In the most recent publication from Report Ocean, titled “Exploring the Dynamics of the Tokenization Market: Trends, Market Share, Size, Projected Growth, Lucrative Prospects, and Forecasts Spanning 2023-2031,” a thorough and all-encompassing scrutiny of the sector is presented. Within its pages, you will uncover not only penetrating market insights but also a detailed examination of competitive forces and geographical factors influencing the landscape. Furthermore, the document delves into the cutting-edge innovations driving the evolution of this market realm.
What is the Size of the Tokenization Market?
Global Tokenization Market is valued at approximately USD 2.52 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 24.09% over the forecast period 2022-2029. Tokenization is the process of replacing sensitive data with unique identification symbols that retain all of the data’s essential information while ensuring its security. The Tokenization market is expanding because of factors such as the rising adoption in the e-commerce industry and increasing government regulation across data security.
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UNCTAD reported in 2021 that the growth of online sales has caused the size of the global e-commerce business to climb by around 4% from 2018 to over USD 26.7 trillion in 2019. With an estimated 25.9% of the market in 2020, the Republic of Korea is the dominant region. Moreover, Australia, Canada, China, Singapore, the United Kingdom, and the United States all have retail sales or online shares of the e-commerce business that are, respectively, about 9.4%, 6.2%, 24.9%, 11.7%, 23.3%, and 14%.Whereas rising demand for secure payment gateways and technological advancement and innovations create lucrative opportunities for the market. However, the availability of similar products and lack of awareness hampers the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Tokenization 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 increasing adoption of advanced technology, growing adoption of tokenization solutions, and rising adoption of digital payments. Also, North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as increasing demand penetration of market players, growth activities, and adoption of cloud technology in the forecast period.
Major market players included in this report are:
Paymetric, Inc.
Protegrity USA, Inc.
Broadcom Inc.
Thales Group
Hewlett Packard Enterprise Inc
First Data Corporation
Cardconnect Corporation
3delta Systems, Inc.
Ciphercloud Incorporation
Cybersource Corporation
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Recent Developments in the Market:
In May 2018, the world’s leading cybersecurity company, Symantec Corporation, announced the establishment of a new privacy research center in Saarbrucken, Germany. The new location’s goal is twofold: it wants to give consumers more control over their personal data and online footprints, and it wants to give governments and corporations more tools to help them be responsible custodians of the data they handle.
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 Type:
Solutions
Services
By Deployment:
On-Premises
Cloud
By End-user Industry:
BFSI
Healthcare
IT
Government
Retail And E-Commerce
Energy & Utilities
Others
By Region:
North America
U.S.
Canada
Europe
UK
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Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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