According to the latest report by IMARC Group, “Global Payment Security Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global payment security market reached a value of US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.7 Billion by 2027, exhibiting a CAGR of 14.40% during 2022-2027.
Payment security comprises a range of security measures and services that aim to prevent financial fraud, unauthorized transactions, and data breaches. It includes data encryption, firewalls, and data loss prevention (DLP) protocols to safeguard all online financial transactions. It helps to establish a trustworthy environment by continuously monitoring malicious activities while minimizing the risk of financial data loss and protecting against ongoing cyber threats. As a result, payment security finds extensive applications in the information technology (IT), healthcare, banking, financial services, and insurance (BFSI) industries across the globe.
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Market Trends:
The global payment security market is primarily driven by rapid growth in the banking, financial services, and insurance (BFSI) sector. Moreover, the surging adoption of digital payment modes and wireless networks in computing devices to facilitate payments is positively influencing market growth. Additionally, numerous technological advancements, including the integration of connected devices with the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI) solutions, are other major growth-inducing factors.
Furthermore, the rising incidences of payment fraud, cyber-attacks, cybercrimes, and concerns regarding confidential and sensitive data have augmented the product demand. Other factors, including widespread adoption of payment security products to meet regulatory requirements of the payment card industry and data security standard (PCI DSS) compliances and rapid digitization, are also anticipated to propel the market growth.
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List of Key Companies Covered in this Market Report:
Bluefin Payment Systems LLC, Cybersource (Visa Inc.), Elavon Inc. (U.S. Bancorp), Ingenico (Worldline), PayPal Holdings Inc., Broadcom Inc., SecurionPay, Shift4 Payments, Signifyd, SISA Information Security, TokenEx and VeriFone Inc.
Key Market Segmentation:
The report has segmented the market on the basis of component, platform, enterprise size, end user and region.
Breakup by Component:
- Solution
-
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Service
Breakup by Platform:
- Web-based
- POS-based
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- Government and Utilities
- IT and Telecom
- Healthcare
- Retail and E-Commerce
- Media and Entertainment
- Travel and Hospitality
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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