Global Payment Security Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Payment Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global payment security market trends, size, share, , and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global payment security market size reached US$ 23.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.0 Billion by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.
Payment security relies on a variety of technologies, protocols, and practices designed to protect financial transactions from unauthorized access and fraudulent activities. This entails the creation of intricate algorithms and encryption methods, often utilizing technologies like Secure Socket Layer (SSL), tokenization, and Payment Card Industry Data Security Standard (PCI-DSS). The primary focus is on maintaining the integrity of data, implementing robust encryption, and verifying user identities to establish a secure transaction environment. Payment security takes on various forms, including end-to-end encryption, Secure Electronic Transaction (SET), and 3D Secure, and it plays a crucial role in building customer confidence and ensuring the safety of financial exchanges. Its advantages extend to both individual consumers and large enterprises by preserving the confidentiality and security of sensitive financial information, aiding in compliance with regulations, and mitigating risks. This security framework finds applications across diverse industries, including e-commerce, banking, and healthcare, to facilitate transactions and safeguard against cyber threats.
Global Payment Security Market Trends and Drivers:
The market is experiencing substantial growth due to several key factors. Firstly, the increasing use of online payment gateways for purchasing products and services on e-commerce platforms is a major driver of this growth. Additionally, the rising frequency of cyberattacks targeting financial transactions, encompassing phishing, identity theft, and payment fraud, is further propelling market expansion. Furthermore, the implementation of stringent regulations that emphasize data protection measures is fostering the adoption and investment in high-quality payment security systems by businesses. Moreover, the growing popularity of mobile payments and digital wallets, which necessitate adaptable and resilient security infrastructures, is contributing to a positive market outlook. The integration of artificial intelligence (AI) and machine learning (ML) algorithms into payment security systems for real-time fraud detection and risk assessment is another significant factor enhancing market growth. Additionally, the emergence of smart cities, where secure and seamless transactions are vital for integrated services like public transportation and utility payments, is driving market expansion. Lastly, the increasing number of mergers and acquisitions (M&A) in the tech industry aimed at advancing payment security measures is exerting a positive influence on the market.
Global Payment Security Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Bluefin Payment Systems LLC, Broadcom Inc., Cybersource (Visa Inc.), Elavon Inc. (U.S. Bancorp), Ingenico (Worldline), PayPal Holdings Inc., SecurionPay, Shift4 Payments, Signifyd, SISA Information Security, TokenEx and VeriFone Inc.
The report segmented the market on the basis of region, component, platform, enterprise size and end user.
Breakup by Component:
- Solution
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Service
Breakup by Platform:
- Web-based
- POS-based
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- Government and Utilities
- IT and Telecom
- Healthcare
- Retail and E-Commerce
- Media and Entertainment
- Travel and Hospitality
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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