Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global payment security market size was valued at USD 19.82 billion in 2021. The market is expected to grow from USD 22.69 billion in 2022 to USD 63.96 billion by 2029, exhibiting a CAGR of 16.0% during the forecast period. The increasing frequency of data breaches and the incorporation of advanced technology in payment security are expected to enhance the industry’s progress. Fortune Business Insights™ provides this information in its report titled “Payment Security Market Forecast, 2022-2029.”
Request a Sample Copy of the Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/payment-security-market-103748
Key Industry Development
May 2022- Entersekt, a device identification and authentication solutions provider, partnered with Capitec Bank. This partnership has implemented an innovative 3-D EMV security solution that enhances the security of e-commerce payments while decreasing friction for cardholder.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 16.0% |
| 2029 Value Projection | USD 63.96 Billion |
| Base Year | 2021 |
| Payment Security Market Size in 2021 | USD 19.82 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Solution, Enterprise Type, Industry, Geography |
| Payment Security Market Growth Drivers | Increasing Demand for Advanced Consumer Electronics Devices Drives Market Growth |
| Continuous Technology Changes and Rising Concerns about IP Theft in Industry Impede Market Growth |
Rising Adoption of Digital Payments Elevated Market Growth During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to the rising adoption of digital payments. The rapid spread of COVID-19 infections led to the adoption of contactless payments. This switch to online payment systems elevated the industry’s growth. Furthermore, the rising adoption of smartphones led to the adoption of digital services. Moreover, the rising dependence upon online payment systems during the pandemic elevated the adoption of online payments, thereby enhancing growth prospects during the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
https://www.fortunebusinessinsights.com/payment-security-market-103748
Drivers and Restraints
Rising Frequency of Data Breaches to Propel Market Growth
Payment security is a process wherein businesses adopt to gain insights and visualize as per hidden patterns and correlations. The increasing frequency of data breaches is expected to enhance the adoption of secure payment solutions. Furthermore, rapid developments in secure payment technologies are expected to enhance its adoption. Moreover, the increasing adoption of digital payments, wallets, and Unified Payment Interfaces (UPI), and others is expected to attract demand for secure payment technologies. Also, the increasing adoption of 5G services, Big Data, and cloud technologies is expected to open remunerative growth opportunities for this industry. These factors may drive the payment security market growth.
However, lack of skilled professionals and concerns regarding security may hinder this industry’s growth.
Segments
Fraud and Prevention Segment to Dominate Backed by Rising Concerns Regarding Payment Frauds
By solution, the market is segmented into tokenization, encryption, and fraud and prevention. The fraud and prevention segment is expected to lead the market due to rising concerns regarding payment fraud.
Large Enterprise Segment to Dominate Attributable to the Deployment of Security Solutions for the Expansion of Security Business Extension
As per organization size, the market is bifurcated into SME and large enterprise. The large enterprise segment is expected to dominate due to the rising deployment of security solutions to expand security business extensions.
Retail Segment to Lead Owing to Rising Online Payment Application Usage
Based on industry, the market is classified into BFSI, IT & telecom, retail, healthcare, travel & hospitality, and others. The retail segment is expected to lead due to increasing online payment application usage.
Regionally, the market is clubbed into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Have Any Query? Ask Our Experts:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/payment-security-market-103748
Regional Insights
Rising Adoption of Real-time Payments to Enhance Market Progress in North America
North America is expected to dominate the payment security market share due to the rising adoption of real-time payments. The market in North America stood at USD 7.33 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the rising number of payment frauds in the region is expected to enhance the demand for security solutions. These factors may enhance the industry’s progress in the region.
In Asia Pacific, the increasing adoption of online digital payment is expected to enhance the demand for payment security solutions. Furthermore, increasing adoption of smartphones is likely to enhance the industry’s progress in the region
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Competitive Landscape
Major Players Introduce Novel Offerings to Enhance their Brand Image
The prominent companies operating in the market announce novel product offerings to elevate their sales and enhance their brand image. For example, PayPal announced its PayPal app in September 2021 to offer an all-in-one app to consumers and empower them to manage their financial life. This strategy may allow the company to enhance its service offerings and elevate its brand image. Further, several companies deploy mergers, acquisitions, innovations, collaborations, and research & developments to enhance their market position globally.
Access Full Report:
https://www.fortunebusinessinsights.com/checkout-page/103748
List of Key Players Profiled in the Report
- Paypal Holdings, Inc. (U.S.)
- Thales (France)
- Cybersource (U.S.)
- Bluefin Payment Systems LLC (U.S.)
- Outseer (U.S.)
- PayU (Netherlands)
- Elavon, Inc. (Netherlands)
- UL LLC (U.S.)
- TNS, Inc. (U.S.)
- TokenEx (U.S.)
Major Table of Contents:
- Global Payment Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Solution (USD)
- Tokenization
- Encryption
- Fraud and Prevention
- By Enterprise Type (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Payment Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Solution (USD)
- Tokenization
- Encryption
- Fraud and Prevention
- By Enterprise Type (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Payment Security Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Solution (USD)
- Tokenization
- Encryption
- Fraud and Prevention
- By Enterprise Type (USD)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
