Chicago, May 18, 2023 (GLOBE NEWSWIRE) -- The global Tokenization Market size to grow from USD 2.3 billion in 2021 to USD 5.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period, according to a new report by MarketsandMarkets™. Need to stay compliant and meet regulatory reporting standards drives the adoption of Tokenization solutions. With the increasing need to tackle the growing authenticity requirements and security issues, regulations such as Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI-DSS), and Sarbanes-Oxley Act (SOX) are expected to continue to increase across the globe. Non-compliance with these regulations and standards results in heavy fines for non-compliant organizations. Due to the high costs associated with the non-compliance of regulatory mandates, compliance management is expected to remain the key growth driver for the adoption of tokenization solutions among enterprises.
Browse in-depth TOC on “Tokenization Market”
319 - Tables
59 - Figures
279 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76652221
Scope of the Report
| Report Metrics | Details |
| Market size value in 2021 | USD 2.3 billion |
| Market size value in 2026 | USD 5.6 billion |
| Growth rate | CAGR of 19.0% |
| Tokenization Market Drivers |
|
| Tokenization Market Opportunities |
|
| Segments covered | By Component, Services, Application Area, Tokenization Technique, Deployment Mode, Organization Size, Verticals, and Region |
| Regions covered | North America, Europe, Asia Pacific, Middel East & Africa, and Latin America |
| Companies covered | Fiserv (US), Visa (US), Mastercard (US), Micro Focus (UK), American Express (US), Thales (France), Lookout (US), Futurex (US), CardConnect (US), FIS (US), HelpSystems (US), MeaWallet (Norway), TokenEx (US) and many more. |
In November 2020, Fiserv launched Carat, an ecosystem of omni-channel commerce solutions that uses encryption and tokenization to offer optimized and secured payments. This would help large national and multinational companies deliver global payments across channels, devices, and payment methods.
By Component, the solution segment market is estimated to account for a higher market share in 2021. This is due to the growing demand for higher data security for credit and debit card payments. It replaces the sensitive information of users with a unique token and prevents critical information from transferring through vulnerable networks.
Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=76652221
Among the Services Segment, the Managed services sub-segment is expected to have the higher CAGR growth during the forecast period. Managed services range from on-premises device monitoring and management services to Software-as-a-Service (SaaS) and cloud services. Their demand is growing due to stringent government regulations, increased complexities in payment processes, and the growing customer base from the SME community.
Under Tokenization Technique segment, the Gateway-Based tokenization is estimated to hold the higher market share in 2021. Gateway-based tokenization helps in generating token requests and eliminating tokenization complexities. Tokenization gateway helps merchants to reduce their time to market, comply with PCI DSS, and support for digital wallet and eCommerce solutions.
Top Key Players
Major vendors in the Tokenization Market include Fiserv (US), Visa (US), Mastercard (US), Micro Focus (UK), American Express (US), Thales (France), Lookout (US), Futurex (US), CardConnect (US), and FIS (US).
Frequently Asked Questions (FAQ)
What is the projected market value of the global Tokenization Market?
The global market for tokenization is projected to reach USD 5.6 billion.
What is the estimated growth rate (CAGR) of the global Tokenization Market for the next five years?
The global Tokenization Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 19.0% from 2021 to 2026.
Browse Adjacent Markets: Information Security Market Research Reports & Consulting
Browse Other Reports:
Quantum Cryptography Market - Global Forecast to 2028
Healthcare Cybersecurity Market - Global Forecast to 2028
MEA Cybersecurity Market - Global Forecast to 2028
Emotion Detection and Recognition (EDR) Market - Global Forecast to 2027
Role-based Access Control Market - Global Forecast to 2027
