Payment Security Market Forecasts to 2028 - Global Analysis By Component, Organization Size, Platform (Wed-Based, Point of Sale -Based and Other Platforms), Transaction Mode, End Users and Geography
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発行: Stratistics Market Research Consulting
ページ情報: 英文 175+ Pages
According to Stratistics MRC, the Global Payment Security Market is accounted for $22.69 billion in 2022 and is expected to reach $61.25 billion by 2028 growing at a CAGR of 18% during the forecast period. Payment security is a collection of security tools and services that guard against money laundering, illegal business dealings, and data breaches. All forms of online financial transactions are secured by data encryption, firewalls, and data loss prevention (DLP) protocols. Included are risk and compliance management, endpoint security, identity and access management, anti-malware, and intrusion detection. By regularly monitoring illegal activity, this helps to develop a dependable platform, reduces the loss of financial data, and guards against continuous cyber security issues. As a result, the information technology (IT), healthcare, banking, financial services, and insurance (BFS) industries all heavily rely on payment security solutions.
According to RTI research, 30% of consumers have started utilizing contactless According to payment methods, such as smartphones, NFC cards, and wearables, since the outbreak of COVID-19. 70% of them said they would continue to use this contactless payment method after the pandemic is over. According to MasterCard Data warehouse 2020, there was over 40% growth in According to contactless payments worldwide in Q1 2020. Additionally, 80% of contactless transactions are under USD 25, a range typically dominated by cash.
The growing interest in digital payment platforms
The growing demand for digital payment systems is a driving force behind the rise of the payment security market. The market for payment security has also grown as a result of people's concerns about the security of their payment information. The inherent security risks connected with using digital payment gateways are reduced by the deployment of enhanced payment security. It is the obligation of businesses to work toward lowering the security risks connected to digital payments. Therefore, the research and development of more sophisticated secure payment systems is one of the key factors boosting the growth of the payment security market.
Adaptation to advanced technology
Similar to every other important organisation that is now operating, the global payment security market has a number of constraints. Under many organisations, the switch to digital payment channels is already in progress. However, it is not happening nearly as quickly as it should to the new technologies. For businesses in the payment security sector, this poses a sizable barrier to entry. The inability of businesses to look into security holes and take action to strengthen the platform is another barrier for the payment security industry. Many organisations are unable to do both, which is a problem. Even though government requirements drive research and growth in the payment security industry, stricter rules typically act as a restraint.
Expansion of the E-commerce market
The potential for growth in the Payment Security market is currently abundant. The market's major players must quickly grab the opportunities that present themselves in order for the Payment Security Market to continue growing. The general expansion in digital payment platforms represents the main development opportunity for the payment security industry. The top players in the market for payment security may seize this chance to advance payment security technologies and the sector at large. In the COVID-19 age, the growth of the E-commerce market offers a chance to look into the Payment Security Market. Every website is turning into a digital market interface as a result of several expansion opportunities in the global payment security business.
Security Concerns and Lack of Skilled Professionals
Phishing scams, hacking tools, illegal access, and unprotected mobile wallets are security risks that put users' data and information at risk. Determining the type and degree of user data protection is similarly difficult. Companies continue to experience issues with data security and a shortage of qualified personnel, which is limiting market growth.
The COVID-19 pandemic epidemic has boosted the use of digital payment methods, which has greatly accelerated the expansion of the payment security business. Since the COVID-19 pandemic broke out, companies that handle digital payments like PhonePe, Paytm, and Amazon Pay have experienced a roughly 50% increase in transactions made using their digital wallets. Numerous banks' digital transformation plans have advanced significantly as a result of the unexpected upsurge in digital use. Banking leaders now see online banking services as a crucial tool for boosting client retention and expanding income streams through individualised offerings. The pandemic's effects have sped up the adoption of a wide variety of digital banking services and steered customers of all ages away from traditional banking facilities and ATMs.
