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The Payment Security Market Size was valued at USD 25.17 billion in 2023 and will Reach to USD 86 billion by 2032 & grow at a CAGR of 14.64 % by 2024-2032.
Payment security refers to the measures taken by organizations to safeguard the data of their clients and prevent unauthorized transactions and data breaches. Maintaining compliance with methods like PCI Compliance and 3-D Secure (3DS) is a crucial part of payment security. Depending on the kind of business you run, there are different requirements and multiple layers to payment security. It's critical now more than ever for credit card issuers and their merchant customers to implement strong payment security due to the continued growth of e-commerce. To prevent your company from executing fraudulent transactions for which you can be held accountable, multiple levels of payment security are necessary.
Drivers
Rising Data Breach Rates and Advanced Payment Security Technology to Drive Market Growth
The global demand for contactless payments and expanding smartphone penetration are anticipated to fuel market expansion. Mobile payment methods are simple and quick to use. Customers don't need cash or actual cards to make quick and simple purchases using their cell phones. Mobile payments are a desirable choice for customers because of their convenience.
Restrains
Adapting to cutting-edge technologies
Like every other large firm that is currently operating, the global payment security market has a number of restrictions. The transition to digital payment methods is already underway in many firms. The new technology, it is not, however, happening nearly as swiftly as it should. This creates a significant barrier to entry for companies in the payment security industry. The company’s reluctance to look into security holes and take action to strengthen the platform is another barrier for the payment security business. Many organizations are unable to achieve both, which is a problem. Stronger regulations typically act as a barrier, despite the fact that government standards support research and expansion in the payment
Opportunities
Increasing Contactless Payments Awareness to Support Payment Security Market Growth
The growth of the online shopping industry
Currently, there is great room for growth in the Payment Security market. To ensure that the Payment Security Market keeps expanding, the key players in the market must seize chances as soon as they arise. The primary possibility for growth in the payment security sector is the general spread of digital payment platforms. Nearly all apps today offer a payment interface. Users have access to a wide range of payment apps on their mobile devices.
The expansion of the e-commerce sector in the COVID-19 era presents an opportunity to examine the payment security business. Every website is becoming a digital market interface as a result, and there are many opportunities for growth in the global payment security industry. Research and development (R&D) is being done by payment security providers with the goal of creating more cutting-edge payment security solutions. The American consumer market is well-established and places a high value on innovation. Apple Inc. and PayPal both have a large regional presence.
Challenges
For ongoing sector expansion, the Payment Security Market Players must face hurdles in the business of payment security.
Less awareness among the people to use payment apps.
The COVID-19 situation is expected to be prosperous for the payment security sector due to the rising global use of digital payment services. In addition, a number of banks and financial institutions are implementing payment security software to reduce the damage they have experienced as a result of the epidemic and to increase their market share. Additionally, the lockdown significantly increases cybercrime and data breaches in the banking industry, which drives the market's expansion. Additionally, due to the increase in data breaches and a lack of security within the company, various financial institutions adopted payment security software to stop unauthorized access to payment information. Due to the COVID-19 pandemic, there were more data and security breaches than usual.
The conflict between Russia and Ukraine has led to an increase in cyber-attacks and fraud, which has put pressure on payment security providers to develop more advanced and sophisticated solutions. Despite these challenges, the payment security market in the region is expected to continue to grow in the coming years. As the conflict continues, companies will need to adapt and innovate to meet the changing needs of their customers. This will require a deep understanding of the local market and a willingness to invest in new technologies and solutions.
