Overview and Scope
Payment security refers to the rules, regulations, and security mechanisms in place to safeguard the privacy, data, and transactions of a customer or partner to prevent money laundering, fraudulent transactions, and data breaches. These mechanisms are used to provide the customer with data security and to avoid unauthorized transactions and data breaches.
Sizing and Forecast
The payment security market size has grown rapidly in recent years. It will grow from $27.55 billion in 2023 to $31.55 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to rise of e-commerce, increased in digital transactions, globalization of financial transactions, data breaches, consumer awareness and expectations..
The payment security market size is expected to see rapid growth in the next few years. It will grow to $56.54 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to emergence of contactless payments, blockchain and cryptocurrency security, integration of biometric authentication, regulatory developments, continuous evolution of cyber threats.. Major trends in the forecast period include increasing cyber threats, globalization and cross-border transactions, mobile and contactless payments, consumer awareness, fraud prevention..
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Segmentation & Regional Insights
The payment security market covered in this report is segmented –
1) By Solution: Encryption, Tokenization, Fraud Detection And Prevention
2) By Services: Integration Services, Support Services, Consulting Services
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Retail, Travel And Hospitality, Healthcare, IT And Telecom, Education, Media And Entertainment, Others (Automotive, Financial Services, And Manufacturing)
Top Major Players
CyberSource Corporation
Elavon Inc.
Bluefin Payment Systems LLC.
Ingenico Group.
SISA Information Security Pvt Ltd.
North America was the largest region in the payment security market in 2023. The regions covered in the payment security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of digital payment modes is expected to propel the growth of the payment security market. Digital payments offer a quick, safe, and convenient method to buy goods and services. Consumer trust and concerns about fraud and security in digital payment are critical for future use of digital payment cards. Payment security measures ensure to prevent any fraud and concerns regarding payments. The increasing adoption of digital payment modes will create significant demand for payment security solutions as these are essential for secured payment transactions. For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21. A total of 7,422 (74.22 billion) crore digital transactions were reported until February 28, 2022, in the current fiscal year 2021–22. Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) emerged as customers' favorite payment platform, with 452.75 crores (4.52 billion) digital payment transactions worth ₹8.27 lakh crore ($106 billion) completed by February 28, 2022. Similarly, according to the Commonwealth Bank, the number of monthly digital wallet transactions between March 2020 and March 2021 increased by 90%, with the rise in the number of transactions from 36 million to 68 million. Therefore, the increasing adoption of digital payment modes will drive the payment security market growth.
Key Industry Players
Major companies operating in the payment security market report are CyberSource Corporation, Elavon Inc., Bluefin Payment Systems LLC., Ingenico Group., SISA Information Security Pvt Ltd., Mastercard Inc., Experian plc., Eastnets, Interkassa, Adyen N. V., Stripe India Private Ltd., PayPal Holdings Inc., Square Inc., Worldpay Inc., Braintree, Authorize. Net LLC., BlueSnap Inc., Fiserv Inc., ACI Worldwide Inc., Verifone Systems Inc., First Data Corporation, Global Payments Inc., Total System Services Inc., PayU, Paysafe Group Limited, CyberArk Software Ltd., RSA Security LLC., Thales Group, Gemalto N. V., Entrust Datacard Corporation
The payment security market report table of contents includes:
1. Executive Summary
2. Payment Security Market Characteristics
3. Payment Security Market Trends And Strategies
4. Payment Security Market - Macro Economic Scenario
5. Global Payment Security Market Size and Growth
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31. Global Payment Security Market Competitive Benchmarking
32. Global Payment Security Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Payment Security Market
34. Payment Security Market Future Outlook and Potential Analysis
35. Appendix
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Market HighlightsThe global payment security market is expected to witness a high growth in the coming years.
The online payment transactions is using digital signatures to ensure authentication of transactions.
While, Secure Sockets Layer is the most commonly used protocol across the industry as it meets the security requirement such as authentication, encryption, integrity, non-reputability.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/3987 The Global Payment Security Market is growing rapidly over ~17% of CAGR and is expected to reach approximately USD~ 27 Billion by the end of forecast period.Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report.
The end user segment includes BFSI, healthcare, IT and telecom, travel and hospitality.
The payment security has wide range of applications across several industries such as banking and financial sector, media and entertainment and others.
Payment security Global Market - OverviewThe global payment security market is showing immense growth; mainly due to the growing need to adhere to PCI DSS guidelines and rise in fraudulent activities in ecommerce.
Steep increase in the adoption of advanced payment security solutions for digital ecommerce is another major factor driving the growth of Payment Security Market.Braintree, CyberSource Corporation, Elavon, Index, Ingenico ePayments, Intelligent Payments, GEOBRIDGE Corporation, and Shift4 Corporation are the major investors in the payment security market.
However, the SMEs sub segment is expected to grow at the highest rate during the forecast period.
Also, by service, the support services sub segment is expected to hold the largest market share of the global payment security market.
The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).The Global Payment Security Market is expected to grow at USD 27 Billion by 2023, at ~17% of CAGR between 2017 and 2023.Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/3987Key PlayersThe prominent players in the Payment Security Market are – Ingenico ePayments (Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (US), PayPal Holdings (US), Elavon (US), Index (US), Shift4 Corporation (US), Transaction Network Services (TNS) Inc. (US), TokenEx, LLC (US) and CyberSource Corporation (US), among others.Payment Security Global Market - SegmentationThe payment security market can be classified into 4 key segments for the convenience of the report and enhanced understanding;Segmentation by Component: Solution and Services.
The services segment is further segmented into Support Services, Integration Services and Consulting Services.Segmentation by Organization Size: SMEs and Large EnterprisesSegmentation by Vertical: BFSI, Healthcare, IT & Telecommunication, Travel & Hospitality and OthersSegmentation by Region: North America, Europe, Asia Pacific and Rest of the World.Payment security Global Market - Regional AnalysisNorth America is expected to witness a significant growth and hold the largest market share during the forecast period.
