The payment security market size is expected to grow from USD 11.39 billion in 2017 to USD 24.63 billion
by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7%. The growth
of the payment security market is driven by various factors, such as
increased adoption of digital payment modes, need to adhere to PCI
guidelines, and rise in fraudulent activities on eCommerce. However,
lack of trust in online banking may restrict the growth of the payment
security market.
Encryption solution segment is expected to grow at a higher CAGR during the forecast period.
Encryption transforms consumer’s financial information into non-readable
form called cipher text using mathematical algorithms. The encrypted
data is not readable by anyone, which secures cardholder’s details.
Thus, encryption solution helps to reduce the vulnerability of the data,
which ultimately reduces a merchant’s business risks. The solution also
fulfills the regulatory requirements of PCI DSS compliance. Therefore,
it is expected to witness high growth rates in the near future.
The retail vertical is expected to dominate the payment security market.
The popularity of online shopping is increasing in the retail industry.
Retail merchants regularly face a challenge in managing consumer’s
sensitive data related to payment cards and complying with the
regulations. This vertical is one of the most targeted verticals by
cyber-attackers because of the potential payouts and huge number of
monetary transactions made via VISA, MasterCard, and other payment
processing networks. This necessitates substantial investments in
payment security solutions by this vertical, making it the highest
contributor in the payment security market.
Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period.
APAC includes emerging economies such as China, Australia, Singapore, and India,
which are rapidly deploying payment security solutions. It is expected
to grow at the highest CAGR during the forecast period. This is mainly
due to the rise in fraudulent activities on eCommerce in many industry
verticals, such as retail, Information Technology (IT) and telecom,
travel and hospitality, healthcare, and education. Furthermore, North America is estimated to have the largest market size in 2017.
In-depth interviews were conducted with Chief Executive Officers (CEOs),
marketing directors, innovation and technology directors, and
executives from various key organizations operating in the payment
security market.
– By Company Type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
– By Designation: C-Level: 60%, Director Level: 25%, and Others: 15%
– By Region: North America: 40%, Europe: 20%, APAC: 10%, and RoW: 30%
The report includes the study of the key players offering payment security services, such as Braintree (Illinois, US), CyberSource Corporation (California, US), Elavon (Georgia, US), Index (Nevada, US), Ingenico ePayments (Hoofddorp, Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (Virginia, US), Shift4 Corporation (Nevada, US), Transaction Network Services (TNS) Inc. (Virginia, US), and TokenEx, LLC (Oklahoma, US).
Read the full report: https://www.reportlinker.com/p05201346
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