The Payment Security Market is segmented into four types on the basis of by platform, by solution, by Enterprise size, and by Industry.
by Platform:
Web Based
POS Based/Mobile Based
by Solution:
Encryption
Tokenization
by Enterprise size:
Small & Medium-Sized Enterprises (SMEs)
Large Enterprises
by Industry:
Retail & E-commerce
Travel & Hospitality
Healthcare
Telecom & IT
Education
Media & Entertainment
Others
North America dominated the payment security market. North America is a potential market for payment security due to the presence and attention of major suppliers, including Visa Inc., U.S. Bancorp, Mastercard, and Shift4. Additionally, the region's vendors and providers now have more opportunities for growth, which is boosting the growth of the North American regional market. Digital payments are increasingly being accepted for use in malls and restaurants. The developed IT sector in North America also fosters technical innovation and new business models, which are leveraged to accelerate the use of a digital payment platform. During the forecast period, the Asia Pacific region is expected to grow at an impressive CAGR. Consumers in Asia Pacific are increasingly using online digital payment methods, which helps the market expand. For instance, about 60% of APAC residents are converting to online digital payment methods. The growth rate for digital payments is over 30% yearly, according to Kaspersky's Digital Payments research. The rapid use of digital payments across numerous industries, including retail, hospitality, and others, has increased the requirement for payment security. Several online services, including Kakao, Paytm, Grab, and Line, are used in this region.
In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Prominent players in the market are Mastercard, Paypal Holdings, Inc., Visa Inc., Elavon Inc., Thales, Outseer, Bluefin Payment Systems, Cybersource, TNS, Inc., TokenEx, LLC, Shift4 Payments Inc., UL LLC, Utimaco Management GmbH, PayU, Intelligent Payment Solutions Pvt Ltd., Ingenico. And others in the final report.
Outseer Emerging Payments, which launched in February 2022, is a key development step for the company. Outseer has announced its first expansion outside of its payment authentication solution, Outseer 3D Secure, enabling growth and client value beyond conventional card-not-present (CNP) transactions.
In November 2021, First Tech teamed with the multinational technology business Thales. This partnership helped SWAP, a company that offers financial services and has venture capital backing, build a cutting-edge system for digital payments. SWAP can enter the market more quickly because to this innovative payment security architecture with Thales.
| Report Attributes | Details |
| Market Size in 2023 | US$ 25.17 Billion |
| Market Size by 2032 | US$ 86 Billion |
| CAGR | CAGR of 14.64 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Platform (Web Based, POS Based/Mobile Based) • By Solution (Encryption, Tokenization, Fraud Detection & Prevention) • By Enterprise Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises) • By Industry (Retail & E-commerce, Travel & Hospitality, Healthcare, Telecom & IT, Education, Media & Entertainment, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Mastercard, Paypal Holdings, Inc., Visa Inc., Elavon Inc., Thales, Outseer, Bluefin Payment Systems, Cybersource, TNS, Inc., TokenEx, LLC, Shift4 Payments Inc., UL LLC, Utimaco Management GmbH, PayU, Intelligent Payment Solutions Pvt Ltd., Ingenico. |
| Key Drivers | • Rising Data Breach Rates and Advanced Payment Security Technology to Drive Market Growth |
| Market Opportunities | • Increasing Contactless Payments Awareness to Support Payment Security Market Growth |
USD 25.17 billion in 2023 is the market share of the Payment Security Market.
The market is expected to grow to USD 86 billion by the forecast period of 2032.
The Prominent players in the market are Mastercard, Paypal Holdings, Inc., Visa Inc., Elavon Inc., Thales, Outseer, Bluefin Payment Systems, Cybersource, TNS, Inc., TokenEx, LLC, Shift4 Payments Inc., UL LLC, Utimaco Management GmbH, PayU, Intelligent Payment Solutions Pvt Ltd., Ingenico. And others in the final report.
Growth rate of the Payment Security Market is CAGR 14.64%.
