Pune,India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global payment security market size was valued at USD 19.82 billion in 2021 and is expected to reach USD 63.96 billion by 2029, exhibiting a CAGR of 16.0% over the study period. Fortune Business Insights™ provides this information in its latest research report, titled “Payment Security Market Forecast, 2024-2029”.
The increasing frequency of data breaches and the incorporation of advanced technology in payment security are expected to enhance the industry’s progress.
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Key Industry Development
May 2022- Entersekt, a device identification and authentication solutions provider, partnered with Capitec Bank. This partnership has implemented an innovative 3-D EMV security solution that enhances the security of e-commerce payments while decreasing friction for cardholder.
Key Takeaways-
- Payment Security Market size in North America was USD 7.33 Billion in 2021
- Technology is transforming and touching every aspect of our lives and has compressed how we shop and pay.
- One of the main factors driving the growth of the security industry is the growing frequency of data breaches.
- innovative payment platforms are driving the digital payments revolution further.
Discover the Leading Players Featured in the Report-
“Companies leading the global payment security market are Paypal Holdings, Inc. (U.S.), Thales (France), Cybersource (U.S.), Bluefin Payment Systems LLC (U.S.), Outseer (U.S.), PayU (Netherlands), Elavon, Inc. (Netherlands), UL LLC (U.S.), TNS, Inc. (U.S.), TokenEx (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 16.0% |
| 2029 Value Projection | USD 63.96 Billion |
| Base Year | 2021 |
| Payment Security Market Size in 2021 | USD 19.82 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Solution, Enterprise Type, Industry, Geography |
| Payment Security Market Growth Drivers | Increasing Demand for Advanced Consumer Electronics Devices Drives Market Growth |
| Continuous Technology Changes and Rising Concerns about IP Theft in Industry Impede Market Growth |
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Drivers and Restraints-
Rising Frequency of Data Breaches to Propel Market Growth
Payment security is a process wherein businesses adopt to gain insights and visualize as per hidden patterns and correlations. The increasing frequency of data breaches is expected to enhance the adoption of secure payment solutions. Furthermore, rapid developments in secure payment technologies are expected to enhance its adoption. Moreover, the increasing adoption of digital payments, wallets, and Unified Payment Interfaces (UPI), and others is expected to attract demand for secure payment technologies. Also, the increasing adoption of 5G services, Big Data, and cloud technologies is expected to open remunerative growth opportunities for this industry. These factors may drive the payment security market growth.
However, lack of skilled professionals and concerns regarding security may hinder this industry’s growth.
Segmentation-
By Solution
- Tokenization
- Encryption
- Fraud and Prevention
By Enterprise Type
- Small & Medium Size Enterprise
- Large Enterprise
By Industry
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others (Media & Entertainment and Others)
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Regional Insights-
Rising Adoption of Real-time Payments to Enhance Market Progress in North America
North America is expected to dominate the payment security market share due to the rising adoption of real-time payments. The market in North America stood at USD 7.33 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the rising number of payment frauds in the region is expected to enhance the demand for security solutions. These factors may enhance the industry’s progress in the region.
In Asia Pacific, the increasing adoption of online digital payment is expected to enhance the demand for payment security solutions. Furthermore, increasing adoption of smartphones is likely to enhance the industry’s progress in the region
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Competitive Landscape
Major Players Introduce Novel Offerings to Enhance their Brand Image
The prominent companies operating in the market announce novel product offerings to elevate their sales and enhance their brand image. For example, PayPal announced its PayPal app in September 2021 to offer an all-in-one app to consumers and empower them to manage their financial life. This strategy may allow the company to enhance its service offerings and elevate its brand image. Further, several companies deploy mergers, acquisitions, innovations, collaborations, and research & developments to enhance their market position globally.
FAQs
How big is the payment security market?
Payment security market size was USD 19.82 billion in 2021. It is expected to reach USD 63.96 billion by 2029.
How fast is the payment security market growing?
The payment security market will exhibit a CAGR of 16.0% during the forecast period, 2022-2029.
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