Transaction Network Services Inc. (US), Ingenico ePayments (Netherlands), Geobridge Corporation (US), Intelligent Payments (Gibraltar), PayPal Holdings (US), Elavon (US), CyberSource Corporation (US), Shift4 Corporation (US), TokenEx, LLC (US) and Index (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Payment Security Market.
Payment Security Market appears to be competitive owing to the presence of numerous well-established players having international and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for the leading players. The market will witness intensified competition with an increase in R&D innovations and M&A.
Payment Security/ ePayment Security is an approach for securing payment systems against cyber frauds. Rising number of online buyers attributing to the wide penetration of Internet usages and growing eCommerce business that allows the online shopping sitting at convenience of home is allowing equal opportunities to cyber criminals to breach codes of payment gates’ conveniently, making the systems vulnerable to their tricks.
Payment Security offers layers of technology, analytics, and point-to-point encryption solution ensuring full proof protection for payment gates. This makes it a vital aspect ensuring a wide uptake worldwide, escorting the market of Payment Security to ascending heights. Technological advancements are proving to be two-edged sword allowing criminals to find new ways to crack the codes to replace authorized merchants’ codes with dummies; gaining access to consumers’ data and to their bank accounts.
According to a recent study report published by the Market Research Future, The global market of Payment Security is expected to perceive galore accruals gaining prominence in the years to come. The market is forecasted to climb up to USD 27 Billion by 2023, registering a whooping double digit CAGR of ~ 17% during the estimated period (2017 – 2023).
Payment Security also enables a secure way to accept payments from web and mobile browsers further allowing the instant checkout. Advantages that Payment security offers in view of increasing phishing and QR code scams is the key factor propelling the market growth. Growing eCommerce & mCommerce industries coupled with the online payment services offered by various service providers like utilities, gas, telecom etc. are creating more opportunities for payment security fueling the market growth.
Additionally, the improvement in outsourcing payment solution has grabbed the organizations attention towards the payment security. Also, the major player such as PayPal Holdings, Visa and others are constantly bringing innovative solutions to improve security helping prevent fraud.
Rising security concerns in banking activities is one of the key market growth propellers. Wide penetration of smart phone contributes the Payment Security market growth to an extent.
For the convenience of the report and enhanced understanding; the report has been segmented in to 4 key dynamics:-
By Component: Comprises Solution (Encryption, Tokenization, Fraud detection and prevention) and Services (Support services, Integration services, consulting services)
By Organization Size: Small Scale, Large Scale Organizations
By End-User: BFSI, Healthcare, IT, Telecom, Travel & Hospitality and others.
By Regions: North America, Europe, APAC and Rest of the World.
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