The Europe bank encryption software market is estimated to record a CAGR of 12.97% during the forecast period, 2022-2030, and is set to project a revenue of $9443.78 million by 2030.

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In Europe, companies are looking for advanced encryption solutions, given the development of several technologies for improved data management and encryption. Also, there is a growing requirement among companies for data encryption. Such factors offer growth opportunities in the region.

The Europe bank encryption software market growth analysis includes the assessment of the United Kingdom, Poland, Belgium, Russia, France, Italy, Germany, and Rest of Europe. In Germany, the government strongly supplements strong, unregulated, and widespread encryption. At the same time, it reserves the right to respond accordingly when encryption technology hinders the working of intelligence and law enforcement agencies. The country’s present stance on encryption policy can be accredited to its national cybersecurity agency, the Federal Office for Information Security (BSI). It is under the Ministry of the Interior, Building, and Community supervision. In addition, the country’s cybersecurity strategy was published in 2016. It encompasses enhancing ‘security despite encryption’ and ‘security through encryption.’

In France, several secure encryption software has been developed for government, banking, and social messaging stream for the public sector. For instance, the Tchap project created a new open-source encrypted communication tool for the country’s public agents to ensure government communication network security and enhance information dissemination. Additionally, the banking sector is mature and receptive to new technologies. Besides, the country was the first in the world to mass-deploy chip cards for payments in the banking industry. Subsequently, the chip card trend has led to data generation, thereby raising the need for data encryption for security. Such factors boost the market growth in these countries.

The Europe bank encryption software market scope includes the segmentation evaluation of function, component, deployment model, and enterprise size. The deployment model is sub-segmented into cloud bank encryption software and on-premise bank encryption software. Cloud is set to register the fastest growth in the segment.

Cloud computing uses remote servers over the internet to host resources like software, data, storage, networking, and emails. The third-party operator manages, processes, and encrypts data and can operate real-time data reporting and analytics. Also, cloud services like secure online transactions, digital wallets, and payment gateways can be utilized for securing payments for several businesses. In addition, cloud computing enables the development and launch of new services and products, which is important to sustain consumer demands. Moreover, cloud providers maintain software updates, thereby offering the latest technologies.

Further, high-secure data encryption is central to any online business conducted, which is offered by cloud computing. The increased security through payment tokenization helps organizations achieve global compliance with EMV standards.

Some of the prominent companies in the Europe bank encryption software market are McAfee Corp, Thales Group, Microsoft Corporation, Intel Corporation, etc.

Thales SA provides technology solutions for the aeronautics, transport, defense & security, and space markets. It develops, implements, and designs a range of electronic solutions for civil & military institutions, commercial satellite users and operators, aircraft manufacturers and airlines, etc. The company has operations in the Middle East & Africa, Asia-Pacific, the Americas, and Europe, with headquarters in Paris, France.

One of the company’s products, Gemalto IdCloud, is a suite of cloud-based managed services that facilitates the merging of risk management, strong customer authentication (SCA), and identity proofing in financial institutions for enhancing the consumer experience.

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