The forecast period for the Payment Security Market is 2024-2032.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Russia-Ukraine War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Payment Security Market Segmentation, by Platform
8.1 Web Based
8.2 POS Based/Mobile Based
9. Payment Security Market Segmentation, by Solution
9.1 Encryption
9.2 Tokenization
9.3 Fraud Detection & Prevention
10. Payment Security Market Segmentation, by Enterprise size
10.1 Small & Medium-Sized Enterprises (SMEs)
10.2 Large Enterprises
11. Payment Security Market Segmentation, by Industry
11.1 Retail & E-commerce
11.2 Travel & Hospitality
11.3 Healthcare
11.4 Telecom & IT
11.5 Education
11.6 Media & Entertainment
11.7 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Payment Security Market by Country
12.2.2 North America Payment Security Market by Platform
12.2.3 North America Payment Security Market by Solution
12.2.4 North America Payment Security Market by Enterprise size
12.2.5 North America Payment Security Market by Industry
12.2.6 USA
12.2.6.1 USA Payment Security Market by Platform
12.2.6.2 USA Payment Security Market by Solution
12.2.6.3 USA Payment Security Market by Enterprise size
12.2.6.4 USA Payment Security Market by Industry
12.2.7 Canada
12.2.7.1 Canada Payment Security Market by Platform
12.2.7.2 Canada Payment Security Market by Solution
12.2.7.3 Canada Payment Security Market by Enterprise size
12.2.7.4 Canada Payment Security Market by Industry
12.2.8 Mexico
12.2.8.1 Mexico Payment Security Market by Platform
12.2.8.2 Mexico Payment Security Market by Solution
12.2.8.3 Mexico Payment Security Market by Enterprise size
12.2.8.4 Mexico Payment Security Market by Industry
12.3 Europe
12.3.1 Europe Payment Security Market by Country
12.3.2 Europe Payment Security Market by Platform
12.3.3 Europe Payment Security Market by Solution
12.3.4 Europe Payment Security Market by Enterprise size
12.3.5 Europe Payment Security Market by Industry
12.3.6 Germany
12.3.6.1 Germany Payment Security Market by Platform
12.3.6.2 Germany Payment Security Market by Solution
12.3.6.3 Germany Payment Security Market by Enterprise size
12.3.6.4 Germany Payment Security Market by Industry
12.3.7 UK
12.3.7.1 UK Payment Security Market by Platform
12.3.7.2 UK Payment Security Market by Solution
12.3.7.3 UK Payment Security Market by Enterprise size
12.3.7.4 UK Payment Security Market by Industry
12.3.8 France
12.3.8.1 France Payment Security Market by Platform
12.3.8.2 France Payment Security Market by Solution
12.3.8.3 France Payment Security Market by Enterprise size
12.3.8.4 France Payment Security Market by Industry
12.3.9 Italy
12.3.9.1 Italy Payment Security Market by Platform
12.3.9.2 Italy Payment Security Market by Solution
12.3.9.3 Italy Payment Security Market by Enterprise size
12.3.9.4 Italy Payment Security Market by Industry
12.3.10 Spain
12.3.10.1 Spain Payment Security Market by Platform
12.3.10.2 Spain Payment Security Market by Solution
12.3.10.3 Spain Payment Security Market by Enterprise size
12.3.10.4 Spain Payment Security Market by Industry
12.3.11 The Netherlands
12.3.11.1 Netherlands Payment Security Market by Platform
12.3.11.2 Netherlands Payment Security Market by Solution
12.3.11.3 Netherlands Payment Security Market by Enterprise size
12.3.11.4 Netherlands Payment Security Market by Industry
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Payment Security Market by Platform
12.3.12.2 Rest of Europe Payment Security Market by Solution
12.3.12.3 Rest of Europe Payment Security Market by Enterprise size
12.3.12.4 Rest of Europe Payment Security Market by Industry
12.4 Asia-Pacific
12.4.1 Asia Pacific Payment Security Market by Country
12.4.2 Asia Pacific Payment Security Market by Platform
12.4.3 Asia Pacific Payment Security Market by Solution
12.4.4 Asia Pacific Payment Security Market by Enterprise size
12.4.5 Asia Pacific Payment Security Market by Industry
12.4.6 Japan
12.4.6.1 Japan Payment Security Market by Platform
12.4.6.2 Japan Payment Security Market by Solution
12.4.6.3 Japan Payment Security Market by Enterprise size
12.4.6.4 Japan Payment Security Market by Industry
12.4.7 South Korea
12.4.7.1 South Korea Payment Security Market by Platform
12.4.7.2 South Korea Payment Security Market by Solution
