Payment Security Market to Hit US$ 66.01 Billion by 2030 owing to Growing Adoption of Biometric Authentication and Rising E-commerce Transactions | Research by SNS Insider

Based on SNS Insider analysis, while large enterprises have long recognized the importance of payment security, SMEs are now becoming more aware of the risks associated with payment fraud and data breaches. As a result, SMEs are embracing payment security solutions to protect their businesses, enhance customer trust, and stay competitive in the market. The burgeoning awareness among SMEs presents a significant growth opportunity for the payment security market.

Pune, Aug. 03, 2023 (GLOBE NEWSWIRE) -- “As of 2022, the Payment Security Market held a value of USD 22.82 billion. It is projected to reach USD 66.01 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.2% during the forecast period spanning from 2023 to 2030, as stated in the SNS Insider report.”

Payment Security Market Overview:

Payment security is critical to protect sensitive financial information and maintain the trust of consumers in the digital realm. By implementing robust security measures, businesses can create a safe environment for transactions, safeguarding both their reputation and their customers' financial well-being. A collaborative effort between businesses, technology providers, and consumers is essential to combat the evolving threats and keep the digital payment landscape secure and reliable.

Market Analysis

The payment security market is set to witness substantial growth in the coming years, driven by the convergence of digital transformation, evolving cyber threats, regulatory compliance, contactless payments, e-commerce expansion, biometric authentication, and increased awareness among SMEs. Companies that can offer innovative, scalable, and adaptive payment security solutions to address these drivers will be well-positioned to capitalize on the thriving market and secure a prosperous future in the digital payment landscape.

Major Players included in this Report are:

The key players are Mastercard, Paypal Holdings, Inc., Visa Inc., Elavon Inc., Thales, Outseer, Bluefin Payment Systems, Cybersource, TNS, Inc., TokenEx, LLC, Shift4 Payments Inc., UL LLC, Utimaco Management GmbH, PayU, Intelligent Payment Solutions Pvt Ltd., Ingenico & other players

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Impact of Recession on Payment Security Market Growth

Recessions undoubtedly present challenges to the payment security market, as financial instability and shifting consumer behaviors impact transaction patterns and fraud risks. However, they also provide opportunities for innovation, collaboration, and growth for companies willing to adapt and stay ahead of the curve. By focusing on cybersecurity, offering cost-effective solutions, and embracing technological advancements, payment security providers can not only weather the storm but emerge stronger in the post-recession era.

Impact of Russia-Ukraine War

The Russia-Ukraine War has had a multifaceted impact on the payment security market. It has brought heightened cybersecurity threats, geopolitical uncertainty, and changes in compliance and regulations. Consequently, the industry has seen a renewed focus on resilience, adoption of emerging technologies, and potential consolidation. As the geopolitical situation remains fluid, the market will continue to evolve to meet the challenges posed by this ongoing conflict.

Payment Security Market Report Scope:

Report Attributes Details
 Market Size in 2022  US$ 22.82 Bn
 Market Size by 2030  US$ 66.01 Bn
  CAGR  CAGR of 14.2% From 2023 to 2030
Base Year  2022
 Forecast Period  2023-2030
 Historical Data  2020-2021
Payment Security Market: Key Segmentation • By Platform (Web Based, POS Based/Mobile Based)
• By Solution (Encryption, Tokenization, Fraud Detection & Prevention)
• By Enterprise Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises)
• By Industry (Retail & E-commerce, Travel & Hospitality, Healthcare, Telecom & IT, Education, Media & Entertainment, Others)
 Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Key Regional Developments

The payment security market is a constantly evolving landscape, with regional dynamics shaping the demand for innovative solutions to counter cyber threats and safeguard financial transactions. North America continues to lead in technological advancements, while Europe emphasizes regulatory compliance. The Asia-Pacific region embraces transformative digital payment technologies, Latin America witnesses a shift towards cashless economies, and the Middle East and Africa adopt secure payment practices.

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Key Takeaway from Payment Security Market Study

  • As the payment landscape continues to evolve, the importance of robust security measures cannot be overstated. Encryption and the Retail & E-commerce segment have emerged as formidable players, fortifying the market. The adoption of advanced encryption standards, tokenization, and end-to-end encryption ensures the confidentiality and integrity of sensitive payment data.
  • Simultaneously, the Retail & E-commerce sector's commitment to PCI DSS compliance, 2FA, and sophisticated fraud detection systems bolsters consumer trust and safeguards payment transactions.

Recent Developments Related to Payment Security Market

  • In a game-changing move for the cybersecurity industry, cutting-edge firm Trustmi has successfully raised $17 million in a recent funding round to strengthen its position as a global leader in payment security. 
  • In a collaboration aimed at bolstering B2B payment security, Meta Platforms, a leading technology conglomerate, has partnered with nsKnox, an innovative cybersecurity company, to introduce cutting-edge solutions that safeguard businesses against financial fraud and payment-related risks.

Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Payment Security Market Segmentation, by Platform

9. Payment Security Market Segmentation, by Solution

10. Payment Security Market Segmentation, by Enterprise Size

11. Payment Security Market Segmentation, by Industry

12. Regional Analysis

13. Company Profile

14. Competitive Landscape

15. USE Cases and Best Practices

16. Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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