The payment security system is moving at a rapid pace with the growing number of ecommerce and m-commerce transactions. Additionally, the concept of tokenization is proving to be a major innovation to the market, one which could majorly impact payment security and provide an enhanced payment process.
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The global payment security market was analyzed by Market Research Future (MRFR) and it was projected that an impressive CAGR of 17% will be attained by the market over the forecast period of 2017 to 2023. The valuation of the payment security market was further stated to surpass its previous valuation and reach USD 27 Billion by the end of the forecast period. The global payment security market is expected to witness a high growth in the coming years.
The analysis of by MRFR resulted in identifying a range of factors that is influencing a positive growth in the global payment security market. Its ability to reduce security risks posed by payment data and it operates without the need to handle payment data are some of the key driving factors. The influx of emerging players in the market and a surging demand for mobile commerce has aided in standardizing the payment infrastructure system in the near future.
The global payment security market has been segmented in terms of organization size, end-user, and components.
By component, the market segments into solutions and services. The solutions segment narrows down into fraud detection and prevention, encryption, and tokenization. The services segment branches down into integration services, support services, and consulting services.
By organization size, the market breaks down into small- and medium-sized enterprises, large enterprises, and others.
By end-user, Payment Security Market includes IT and telecom, BFSI, travel and hospitality, and healthcare.
The global payment security market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American region leads the global payment security market with the highest share percentage. The regional market is further reported by MRFR to continue leading the global standings in the coming years. In Europe, the payment security market is gaining massive momentum with businesses constantly overviewing the new developments and building their PCI DSS technology. Asia Pacific holds the potential to be the fastest growing region in the payment security market over the forecast period. This is due to the companies ensuring safe and secure form of online transactions herein.
The global payment security market comprises a host of key players. This includes names like GEOBRIDGE Corporation (US), Shift4 Corporation (US), Ingenico ePayments (Netherlands), Index (US), Braintree (US), Transaction Network Services (TNS) Inc. (US), Intelligent Payments (Gibraltar), CyberSource Corporation (US), Elavon (US), TokenEx, LLC (US), and others.
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