REDDING,
Calif., July 8, 2024 /PRNewswire/
-- According to a new market research report titled,
'Payment Security Market by Offering (Solutions,
Services), Payment Mode (Banking Cards, Internet Banking, PoS,
Digital Wallets, Others), Organization Size, End User (BFSI, Retail
& E-commerce, Healthcare, Others) & Geography—Forecast to
2031', the payment security market is
projected to reach $87.4
billion by 2031, at a CAGR of 17.3% from 2024 to
2031.
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The growth of the payment security market is driven by the
increased adoption of digital payments, the rising need to adhere
to PCI DSS guidelines, and the growth in peer-to-peer payment
transactions. However, the lack of trust in online banking is a
factor restraining the growth of this market.
Furthermore, the rise in payment fraud and the
growing use of mobile wallets and contactless payments are expected
to generate growth opportunities for the stakeholders in this
market. However, low awareness of digital payments in rural areas
poses a major challenge to market growth. Additionally, biometric
authentication and the increasing use of AI & blockchain in
payment security are prominent trends in the payment security
market.
The global payment security market is segmented by offering
(solutions (encryption, tokenization, fraud detection
and prevention) and services (support services, integration
services, consulting services)), payment mode (banking cards,
digital wallets, internet banking, point-of-sales, and other
payment modes), organization size (large enterprises and small and
medium-sized enterprises), and end-use industry (BFSI, retail &
e-commerce, healthcare, travel & hospitality, IT &
telecommunications, media & entertainment and other end-use
industries). The study also evaluates industry competitors and
analyses the market at the regional and country levels.
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Based on offering, the global payment security market is
segmented into solutions and services. In 2024, the solutions
segment is expected to account for a larger share of over
74.0% of the payment security market. The segment's large
market share is mainly attributed to the increased adoption of
digital payments across retail & e-commerce, hospitality, and
healthcare industries, increasing investment of business in
cybersecurity, growing use of AI for fraud detection
in the banking sector, and increased business focus and priority on
payment security.
Based on payment mode, the global payment security market
is segmented into banking cards, digital wallets, internet banking,
point-of-sales, and other payment modes. In 2024, the banking cards
segment is expected to account for the largest share of over
32.0% of the payment security market. The segment's large
market share is mainly attributed to the growing focus of the
businesses on enhancing the in-store experience, increased adoption
of point-of-sale systems, increased card transactions, growth in
the e-commerce sector, and the crucial need for businesses to
comply with PCI DSS guidelines.
Based on organization size, the global payment security
market is segmented into large enterprises and small and
medium-sized enterprises. In 2024, the large enterprises segment is
expected to account for the larger share of the payment security
market. The segment's large share is mainly attributed to the
crucial need of large-sized businesses to protect customers' data
and due to their higher transaction volume and large customer
base.
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Based on end-use industry, the global payment security
market is segmented into BFSI, retail & e-commerce, healthcare,
travel & hospitality, IT & telecom, media &
entertainment, and other end users. In 2024, the BFSI is expected
to account for the largest share of over 29.0% of the
payment security market. The segment's large market share is mainly
attributed to increasing data breaches in the BFSI industry, the
rising adoption of payment security solutions to prevent
fraud, stringent requirements for data security and
privacy, and a large number of financial transactions in the BFSI
industry.
Based on geography, the payment security market is
segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of over 36.0% of the global
payment security market. The large share of this regional market is
attributed to the high adoption of digital payments, increasing
spending of businesses on cybersecurity measures, growth in the use
of card payment methods, rising adoption of PoS terminals across
malls and retail stores, and growth in payment fraud
across the region.
Key Players:
Some of the key players operating in the payment security
market are Bluefin Payment Systems LLC (U.S.), Braintree
(U.S.), Elavon Inc. (U.S.), TokenEx, Inc. (U.S.), Shift4 Payments,
Inc. (U.S.), Cybersource (U.S.), Ingenico (France), Broadcom Inc. (U.S.), Signifyd, Inc.
(U.S.), TNS Inc. (U.S.), Stripe, Inc. (U.S.), Mastercard
Incorporated (U.S.), VeriFone, Inc. (U.S.), Utimaco Management
Services GmbH (Germany), and SISA
Information Security Pvt. Ltd. (India).
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Scope of the report:
Payment Security Market Assessment—by Offering
- Solutions
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Services
- Support Services
- Integration Services
- Consulting Services
Payment Security Market Assessment—by Payment Mode
- Banking Cards
- Digital Wallets
- Internet Banking
- Point-of-sales
- Other Payment Modes
Payment Security Market Assessment—by Organization
Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Payment Security Market Assessment—by End-use
Industry
- BFSI
- Retail & E-commerce
- Healthcare
- Travel & Hospitality
- IT & Telecom
- Media & Entertainment
- Other End-use Industries
Payment Security Market Assessment—by
Geography
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Switzerland
- Netherlands
- Norway
- Austria
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Malaysia
- Taiwan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin
America
- Middle East & Africa
- Israel
- UAE
- Rest of Middle East
& Africa
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Tokenization Market by Offering (Solutions and Services),
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