The latest research study “Payment Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
Covid-19 Impact:
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.
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Industry Definition and Application:
Payment security is a system of services and solutions formed to avert unauthorized transactions and monetary frauds and mitigate the risk of data breaches. It protects all forms of financial transactions using firewalls, data loss prevention (DLP) protocols and data encryption. It contains anti-malware, endpoint security, identity and access management, risk and compliance management and intrusion detection. Consequently, it provides protection against continuous threats of cyber security breaches, diminishes loss of financial data, and aids in creating a reliable platform. It is also widely utilized across the information technology (IT), banking, financial services and insurance industries (BFSI), and healthcare.
Global Payment Security Market Trends and Drivers:
The primary factor driving the market is the rapid growth in the banking, financial services and insurance (BFSI) industry across the globe. Payment security aids in making banks more efficient and automating finance management processes, securing accurate records across recurring processes and increasing operational efficacy. Furthermore, the rising acceptance of digital payment modes and usage of wireless networks in computing devices to assist payments is also propelling the market growth. Moreover, several technological upgradations, such as the combination of connected devices with the internet of things (IoT), machine learning (ML) and artificial intelligence (AI) solutions, are catalyzing the market growth. These technologies also help in tracing the location of the financial crime, monitor transactions, upgrade accuracy, mitigate risks, manage regulatory compliance and detect frauds. Furthermore, the growing incidences of payment frauds, cybercrimes, cyber-attacks, and rising concerns regarding restricted and sensitive data are positively influencing the market growth. Several other growth-inducing factors are widespread digitalization, rapid product adoption to comply with the regulatory requirements of the payment card industry and data security standard (PCI DSS) compliances.
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| Payment Security Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 20.5 Billion |
| Market forecast in 2027 | US$ 47.7 Billion |
| Growth Rate | CAGR of 14.40% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Platform, Enterprise Size, End User and Region |
| Regional scope | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
| Key companies profiled | 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. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Solution
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Service
Breakup by Platform:
- Web-based
- OS-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
By Geography:
- 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
List of Major Key Players:
The major players in the market 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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