An overview of the “Payment Security market” the current state of the industry, market trends, significant market participants, product type, application, and geography are provided at the beginning of the study. It also covers how COVID-19 has affected market participants, end-user industries, future predictions, growth potential, and worldwide market trends.
The Global Payment Security Market is expected to grow to USD 48.85 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 17.7% during 2018 to 2023.
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Key Companies Covered in the Payment Security Market Research are Bluefin, SISA, Paygilant, Ingenico ePayments, ThreatMark, CyberSource, Braintree, Elavon, Intelligent Payments, Shift4 Payments and other key market players.
The rising penetration of smartphones, acceptance of wearable technology, cumulative adoption of m-commerce and e-commerce by banking and financial services, entry of technology companies, and access to diverse payment technology solutions are predicted to drive the industry, regardless of technological, financial and security challenges restraining the ecosystem in several key regions.
In this report, the global payment security market is classified into three segments, based on the subscription model:
Type– mobile payments, point of sales (POS) payments, and web payments
Solution– antivirus and firewall, encryption, tokenization, and fraud detection and prevention
End user– retail, travel and hospitality, healthcare, information technology (IT) and telecom, education, banking, financial services and insurance (BFSI), and others
Type segment insights:
The POS payment segment is expected to expand at a CAGR of 18.6% during the 20182023 period. This segment is likely to be in the leading position in the market throughout the forecast period. Increasing consumer awareness, and the conveniences of online shopping can be attributed to the growth of POS-based platforms. Payment security providers use artificial intelligence (AI)-based tools for purposes such as fraud detection and customer interaction.
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Solution segment insights:
The fraud detection and prevention segment holds the largest market share, and is expected to expand at a CAGR of 14.4% during the 20182023 period. The public utilities and government vertical is predicted to hold the largest market share in the fraud detection market. Frauds in the public sector include misappropriation of assets, data theft, bribery and corruption, accounting fraud, and money laundering. To tackle these issues, data integrity is of utmost importance.
End user segment insights:
The retail and BFSI segments are anticipated to expand at a CAGR of 18.5% and 20.6% respectively during the 20182023 period. Security plays a vital role in online trade. Data breaches make customers wary and influence them into discontinuing with the affected e-commerce websites. They prefer bank transfers and credit cards for travel payments. North America is the leading market for the payment security software segment. Due to increasing investments in online payment technologies, it is anticipated that this market will retain its position during the forecasted period.
Regional insights:
The global payment security market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share of the payment security market. However, Asia-Pacific will be the fastest growing market due to increasing use of mobile payments. With consumers increasingly embracing digital wallets, banks and businesses have transformed their payment infrastructures to support this surge.
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By Geography
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and the Rest of Asia Pacific)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
- North America (U.S. & Canada)
North America garnered a substantial market share in the Payment Security Market, due to growing demand for Payment Security Market products, and rising disposable income, followed by Latin America, Europe, and the Middle East & Africa respectively.
Presently, the Asia Pacific region conquers the Payment Security Market.
Highlight the Following Key Factors:
► Business Description: a particular description of agency operations and enterprise departments.
► Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
► SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
► Company History: The development of predominant occasions associated to the company.
► Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
► Main Competitors: A listing of the company’s fundamental competitors.
► Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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