Payment Security Market Analysis
Market Research Future (MRFR) projects the global payment security market to grow at USD 27 billion at a CAGR of 17% from 2017 to 2023 (forecast period).
Payment security is a security approach that uses different layers of innovation, examination, and security practices to get the payment framework and diminish extortion. Payment security innovation is quickly advancing because of the highlight point encryption arrangement, which will help with the payment frameworks before very long. Besides, headways in re-appropriating payment arrangements certainly stand out enough to be noticed to payment security. Moreover, key part like PayPal Holdings, Visa, and others have kept on improving to support security and assist with forestalling misrepresentation.
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As indicated by the report, payment security is affected by variables, for example, it works without taking care of payment information, which diminishes the security risk raised by payment information. Moreover, it acknowledges payments from the web and versatile programs in a protected way and offers moment checkout. The rise of new players all over the planet and the expansion sought after for versatile businesses have constrained payment security to normalize the payment framework later on.
COVID-19 Impact on the Global Payment Security Market
With the ongoing COVID-19 outbreak, the payment security market analysis is expected to expand significantly, owing to the increased use of digital payment services. According to an ACI study released in April 2020, real-time payments were projected to skyrocket amid the COVID-19 situation, with more than half a trillion transactions.
Market Segmentation
The global payment security industry has been segmented based on components, organization size, and end-users.
- Based on components, the global payment security market has been segmented into solutions and services. The solution segment has been further split into encryption, tokenization, fraud detection, and prevention. The services segment has been further split into support services, integration services, consulting services.
- Based on organization size, the global payment security market has been segmented into large enterprises, small and medium-sized enterprises (SMEs), and others.
- Based on end-users, the global payment security market has been segmented into BFSI, healthcare, IT and telecom, travel and hospitality, and others.
Regional Analysis
The regional analysis of the global payment security market is being studied for the region, including Asia Pacific, North America, Europe, and the Rest of the World.
North America dominates the global payment security industry, accounting for the largest market share. The payment security market in Europe is gaining traction as companies continue to track new technologies and shape their PCI DSS technology. As businesses ensure safe and secure online transactions, Asia Pacific is expected to have the highest CAGR in the payment security industry. This area is expected to expand further in the payment security market in the coming years.
Key Players
Notable players in the global payment security market are – Ingenico ePayments (Netherlands), PayPal Holdings (US), Intelligent Payments (Gibraltar), Transaction Network Services (TNS) Inc. (US), GEOBRIDGE Corporation (US), TokenEx, LLC (US), Elavon (US), Index (US), Shift4 Corporation (US), and CyberSource Corporation (US), among others.
Summary
The worldwide payment security market is set to develop at USD 27 billion at a CAGR of 17% from 2017 to 2023 (gauge period). Payment security is impacted by factors, including the way that it works without taking care of payment information, bringing down the security risk presented by payment information. Besides, it acknowledges payments from the web and versatile programs safely and offers moment checkout. Payment security has been compelled to normalize the payment foundation framework in the future because of the appearance of new players worldwide and the ascent sought after for portable business.
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