The Asia-Pacific bank encryption software market is predicted to project a CAGR of 14.27% during the forecast period, 2022-2030, and reach a revenue of $9645.17 million by 2030.

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There is a surging demand for digital payment technologies like credit cards, debit cards, and mobile banking in the region. Also, the benefits offered by the bank encryption software like the restriction of illegal activities in the banking process, high payment security, and improved payment transaction services, in terms of electronic payment methods, offer growth opportunities.

The Asia-Pacific bank encryption software market growth evaluation includes the analysis of Japan, South Korea, Thailand, Australia & New Zealand, China, India, Indonesia, Singapore, and Rest of Asia-Pacific. In China, the national security, technological autonomy, and economic development goals encompass encryption software development. Encryption was a vital tool in many industrial policies designed to propel the competitiveness of domestic IT firms in the late 1990s. Also, there are real concerns regarding the risks associated with reliance on foreign suppliers. These have further extended to concerns related to individual users, particularly between personal information protection and government access.

Further, the country has over 800 million internet users and 1.5 billion cell phone subscriptions. Additionally, the widespread cyber-crime has raised the awareness of privacy and the need for personal information security among citizens. Such factors enable market growth in China.

In India, the information technology policy was developed upon the acknowledgment of the internet’s potential for digital banking and e-commerce. Accordingly, the Information Technology Act 2000 obligated the use of digital signatures for non-repudiation, verification, and authentication of online transactions. In addition, the premier banks of the country are looking to adopt fully-encrypted, state-of-the-art ATM security solutions to protect consumers after having to block compromised debit cards as part of big data breaches in the financial sector. Also, cyber threats and malware attacks have impacted the banks in India, resulting in efforts to ensure data protection at multiple levels of industry-standard encryption and authentication. Moreover, several companies are offering solutions to banks for deploying consumer-friendly technology solutions for banking, payment, and other financial services. Such aspects constitute the Indian market.

The segmentation analysis of the Asia-Pacific bank encryption software market includes deployment model, function, component, and enterprise size. The enterprise size is sub-categorized into small & medium enterprises and large enterprises.

Small & medium-sized enterprises (SMEs) are projected to gain more revenue share. These collect personally identifiable information (PII) like financial information, social security numbers, birthdates, and names. SMEs include small regional banks, district banks, equity funds, financial institutes, etc. Encryption facilitates several types of economic activities. It helps the SMEs protect sensitive information so as to only allow authorized users to understand and decrypt the information with the right key. This encryption is done in the form of a pin code, password, biometrics, steganography, digital signature, etc.

Some of the key companies operating in the Asia-Pacific bank encryption software market include Trend Micro Inc, Thales Group, Netskope Inc, Protegrity Pvt, etc.

Trend Micro Inc develops small business security, cloud security, and server security solutions. It also offers cleaning templates that reduce the impact of network viruses, mixed-threat attacks, and network vulnerabilities. It has R&D centers and regional headquarters in North America, Europe, and Asia, with global headquarters in Tokyo, Japan.

One of its key products, XDR, takes immediate response, views the chain of events across security layers, runs a root cause analysis, and identifies the scope of impact across assets.

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