Asia-pacific Bank Encryption Software Market 2022-2028
MARKET OUTLOOK
Triton’s research report on the Asia-Pacific bank encryption software market infers that the market is estimated to progress at a CAGR of 14.85% during the forecasting phase of 2022-2028. Japan, Australia & New Zealand, South Korea, India, China, ASEAN countries, and Rest of APAC outline the market in the APAC region.
In India, the IT industry has transformed significantly over the years. For instance, the IT Act 2000 mandated the use of digital signatures for authentication and verification of online transactions. This led to the use of public key infrastructure for encrypting, signing, and authenticating the transactions. Since PKI and other encryption tools were not developed, the RBI guidelines suggested 128-bit secure socket layer (SSL) encryption as an alternative to PKI to ensure browser security. Thus, such developments have supported the bank encryption software market’s growth across the country.
The Bank of Korea is taking steps to increase cyber security to another level, maintaining pace with financial technology. Moreover, the digitalization trend has increased cyberattacks across financial institutes, influencing the adoption of security software. In this regard, encryption helps convert confidential data into an unreadable format, ensuring high-level security. Several banks are improving the security of cyberspace through various new policies. Therefore, the growing need for cyber security has increased the adoption of encryption software, supporting the South Korean bank encryption software market.
COMPETITIVE OUTLOOK
Leading companies in the bank encryption software market include Microsoft Corp, Thales Group, Dell Technologies Inc, ESET, Trend Micro Inc, Intel Corp, and IBM.
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