Payment Security Market : Increasing Awareness About technological advancement in artificial intelligence

 

According to this latest publication from Meticulous Research®, the global payment security market is expected to grow at a CAGR of 16.5% from 2021–2028 to reach $54.1 billion by 2028. Significant rise in the adoption of digital payment modes, the necessity to adhere to stringent PCI DSS guidelines, and the rise in fraudulent activities across global e-commerce sectors are the major factors driving the growth of this market.

In addition, the increasing use of payment applications across different industry verticals is expected to offer significant growth opportunities for the growth of this market. However, the lack of trust in online transactions restrains the growth of this market up to a certain extent.

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The global payment security market is segmented based on offering, platform, payment mode, industry vertical, and organization size. The study also evaluates industry competitors and analyses the market at the country level.

Based on offering, the solution segment commanded the largest share of the global payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The rise in demand for advanced payment security solutions for digital e-commerce and the increasing use of payment applications across different industry verticals is driving the market growth.

In addition, payment security solutions have gained popularity, as it enables organizations to adhere to the PCI DSS regulatory compliances. Moreover, the growing number of data breaches and financial losses associated with it are the primary factors contributing to the growth of the payment security solutions market.

Based on payment mode, the digital wallet segment commanded the largest share of the overall payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The emergence of payment-enabled mobile phones, connected and real-time marketing, the social media effect, and the increasing shift to QR code-based transactions are the major factors impacting the growth of this market.

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Based on Organization Size, the large enterprise segment commanded the largest share of the global payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. Increasing transactions of high valuations in large enterprises are compelling them to opt for premium payment security solutions.

In addition, the integration of digital payments solutions with the existing payment landscape of large organizations is essential for large enterprises. Business owners may not be cyber security experts and do not have the time to stay updated on the latest protections needed to safeguard their payment data. Current rules, regulations, and certain state laws place additional responsibility for protecting cardholder data on businesses.

Geographic Review:

In 2021, North America commanded the largest share of the global payment security market. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided the organizations in this region a competitive edge in the market. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration. In addition, the rising consumer shift towards online payments mode is driving the growth of this market.

Key Players:

The key players operating in the global payment security market are Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Cybersource (U.S.), Elavon (U.S.), Ingenico (France), Broadcom, Inc. (U.S.), Thales Group (France), Shift4 Payments, LLC (U.S.), Signifyd (U.S.), TNS, Inc. (U.S.), Tokenex (U.S.), SISA Information Security Pvt. Ltd. (India), Stripe (U.S.), Geobridge Corporation (U.S.), MasterCard (U.S.), and Verifone Systems Inc. (U.S.).

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Key questions answered in the report:

·  Which are the high growth market segments in terms of offering, platform, payment mode, industry vertical, organization size, and countries?

·  What is the historical market for payment security across the globe?

·  What are the market forecasts and estimates from 2021–2028?

·  What are the major drivers, restraints, and opportunities in the global payment security market?

·  Who are the major players in the global payment security market, and what shares do they hold?

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