Global Payment Security Market Overview And Prospects – Includes Payment Security Market Demand
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The global payment security market is expected to grow from $21.47 billion in 2021 to $24.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.83%. The global payment security market size is expected to grow to $43.13 billion in 2026 at a compound annual growth rate (CAGR) of 15.01%.
The increasing adoption of digital payment modes is expected to propel the growth of the payment security market.
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The payment security market consists of sales of payment security solutions and services by entities (organizations, sole traders, and partnerships) that are used to provide the customer with data security and to avoid unauthorized transactions and data breaches. It refers to rules, regulations, and security mechanisms in place to safeguard the privacy, data, and transactions of a customer or partner. Payment security aims to prevent money laundering, fraudulent transactions, and data breaches. Payment security can be executed by various methods including tokenization, 3D security, AVS (address verification service), fraud screening tools and others.
By Solution: Encryption, Tokenization, Fraud Detection and Prevention
By Services: Integration Services, Support Services, Consulting Services
By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises (SMEs)
By Vertical: Retail, Travel and Hospitality, Healthcare, IT and Telecom, Education, Media and Entertainment, Others (Automotive, Financial Services, And Manufacturing)
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global payment security market in 2021.
Technological advancement is a key trend gaining popularity in the payment security market. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to more easily share and analyze intelligence about the authenticity of a purchase. Key players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their position in the market while enhancing their services.
TBRC’s Payment Security Market Report Covers:
Major Market Players: CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd, Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc, GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc, Mastercard and SecurionPay.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Payment Security Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides payment security market overviews, analyzes and forecasts market size, share, payment security market players, payment security market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s payment security market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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