Payment Security Market Size, Share, Trends, Segmentation Analysis and Forecast 2031

Payment Security Market is valued at approximately USD 19.82 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 16.0% over the forecast period 2022-2029. Payment security is a method of protecting a customer, vendor, or client’s transactions. It offers rules, norms, and security protocols to safeguard a customer or partner’s privacy, transactions, and data. The rising incidences of data breaches, increasing number of fraudulent activities in e-commerce payment systems, and growing awareness of contactless payments are the key factors that are propelling the market demand across the globe.

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The rising inclination towards digital payments is acting as a catalyzing factor for the growth of the market. According to Statista, in 2022, the overall transaction value in the digital payments segment is estimated to account for USD 8.49 trillion. Also, it is projected that the total amount is likely to reach USD 15.17 trillion by 2027 with a CAGR of 12.31% during 2022-2027. Accordingly, the increasing preference for digital payments is exhibiting a positive influence on the market demand in the global market. Furthermore, increasing usage of payment applications across various industry verticals, as well as growing technological developments is presenting various growth prospects to the market in the forecasted years. However, the rising privacy and security concerns, along with the lack of skilled professionals stifle market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Payment Security Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the rising number of payment frauds, along with the high penetration of digital payments. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising inclination towards online digital payment among consumers, as well as the surging demand for payment security in the regional market.

Major market players included in this report are:

Bluefin Payment Systems

Cybersource

Elavon Inc.

Ingenico

Intelligent Payment Solutions Pvt Ltd.

Paypal Holdings, Inc.

Shift4 Payments, LLC

SISA

Signifyd

Tokenex

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Recent Developments in the Market:

In July 2022, Bluefin unveils the company’s partnership agreement with Waystar- a healthcare payment software provider to offer advanced payment security for healthcare payments. Also, the aim of this partnership is to present Bluefin’s PCI-validated point-to-point encryption solution and payment gateway via Waystar’s software.
In September 2021, Thales announced that the company part launched a new PayPal app, which is a personalized, all-in-one app specially designed to offer customers a better place to manage their financial lives. Customers of PayPal can manage bill payments, receive payments up to two days in advance with the new direct deposit tool from its manage gift cards, banking partners, and accrue points all through the app.

Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends

Segments Covered: Component, Platform, Enterprise size, Industry Verticals, Region

Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World

Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Component:

Solution

Encryption

Tokenization

Fraud Detection & Prevention

Service

By Platform:

Web-based

POS-based

By Enterprise size:

Large Enterprises

Small and Medium Enterprises

By Industry Verticals:

BFSI

Retail

Healthcare

IT & Telecom

Travel & Hospitality

Other

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By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

RoLA

Rest of the World

Market Overview:

  • Provides a general introduction to the market, including its size, growth rate, and key characteristics.
  • This section may also include information on market segmentation, such as by product type, application, or geography.

Industry Trends and Drivers:

  • Examines the current trends, developments, and factors driving the growth or decline of the market.
  • It may include technological advancements, regulatory changes, consumer preferences, or economic factors that impact the industry.

Market Analysis:

  • Offers a detailed analysis of the market’s dynamics, including supply and demand factors, competitive landscape, and market attractiveness.
  • This section may include information on market share, market concentration, and competitive strategies of key players.

Market Segmentation:

  • Divides the market into distinct segments based on criteria such as product type, application, end-user, or geography.
  • This analysis helps identify specific market opportunities and target audiences.

Market Size and Forecast:

  • Presents the current market size and estimates future market growth over a specified period.
  • -This section may include historical data, market projections, and growth rates for different segments.

Competitive Analysis:

  • Assesses the competitive landscape of the market, including the profiles of major players, their market share, and strategies.
  • It may also include SWOT analysis (strengths, weaknesses, opportunities, threats) of key competitors.

Market Opportunities and Challenges:

  • Identifies potential growth opportunities and challenges in the market. This section may highlight emerging market segments, untapped regions, or technological advancements that can drive market expansion.
  • It may also address barriers to entry, regulatory hurdles, or competitive threats.

Consumer Insights:

  • Provides an understanding of consumer behavior, preferences, and buying patterns related to the market.
  • This section may include survey data, consumer demographics, and customer feedback.

Future Outlook and Recommendations:

  • Offers insights into the future prospects of the market and provides recommendations for businesses or stakeholders.
  • This section may suggest strategies for market entry, product development, marketing, or investment decisions.

Appendix:

  • Includes additional data, charts, tables, or references that support the analysis presented in the report.

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