The global payment security market is estimated to value USD 27 billion by 2023 with a CAGR of 17% from 2017-2023. The global payment security market 2020 is estimated to experience a rise in expansion in the forthcoming years. The payment security system is expanding due to the rising numbers of e-Commerce and m-commerce transactions. Additionally, tokenization technology is a unique concept to this market that facilitates and secures payment security and provides a simpler payment process. It provides customer authentication without bringing any impact on the transaction’s security.
The online payment transactions utilize digital signatures which guarantee verification of transactions. Secure Sockets Layer is the most popular protocol across the industry as it completes the security requirement such as integrity, non-reputability, encryption, authentication. The developed payment security results in the modernization in the services and software modules and this will expand the demand of the payment security market.
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The analysis shows that payment security is affected due to the reasons such as its operations without handling payments data, lessens the security risk posed by payment data. Additionally, it allows the payment transactions in a safe and secure method from the web and mobile browsers and provide the immediate checkout. The new players appearing across the globe, and the increase in demand for mobile commerce has imposed on the payment security standardized the payment infrastructure system in the future.
The Payment Security Market has been classified on the basis of region, end-user, component, and organization size. On the basis of region, the market is classified into Asia Pacific, Europe, North America and the Rest of the World (RoW).
On the basis of end-user, the global payment security market is classified into BFSI, Travel and hospitality, Healthcare, IT and telecom, and others.
On the basis of components, the global payment security market is classified into solutions and services. Further, the solution is sub-divided into Fraud detection and prevention, Encryption, Encryption. Service can be further sub-divided into Consulting services, Support services, and Consulting services.
On the basis of organization size, Payment Security Market is classified into Small and Medium-Sized Enterprises (SMEs) and Large Enterprises and others.
On the basis of region, the global payment security market’s analysis has been performed for Asia Pacific, America and the Rest of the World (RoW). It has been witnessed that the North American region is dominating by acquiring the largest market share in the payment security market. In the North American region, the global payment security market is expanding due to the payment security system records the log file until it is practical to maintain.
Europe is believed to be the second-largest market for payment security during the assessment period, owing to the rising requirement of on-line payment security which detects the fault and drawbacks of the system. The payment security market in the European region is earning popularity since the enterprises are continuously watching continuously and supervising the new developments and organizing their PCI DSS technology.
In the APAC region, it is believed to expand at the highest CAGR during the review period. The enterprises are investing to procure a safe and efficient payment method and give a seamless experience to the customers.
The distinguished players in the global payment security market are CyberSource Corporation (US), Ingenico ePayments (Netherlands), TokenEx, LLC (US), Intelligent Payments (Gibraltar), Index (US), Transaction Network Services (TNS) Inc. (US), Shift4 Corporation (US), GEOBRIDGE Corporation (US), Braintree (US), Elavon (US), and others.
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