"Smart Strategies, Giving Speed to your Growth Trajectory"

Payment Security market size, share & industry analysis, By Component (Software, Services), By Enterprise Size (Small and Medium Enterprise, Large Enterprise), By Industry (BFSI, Retail and eCommerce, Government, Healthcare, Travel and Hospitality, IT and Telecommunications, Media and entertainment, Others (Education, etc.)) and regional forecast 2021-2028

Region : Global | Report ID: FBI103748 | Status : Ongoing

 

KEY MARKET INSIGHTS

Payment security service is a set of analytics, and security practices algorithm, that is used to secure the intact payment system and eliminate frauds and cyber thefts. The solution is based on advanced point-to-point encryption technology. Mobile-based payment providers such as Apple Pay, Google Pay, Paypal, and others, are adopting payment security solutions to offer their users a secure environment while completing transactions at payment gateway.


The rising adoption of technologies such as cloud, big data, 5G  network, and the increasing number of online retail and eCommerce platform, is expected to drive the growth of the market. According to the Census Bureau of the Department of Commerce, in the U.S., total online retail sales were valued around USD 5.45 trillion, out of which eCommerce accounted for around 11% of the total sales. Also, the advancement of technologies such as the internet of things (IoT), and the rising smartphone penetration rate and fraud activities are expected to boost the demand.


The impact of the COVID-19 pandemic is flooding down every sector of the economy. This has impacted fast-growing eCommerce and online business, where digital payment plays an important part. As per the lockdown guidelines published by the government in various countries, sectors such as retail, travel and tourism, hospitality (dining out, movies, and other entertainment sectors) are permanent/temporary banned. Also, cross border payments are on hold due to lack of functionality. However, growth in the market is driven by increasing demand for products and services across healthcare/ pharma, essential services, insurance, telecom, and others.


Key Market Driver -

• Increasing number of e-commerce start-ups, and advent of artificial intelligence (AI) technology is driving the market demand • Emerging 5G network, Chabot and rising internet penetration is boosting the growth of the market • Rising adoption of connected devices and wearable based on IoT technology, for payment, is expected to drive the growth of the market

Key Market Restraint -

• The lack of skilled professionals to develop and update solution, is expected to hinder the growth of the market


KEY PLAYERS COVERED


Key companies in the market are focused on funding for the development of advanced payment security solutions by adopting AI technology. Also, these players are devoted on adopting several strategies such as partnerships, mergers, and collaboration to expand their commercial worldwide. For instance, July 2018 - Visa Inc. completed partnership with Sabre Corporation. This partnership completed to allow Visa to use Sabre’s CyberSource and provide a full suite of authentication services, fraud management, and payment acceptance services.


Key players in the payment security market are CyberSource Corporation, Braintree Payment Solutions, LLC, Bluefin Payment System, Transaction Network Services (TNS) Inc., Ingenico ePayments Group, Elavon Inc., Shift4 Corporation, TokenEx, LLC, Geobridge Corporation and others.


REGIONAL ANALYSIS


Among all the regions, North America is predicted to dominate the market. The market size in the region is mostly owing to the investment done by government and key players such as Braintree, CyberSource Corporation, Shift4 Corporation, and others. These companies are focused on implementing several business strategies to increase their presence globally.


Asia Pacific is expected to grow with the maximum CAGR during the forecast period. The growth is owing to the rising number of eCommerce and online retail stores in countries such as India, Korea, Japan, and others. Key players in this region are integrating payment security solutions in smart devices such as wearable, smart watches, debit/credit cards, and other consumer devices.


Europe is estimated to develop with a considerable CAGR during the forecast period. The growth of the market is predominantly driven by owing to the increasing adoption of advanced payment technologies to execute complex business transactions. Rising smartphone and internet penetration and the increasing number of providers in the Middle East and Africa and Latin America is probably to drive the market demand.


Key Market Driver -

• Increasing number of e-commerce start-ups, and advent of artificial intelligence (AI) technology is driving the market demand • Emerging 5G network, Chabot and rising internet penetration is boosting the growth of the market • Rising adoption of connected devices and wearable based on IoT technology, for payment, is expected to drive the growth of the market

Key Market Restraint -

• The lack of skilled professionals to develop and update solution, is expected to hinder the growth of the market


Segmentation


























 ATTRIBUTE


  DETAILS

By Component




  • Software

    • Tokenization

    • Encryption

    • Fraud Detection and Prevention

    • Others (Contactless NFC, etc.)



  • Services



By Enterprise Size




  • Small and Medium Enterprise

  • Large Enterprise



By Industry




  • Banking, Financial Services, and Insurance (BFSI)

  • Retail and eCommerce

  • Government

  • Healthcare

  • Travel and Hospitality

  • IT and Telecommunications

  • Media and entertainment

  • Others (Education, etc.)



By Geography




  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)



Key Industry Developments



  • April 2018 – Mastercard Incorporated completed partnership with IFC (a member of World Bank Group). The partnership completed to expands financial presence, by investing around USD 250 million for development of payment security solutions


Payment Security market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Information & Technology Clients

Hitachi
Bain & Company
Kpmg
Samsung
Go daddy

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X