Pune, India, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global tokenization market size was valued at USD 2.39 billion in 2022 and is projected to reach USD 9.82 billion by 2030, exhibiting a CAGR of 19.6% during the forecast period. Fortune Business Insights has presented this information in their latest report titled "Global Tokenization Market Forecast, 2023-2030."
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Tokenization is a process where sensitive and important data is transformed by unique identifying symbols, which retain all the important information without leaking or losing data. The market growth is anticipated to rise owing to the reduction in cyber and data fraud.
Key Industry Development:
April 2022: BridgePay Network Solutions, LLC, a payment solutions and gateway provider, is in a partnership with Visa to deliver network tokenization to its users for all card types and brands to all payment processors.
Key Takeaways
- Tokenization Market size in North America was USD 0.89 billion in 2022
- Growing Digitalization during Pandemic to Propel Market Growth
- Rise in Demand for Advanced Payment Security Measures to Foster Market Growth
- Increasing Need for Visibility to Resolve Problems to Drive Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global Tokenization Market are Visa (U.S.), Fiserv, Inc. (U.S.), Mastercard (U.S.), Open Text Corporation (Canada), TrustCommerce (U.S.), American Express (U.S.), Thales (France), TokenEx, Inc (U.S.), Entrust Corporation (U.S.), FIS (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19.6% |
| 2030 Value Projection | USD 9.82 billion |
| Base Year | 2022 |
| Tokenization Market Size in 2022 | USD 2.39 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | By Component, Application, Enterprise Type, End-Users, and Region |
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Drivers & Restraints:
Increased Use of Digital Payment Methods to Augment Market Growth
The rapid adoption of digital payment methods to boost market development. End-users such as banking & insurance, healthcare, and retail use tokenization to transform confidential data into a unique code, called token, for protection against security breaches owing to the volume of digital payments.
Absence of regulatory clarity and rising cyber frauds to restrict tokenization market growth.
Segmentation
By Component
- Solution
- Services
By Application Type
- Payment Security
- User Authentication
- Compliance Management
By Industry
- BFSI
- Retail and Consumer Goods
- IT and Telecommunications
- Healthcare
- Energy and Utilities
- Others (Real Estate, Government, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate the Market Share Owing to Adoption of New Technologies
North America dominated the market share in 2022 owing to the presence of large players in countries such as Canada, Mexico, and U.S., which are rapidly adopting new technologies and are expected to drive the market growth.
Asia Pacific is anticipated to grow substantially at a higher CAGR during the projected period. The regional market is driven by the rising penetration of internet usage, smartphones, and the rapid adoption of advanced payment security technologies.
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Competitive Landscape:
Prominent Players in the Market are Focusing on Various Strategies to Strengthen Market Growth
Key players in the market focus on providing secure solutions and services and flexibility by switching out of data security techniques. Key players in the market include Open Text Corporation, TokenEx, Inc, Fiserv, Inc, and FIS. Hence, the merger & acquisitions, partnerships, and leading investments in device technologies strengthen the position in the market.
FAQs
How big is the Tokenization Market?
The Tokenization Market size was USD 2.39 billion in 2022. It is expected to reach USD 9.82 Billion by 2030.
How fast is the Tokenization Market growing?
The Tokenization Market will exhibit a CAGR of 19.6% during the forecast period, 2023-2030.
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