Market Research Future (MRFR) projects the global payment security market to grow at USD 27 billion at a CAGR of 17% from 2017 to 2023 (forecast period).
Payment security is a security approach that utilizes various layers of technology, analytics, and security practices to secure the payment system and reduce fraud. Payment security technology is rapidly evolving as a result of the point-to-point encryption solution, which will aid in the payment systems in the coming years. Furthermore, advancements in outsourcing payment solutions have drawn organizations’ attention to payment security. Furthermore, major players like PayPal Holdings, Visa, and others have continued to innovate in order to boost security and help prevent fraud.
According to the report, payment security is influenced by factors such as it operates without handling payment data, which decreases the security risk raised by payment data. Furthermore, it accepts payments from the web and mobile browsers in a secure manner and offers instant checkout. The emergence of new players around the world and the increase in demand for mobile commerce have compelled payment security to standardize the payment infrastructure system in the future.
COVID-19 Impact on the Global Payment Security Market
With the ongoing COVID-19 outbreak, the payment security market is expected to expand significantly, owing to the increased use of digital payment services. According to an ACI study released in April 2020, real-time payments were projected to skyrocket amid the COVID-19 situation, with more than half a trillion transactions.
The global payment security industry has been segmented based on components, organization size, and end-users.
- Based on components, the global payment security market has been segmented into solutions and services. The solution segment has been further split into encryption, tokenization, fraud detection, and prevention. The services segment has been further split into support services, integration services, consulting services.
- Based on organization size, the global payment security market has been segmented into large enterprises, small and medium-sized enterprises (SMEs), and others.
- Based on end-users, the global payment security market has been segmented into BFSI, healthcare, IT and telecom, travel and hospitality, and others.
The regional analysis of the global payment security market is being studied for the region, including Asia Pacific, North America, Europe, and the Rest of the World.
North America dominates the global payment security industry, accounting for the largest market share. The payment security market in Europe is gaining traction as companies continue to track new technologies and shape their PCI DSS technology. As businesses ensure safe and secure online transactions, Asia Pacific is expected to have the highest CAGR in the payment security industry. This area is expected to expand further in the payment security market in the coming years.
Notable players in the global payment security market are – Ingenico ePayments (Netherlands), PayPal Holdings (US), Intelligent Payments (Gibraltar), Transaction Network Services (TNS) Inc. (US), GEOBRIDGE Corporation (US), TokenEx, LLC (US), Elavon (US), Index (US), Shift4 Corporation (US), and CyberSource Corporation (US), among others.
The global payment security market is set to grow at USD 27 billion at a CAGR of 17% from 2017 to 2023 (forecast period). Payment security is influenced by factors, including the fact that it works without handling payment data, lowering the security risk posed by payment data. Furthermore, it accepts payments from the web and mobile browsers securely and offers instant checkout. Payment security has been forced to standardize the payment infrastructure system in the future due to the advent of new players worldwide and the rise in demand for mobile commerce.
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