The Global Payment Security Market is projected to reach USD 55.10 billion by 2028, growing at a CAGR of 11.5% during the forecast period.
Payment Security Market
With growing numbers of eCommerce and m-commerce transactions, there are new opportunities for cybercriminals. As a merchant, it is very important that you provide the best payment security so that your customers don’t have to worry about their data.
The growing number of data breaches is also one of the primary factors contributing to the growth of the payment security market. These growing data breach cases are also increasing the financial losses due to it. Hence the demand for payment security solutions is thriving.
Payment Security Market
The growing popularity of payment security solutions can also be attributed to the requirements of Payment Card Industry Data Security Standard (PCI DSS) guidelines, increasing awareness among the end-user towards payment security and government initiatives towards promoting the cashless mode of payments. In addition, the latest technological developments in mobile commerce have allowed customers to make digital transactions from their smartphones, such as buying products and apps through wireless networks, redeeming coupons and tickets, banking, processing point-of-sale payments. The demand for mobile payment security software solutions has increased owing to the growing usage of wireless networks among individual consumers. The enhanced use of wireless networks for payment in retail shops on mobile devices has boosted the need for safety software for mobile payment.
Based on the organization, the large enterprise segment is expected to have the largest share during the forecast period. As large enterprises have huge amounts of data relating to customers with thousands of transactions taking place daily, payment security services become indispensable for them. However, sme’s are expected to be the fastest-growing payment security market. This is due to the increasing number of sme’s in emerging nations which are also encouraged by the governments.
Based on the application, the retail segment is expected to witness the highest growth. With the increasing usage of mobile payments in the retail industry primarily in the e-commerce sector is boosting the payment security market. The major economies such as the United States, China have witnessed a considerable rise in retail e-commerce sales which has now become a key area of concern for consumers and financial service providers due to the security of mobile banking and payments, which provides the mobile payment security software market scope to grow. Retail e-commerce sales are rapidly increasing owing to a combination of government support, increased smartphone penetration, and application usage, and the promise of better shopping experience is likely to boost the payment security market growth forward. Mobile technologies, powered by the complementary technologies of cloud, analytics, and social mobile payments are expected to grow further, which will drive the payment security market further.
North America is expected to hold the most prominent market share in the payment security market during the forecast period. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided the organizations in this region a competitive edge in the payment security market. Moreover, the region has the presence of several payment security vendors, such as CyberSource Corporation, Elavon Inc., Geobridge Corporation, and TNS Inc. among various others which is one of the factors driving the market in this region. With the changing retail market and growing E-commerce sales in this region, it is the primary factor that is raising the demand for a fast payment solution, which, in turn, drives the need for the payment security market. In addition, the credit card industry is booming with an average customer using more than one card at a moment and internet payments also expanding four times quicker than retail payments, hence, creating an opportunity for the payment security market.
Key Factors Impacting the Growth of payment security Market:
- A growing number of data breaches.
- Requirements of Payment Card Industry Data Security Standard (PCI DSS) guidelines.
- Increasing awareness among the end-user towards payment security and government initiatives towards promoting the cashless mode of payments.
- Technological developments in mobile commerce.
Key Developments in the payment security market:
- In July 2018, NCR (US) collaborated with Bluefin (US) to improve its client's experience by providing Bluefin’s PCI-validated point-to-point encryption (P2PE) security solution. The security solution is provided to merchants and retailers utilizing NCR’s Counterpoint Retail Solution to process payments through NCR Secure Pay.
- In July 2018, Visa (US) entered into a strategic partnership with Sabre (US), allowing it to utilize CyberSource to provide a full suite of payment acceptance, fraud management, and authentication services
What Does This Report Provide?
This report provides a detailed understanding of the payment security market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the payment security market.
Market Segmentation:
By Solution:
- Encryption
- Tokenization
- Fraud Detection & Prevention
By Platform:
- Web-Based
- POS Based
By Organization:
- Small & Medium Enterprises (SME’s)
- Large Enterprise
By Application:
- Retail & E-Commerce
- Travel & Hospitality
- Healthcare
- Telecom & IT
- Education
- Media & Entertainment
- Others
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Solution
- By Platform
- By Organization
- By Application
- Western Europe:
- By Country (Germany, UK, France, Spain, Rest of Western Europe)
- By Solution
- By Platform
- By Organization
- By Application
- Eastern Europe:
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Solution
- By Platform
- By Organization
- By Application
- Asia Pacific
- By Country (China, Japan, India, Rest of Asia Pacific)
- By Solution
- By Platform
- By Organization
- By Application
- Middle East:
- By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
- By Solution
- By Platform
- By Organization
- By Application
- Rest of the World
- By Region (South America, Africa)
- By Solution
- By Platform
- By Organization
- By Application
Companies Covered: Major Companies profiled in the report which are key players in the global payment security market are Ingenico ePayment, Intelligent Payments, Geobridge Corporation, PayPal Holdings, Elavon, Index, Shift4 Corporation, Transaction Network Services Inc., TokenEx LLC, CyberSource Corporation, Symantec Corporation, Trend Micro, Gemalto NV, Vasco Data Security International, Intel Corporation, Bluefin Payment System, Braintree, CA Technologies, and Cisco Systems Inc.
Years Considered In The Study
|
Historic Year |
2016, 2017 |
|
Base Year |
2018 |
|
Forecast Period |
2019-2028 |
|
CAGR % (2019-2028) |
11.5 |
Reasons to Buy This Report:
- Market size estimation of the global payment security market on a regional and global basis.
- The unique research design for market size estimation and forecast.
- Profiling of major companies operating in the payment security market with key developments.
- Broad scope to cover all the possible segments helping every stakeholder in the payment security market.
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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