12.4.7.3 South Korea Payment Security Market by Enterprise size
12.4.7.4 South Korea Payment Security Market by Industry
12.4.8 China
12.4.8.1 China Payment Security Market by Platform
12.4.8.2 China Payment Security Market by Solution
12.4.8.3 China Payment Security Market by Enterprise size
12.4.8.4 China Payment Security Market by Industry
12.4.9 India
12.4.9.1 India Payment Security Market by Platform
12.4.9.2 India Payment Security Market by Solution
12.4.9.3 India Payment Security Market by Enterprise size
12.4.9.4 India Payment Security Market by Industry
12.4.11 Australia
12.4.10.1 Australia Payment Security Market by Platform
12.4.10.2 Australia Payment Security Market by Solution
12.4.10.3 Australia Payment Security Market by Enterprise size
12.4.10.4 Australia Payment Security Market by Industry
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Payment Security Market by Platform
12.4.11.2 APAC Payment Security Market by Solution
12.4.11.3 APAC Payment Security Market by Enterprise size
12.4.11.4 APAC Payment Security Market by Industry
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Payment Security Market by Country
12.5.2 The Middle East & Africa Payment Security Market by Platform
12.5.3 The Middle East & Africa Payment Security Market by Solution
12.5.4The Middle East & Africa Payment Security Market by Enterprise size
12.5.5 The Middle East & Africa Payment Security Market by Industry
12.5.6 Israel
12.5.6.1 Israel Payment Security Market by Platform
12.5.6.2 Israel Payment Security Market by Solution
12.5.6.3 Israel Payment Security Market by Enterprise size
12.5.6.4 Israel Payment Security Market by Industry
12.5.7 UAE
12.5.7.1 UAE Payment Security Market by Platform
12.5.7.2 UAE Payment Security Market by Solution
12.5.7.3 UAE Payment Security Market by Enterprise size
12.5.7.4 UAE Payment Security Market by Industry
12.5.8 South Africa
12.5.8.1 South Africa Payment Security Market by Platform
12.5.8.2 South Africa Payment Security Market by Solution
12.5.8.3 South Africa Payment Security Market by Enterprise size
12.5.8.4 South Africa Payment Security Market by Industry
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Payment Security Market by Platform
12.5.9.2 Rest of Middle East & Asia Payment Security Market by Solution
12.5.9.3 Rest of Middle East & Asia Payment Security Market by Enterprise size
12.5.9.4 Rest of Middle East & Asia Payment Security Market by Industry
12.6 Latin America
12.6.1 Latin America Payment Security Market by Country
12.6.2 Latin America Payment Security Market by Platform
12.6.3 Latin America Payment Security Market by Solution
12.6.4 Latin America Payment Security Market by Enterprise size
12.6.5 Latin America Payment Security Market by Industry
12.6.6 Brazil
12.6.6.1 Brazil Payment Security Market by Platform
12.6.6.2 Brazil Africa Payment Security Market by Solution
12.6.6.3 Brazil Payment Security Market by Enterprise size
12.6.6.4 Brazil Payment Security Market by Industry
12.6.7 Argentina
12.6.7.1 Argentina Payment Security Market by Platform
12.6.7.2 Argentina Payment Security Market by Solution
12.6.7.3 Argentina Payment Security Market by Enterprise size
12.6.7.4 Argentina Payment Security Market by Industry
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Payment Security Market by Platform
12.6.8.2 Rest of Latin America Payment Security Market by Solution
12.6.8.3 Rest of Latin America Payment Security Market by Enterprise size
12.6.8.4Rest of Latin America Payment Security Market by Industry
13. Company Profile
13.1 Mastercard
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Paypal Holdings, Inc.
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Visa Inc.
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Elavon Inc.
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Thales.
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Bluefin Payment Systems.
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Cybersource.
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 TokenEx.
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Utimaco Management GmbH.
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 PayU.
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases and Best Practices
16. Conclusion
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