Redding, California, Jan. 04, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, IT & Telecom, Media), Organization Size, and Geography — Global Forecast to 2028,” published by Meticulous Research®, the payment security market is expected to grow at a CAGR of 16.5% from 2021–2028 to reach $54.1 billion by 2028.
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Online payment security provides rules, regulations, and security measures to protect customers' privacy, data, and finances. A secure payment system facilitates the transfer of online payments, client data, and other sensitive information and protects against fraud and other security issues. Security during online payments has become a serious issue. Protecting customers against cyber-attacks has become crucial for business owners.
The growing number of data breaches is one of the primary factors contributing to the growth of the payment security market. These growing data breaches result in huge financial losses. Hence, increasing the demand for payment security solutions.
In addition, the increasing use of payment applications across different industry verticals offers significant growth opportunities for the digital payment market. However, the low level of awareness of online payments in rural areas and the high costs of advanced payment security solutions poses a major challenge for the growth of the payment security market.
Impact of COVID-19 on the Payment Security Market
The outbreak of the COVID-19 pandemic has resulted in increased usage of digital payment modes, leading to a significant increase in the growth of the payment security market. According to ACI Worldwide Inc.—a payment systems company, real-time payments are expected to witness exponential growth due to the COVID-19 pandemic, with more than half a trillion transactions and a compound annual growth rate of almost 23% between 2019 and 2024.
Digital payment firms such as PhonePe, Paytm, and Amazon Pay have witnessed a nearly 50% spike in transactions through their digital wallets since the beginning of the COVID-19 pandemic. The sudden increase in digital adoption has dramatically advanced the digital transformation agendas for numerous banks, with banking leaders recognizing online banking services as a critical means for increasing customer retention and growing revenue streams through personalized services. The impact of the COVID-19 pandemic has accelerated the adoption of a broad range of digital banking offerings and shifted consumers of all ages away from traditional banking branches and ATMs at an unprecedented pace.
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The COVID-19 pandemic has accelerated consumer interest to adopt digital interactions for banking and payments. For example, Americans set a record with 1.2 billion transactions on the instant payment network Zelle in 2020, a 62% increase from the previous year. Meanwhile, according to MasterCard’s Global State of Pay report released in October 2020, more than 53% of consumers who had access to a smartphone and a bank account stated that there had been an increase in the utilization of banking apps compared to the pre-COVID-19 pandemic scenario.
The increased usage of digital transactions has resulted in an increase in cyber-crime attacks. There had been a gradual increase in payments fraud activities at organizations. Nearly 75% of organizations were targets of a payments fraud attack in 2020 (Source: JP Morgan). Thus, increasing payment-related frauds are expected to propel the growth of the payment security market in the coming years.
Payment Security Market Overview
The overall payment security market is segmented based on offering (solution [encryption, tokenization, fraud detection & prevention] & services [integration services, support services & consulting services]), platform (web platform & POS platform), payment mode (banking cards, digital wallets, internet banking, point of sales and others), industry vertical (retail, travel and hospitality, healthcare, IT and telecom, education, media and entertainment), organization size (large enterprises, small and medium-sized enterprises) and geography. The study also evaluates industry competitors and analyses the market at the country levels.
Based on offering, the solution segment is estimated to command the largest share of the overall payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The large market share and the high growth rate of this segment are attributed to the increasing adoption of advanced payment security solutions for digital e-commerce, increasing use of payment applications across different industry verticals, and the increasing need to secure online business-sensitive transactions from advanced cyber-attacks. Moreover, the growing number of data breaches and financial losses associated with it contribute to this segment's growth.
Based on payment mode, the digital wallet segment is estimated to command the largest share of the overall payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The high penetration of smartphones has facilitated the growth of digital wallets, particularly in the e-commerce market. Digital wallets are the biggest contributors to the digital payments market and are increasingly empowering consumers to bypass traditional bank branch networks and ATMs. Increasing awareness regarding digital wallets and their applications, penetration of smartphones, and the increasing shift toward QR code-based transactions are the major factors attributed to the growth of this segment.
Based on industry vertical, the BFSI segment is estimated to command the largest share of the overall payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The large market share of this segment is attributed to the rising implementation of regulatory security compliance, rising demand for cloud-based security solutions, and the increasing risks of cyber threats against BFSI infrastructure. However, the retail segment is expected to grow at the highest CAGR during the forecast period. Retail shopping and payments have dramatically changed, from curbside pickup to mobile transactions, to the meteoric rise of e-commerce. But more acceptance endpoints bring a greater risk for breaches. The retail industry has experienced an alarming number of data and security breaches. These attacks resulted in millions of compromised customer credit cards and personal information.
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Based on organization size, the large enterprise segment is estimated to command the largest share of the global payment security market in 2021. Increasing transactions of high valuations in large enterprises compels these organizations to opt for premium payment security solutions. However, the small and medium-Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period. SMEs are adopting payment security solutions to protect customer-sensitive bank account data from network vulnerabilities and attacks as these companies are prone to cyber-attacks and risks of losing financial information and other important documents.
Based on geography, North America is estimated to command the largest share of the global payment security market in 2021. However, this market in Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The increasing penetration of smartphones and widespread internet usage has accelerated the adoption of mobile wallets in the region.
China and India currently account for more than 50% of the smartphone population across the globe and have universally adopted digital wallets. They are now at the forefront of payments change, offering both payment processing convenience and security.
In addition, the desire to minimize contact during the COVID-19 outbreak has pushed 91% of consumers in Asia-Pacific to pay with cards or mobile apps, instead of cash, according to a Visa study. Excluding Mainland China, where the use of mobile payments is already well established, McKinsey expects the number of mobile-payments users to more than double by 2025, exceeding two billion. Asia-Pacific will witness the fastest growth rate, with cashless transaction volume growing by 109% until 2025 and 76% from 2025 to 2030 (Source: PWC).
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The global payment security market is consolidated and dominated by a few major players, namely Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Cybersource (U.S.), Elavon (U.S.), Ingenico (France), Broadcom, Inc. (U.S.), Thales Group (France), Shift4 Payments, LLC (U.S.), Signifyd (U.S.), TNS, Inc. (U.S.), Tokenex (U.S.), SISA Information Security Pvt. Ltd. (India), Stripe (U.S.), Geobridge Corporation (U.S.), MasterCard (U.S.), and Verifone Systems Inc. (U.S.) among others.
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Scope of the Report:
Payment Security Market, by Offering
- Solution
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Services
- Integration Services
- Support Services
- Consulting Services
Payment Security Market, by Platform
- Web Platform
- PoS Platform
Payment Security Market, by Transportation Mode
- Banking Cards
- Digital Wallets
- Internet Banking
- Point of Sales
- Others
Payment Security Market, by Industry Vertical
- Retail
- Travel and Hospitality
- Healthcare
- IT and Telecom
- Education
- Media and Entertainment
- Others
Payment Security Market, by Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Payment Security Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Singapore
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- UAE
- Israel
- Rest of MEA
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