to encrypt the tiniest bit of data stored in the disk volume creates demand across the banking sector.

• North America banking encryption software market held the largest share in 2024 and accounted for 28.80%.

Banking Encryption Software Market Segmentation

Grand View Research has segmented global banking encryption software market report based on component, deployment, enterprise size, function, and region:

Banking Encryption Software Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Service

Banking Encryption Software Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• On-Premise

• Cloud

Banking Encryption Software Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Banking Encryption Software Function Outlook (Revenue, USD Million, 2018 - 2030)

• Disk Encryption

• Communication Encryption

• File/Folder Encryption

• Cloud Encryption

Banking Encryption Software Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

• Middle East & Africa (MEA)

  • KSA

  • UAE

  • South Africa

List of Key Players in the Banking Encryption Software Market

• Broadcom Inc.

• ESET North America

• IBM Corporation

• Intel Corporation

• McAfee, LLC

• Microsoft Corporation

• Sophos Ltd.

• Thales Group

• Trend Micro Incorporated

• WinMagic