According to the latest report by IMARC Group, “Global Payment Security Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global payment security market reached a value of US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.7 Billion by 2027, exhibiting a CAGR of 14.40% during 2022-2027.
Payment security represents the system of security solutions and services that is designed to prevent unauthorized transactions, monetary frauds, and mitigate the risk of data breaches. It generally involves anti-malware, endpoint security, identity and access management, risk and compliance management, intrusion detection, etc. This system aids in creating a trustworthy platform, minimizing loss of financial data via regular monitoring of malicious activities, and provides protection against continuous threats of cyber security breaches. Consequently, payment security solutions find wide-ranging applications across several industries, including banking, financial services, and insurance (BFSI), information technology (IT), healthcare, etc.
|Base Year: 2021|
|Forecast Year: 2022-2027|
Payment Security Market Trends and Drivers:
The growing security concerns towards confidential and sensitive data, on account of the increasing prevalence of cyber-crimes, are primarily driving the payment security market. Moreover, the rising utilization of wireless networks in computing devices for facilitating payments is also stimulating the market growth.
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Besides this, the widespread adoption of payment security solutions to fulfill the regulatory requirements of data security standard (PCI DSS) compliances is acting as another significant growth-inducing factor. Additionally, the escalating demand for digital payment modes is positively influencing the global market for payment security.
Furthermore, numerous technological advancements, including the integration of connected devices with the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI) that assist in tracking the location of the financial crime, monitoring transactions, improving accuracy, mitigating risks, detecting frauds, managing regulatory compliance, etc., are anticipated to fuel the payment security market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Payment Security Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
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The report has segmented the market on the basis of region, component, platform, enterprise size and end user.
Breakup by Component:
- Fraud Detection and Prevention
Breakup by Platform:
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- Government and Utilities
- IT and Telecom
- Retail and E-Commerce
- Media and Entertainment
- Travel and Hospitality
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- 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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