The solution segment is expected to be the largest during the forecast period
The solution is estimated to have a lucrative growth, during the forecast period. Tokenization, encryption, and fraud detection and prevention are the three solution categories that make up the market. The fraud detection and prevention market sector is anticipated to account for a sizeable portion of the market due to its ability to provide a wide range of fraud analytics solutions, including big data analytics, social media analytics, customer analytics, behavioural analytics, predictive analytics, and governance, risk, and compliance solutions. However, it is anticipated that the encryption industry will hold a sizable portion of the business in the years to come. Point-to-point encryption (P2PE), which is commonly used throughout commercial organisations to assure safe payment activities, encrypts card data into a series of integers.
The point of sale (POS)-based segment is expected to have the highest CAGR during the forecast period
The point of sale (POS)-based segment is anticipated to witness the fastest CAGR growth during the forecast period, as a result of rising consumer interest, comfort, and ease in online purchasing as well as other conveniences. Different AI-based solutions are being used by payment security providers for a variety of tasks, including fraud detection and consumer contact. In a system, it aids in the quick analysis, forecasting, and processing of risks and frauds. This aids service providers in providing solutions for fraud detection and prevention and in providing an accurate assessment of threats and data breaches that may occur in the system. Payment security issues and frauds are becoming more prevalent as mobile and POS transactions increase. Reduced transaction fees, the use of cryptographic methods for improved transaction security, quicker transaction settlement, and relief from numerous chargeback's and purchase returns are all necessary for these electronic transactions.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to more consumers in Asia and the Pacific are using online digital payments. For instance, almost 60% of people in APAC are switching to digital payment methods online. According to Kaspersky Digital Payments research, the rate of growth for digital payments is over 30% annually. The demand for payment security is also increasing due to the quick spread and adoption of digital payments across a variety of industries, including retail, hospitality, and others. Several online payment methods are used in this region, including Kakao, Paytm, Grab, Line, Gojek, Apple Pay, Stocard, and Samsung Pay.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. Real-time payments are growing quickly in North America, with significant year-over-year growth, which has led to an increase in payment fraud. Due to the epidemic, more than half of consumers in North America switched from in-store to online shopping, increasing the prevalence of digital payments. As a result, there have been more digital payment transactions, which have raised the possibility of payment fraud. In addition, top mobile payment providers like Samsung, Apple, Inc., and others are concentrating on launching cutting-edge mobile payment services based on these security solutions in North America.
Key players in the market
Some of the key players profiled in the Payment Security Market include Thales, Cybersource, Outseer, Paypal Holdings, Inc., PayU, UL LLC, Bluefin Payment Systems LLC, Elavon, Inc., TNS, Inc., TokenEx, Braintree, Index, Ingenico ePayments and Intelligent Payments.
In July 2022, Bluefin, a tokenization and encryption technology provider that secures payments and sensitive data, partnered with healthcare payment software provider Waystar to provide advanced payment security for healthcare payments. Additionally, the partnership offers Bluefin's PCI-validated point-to-point encryption solution and payment gateway via Waystar's software.
In February 2022, Outseer has taken a strategic development step with Outseer Emerging Payments. The announcement marks Outseer's first expansion beyond Outseer 3D Secure, the payment authentication service, enabling growth and customer value beyond traditional card-not-present (CNP) transactions.
In November 2021, Global technology company Thales partnered with First Tech. This partnership helped SWAP, a venture-backed financial services provider, launch a modern digital payments infrastructure. This modern payment security infrastructure with Thales to SWAP accelerates its market transition.
In September 2021, PayPal launched a new PayPal app. It's a personalized, all-in-one app that gives customers the perfect place to manage their financial lives. The app is the central location for PayPal customers to manage bill payments, get paid up to two days in advance with the new direct deposit feature from its banking partners, manage gift cards, and earn rewards.
In February 2021, Cybersource announced a partnership with payments company Planet to launch a new digital payments platform for European merchants. The service offers the ability to streamline complex digital payments in the hospitality, retail, food, and beverage industries. The platform also provides access to online payment methods and integration with Planet's e-commerce platform.
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