USD 24.1 billion
Payment Security Market Size, Share, Growth Analysis, By Component (Solutions, Services), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Vertical (Retail, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2192 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
95
|Figures:
76
Payment Security Market Insights
Global Payment Security Market size was valued at USD 24.1 billion in 2022 and is poised to grow from USD 28.72 billion in 2023 to USD 98.9 billion by 2031, growing at a CAGR of 16.7% during the forecast period (2024-2031).
Globally, the global payment security market has witnessed substantial growth in recent years. The need to secure customer data, comply with regulations, and keep up with the shifting threat landscape is driving expansion. Cybercriminals' assaults are growing more sophisticated as technology advances. To stay up with the growing threat landscape, new and more complex payment security solutions have been developed. Global smartphone penetration and an increasing preference for contactless payments are projected to boost market expansion. Mobile payment alternatives are quick and easy to use. Customers may use their cellphones to make payments fast and simply without the need for cash or physical cards. Because of this simplicity, mobile payments have become an appealing choice for customers. The growth of fintech has benefited the payment security business. Fintech firms have made significant investments in the development of new and enhanced payment security trends such as two-factor authentication, biometric identification, and tokenization. Customers are more inclined to demand secure payment solutions as a result, and they are ready to pay a premium for safe transactions. Regulatory compliances play an important role in ensuring the confidentiality, integrity, and availability of payment systems and data by defining standards and regulations that must be satisfied. Compliance with these standards aids in the prevention of fraud, data breaches, and other security events that can jeopardize sensitive financial information and harm payment providers' and merchants' reputations. Payment Card Industry Data Security Standard (PCI DSS), for example, establishes criteria for organizations that receive, transport, or retain cardholder data. Network security, access restrictions, data encryption, and frequent testing and monitoring of payment systems are all part of PCI DSS compliance.
US Payment Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
Large Enterprises
Growth Rate
16.7% CAGR
Global Payment Security Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Payment Security Market Segmental Analysis
Global Payment Security Market is segmented by component, organization size, vertical and region. Based on component, the market is segmented into solutions and services. Based on organization size, the market is segmented into large enterprises and small and medium-sized enterprises. Based on vertical, the market is segmented into retail, travel and hospitality, healthcare, it and telecom, education, media and entertainment and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Solution Type
The market can be categorized into encryption, tokenization, fraud detection and prevention, multi-factor authentication, and others. Encryption solutions secure payment data by converting it into an unreadable format, while tokenization replaces sensitive information with non-sensitive tokens, enhancing data security. Fraud detection and prevention solutions utilize advanced algorithms to identify and prevent fraudulent activities. Multi-factor authentication adds an extra layer of security by requiring multiple authentication factors for payment transactions.
Analysis by Vertical
Vertical segmentation involves identifying industry sectors that extensively utilize payment security solutions. Key verticals include banking, financial services, and insurance (BFSI), retail, healthcare, government, and others. The BFSI sector has been a significant adopter of payment security solutions due to the critical nature of financial transactions and the need for regulatory compliance. Retail and healthcare sectors are also witnessing increased adoption of payment security measures to protect customer payment information and comply with data protection regulations.
Global Payment Security Market Size By Organization Size 2021(%)
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Payment Security Market Regional Insights
The largest region in the global payment security market is North America. North America has traditionally dominated the market due to its strong presence of key market players, advanced technological infrastructure, and stringent regulations regarding data security and privacy. The region encompasses major economies such as the US and Canada, where the adoption of digital payment systems is widespread across various industries. The North American market benefits from the high demand for secure payment solutions in sectors such as banking, financial services, and e-commerce.
Asia Pacific holds tremendous potential. The region is experiencing rapid economic growth, a significant increase in digital transactions, and the proliferation of mobile payment platforms. Countries like China, India, and Southeast Asian nations are witnessing a surge in digital payments, driven by factors such as increasing internet penetration, rising smartphone usage, and the growing middle-class population. Governments in the region are also actively promoting secure payment infrastructures, further stimulating market growth. The Asia Pacific market presents immense opportunities for payment security solution providers to cater to the evolving needs of businesses and consumers.
Global Payment Security Market Size By Geography, 2021-2030
- Largest
- Fastest
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Payment Security Market Dynamics
Drivers
Growing Adoption of Digital Payment Systems to Bolster market growth
- The rise in payment fraud incidents is a significant driver for the global payment security market. As digital payment methods become more prevalent, cybercriminals are finding new ways to exploit vulnerabilities in payment systems. This drives the demand for robust payment security solutions to safeguard sensitive financial information and protect against fraudulent activities.
- The increasing adoption of digital payment systems, such as mobile payments and online transactions, is driving the need for enhanced payment security measures. Consumers and businesses alike are shifting towards digital payment methods due to their convenience and efficiency. This trend fuels the demand for payment security solutions that can ensure secure and protected transactions, boosting the growth of the market.
Restraints
High Implementation Costs to Hinder market growth
- One of the major restraints for the payment security market is the high cost associated with implementing robust security solutions. Organizations, particularly small and medium-sized enterprises (SMEs), may face financial constraints when investing in advanced payment security systems.
- Limited awareness and knowledge about payment security solutions can act as a restraint for market growth. Many businesses, especially smaller ones, may not fully understand the importance of payment security or the potential risks they face. This lack of awareness can result in insufficient investments in payment security measures, leaving them vulnerable to cyber threats.
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Payment Security Market Competitive Landscape
The Global Payment Security Market is highly competitive, with several players vying for a significant market share. The leading companies in the industrial, information technology, consumer safety market are investing heavily in research and development to stay ahead of the competition and offer innovative solutions to their customers. Some of the major players in the market have a global presence. They are also focused on expanding their product portfolio and enhancing their distribution networks to better serve their customers.
Top Player’s Company Profiles
- Thales SA
- Broadcom Inc.
- Bluefin Payment Systems
- PayPal (Braintree)
- Visa Inc. (Cybersource)
- US Bank (Elavon)
- Mastercard Incorporated
- FIS Global
- Fiserv
- ACI Worldwide, Inc.
- Worldline (Ingenico Epayments)
- Shift4 Payments, Inc.
- Intelligent Payments
- Utimaco (Geobridge Corporation)
- Lighthouse Network (Shift4 Corporation)
- Sisa Information Security
- Signifyd
- Koch (TNSI)
- Tokenex
- RSA Security LLC (Outseer)
Payment Security Market Recent Developments
- In March 2023, Paytech Ingenico announced the acquisition of software-based POS solutions provider Phos, extending its offering for merchant payment acceptance via smartphone, payment security is mainly focused. As per the information detailed in the press release, the strategic purchase of Phos marks an additional step in Ingenico’s evolution towards software-driven services.
- In October 2022, Payments giant PayPal announced the launch of passkeys to offer an easy and safe login method to its account holders. The technology that operated through cryptographic key pairs was developed by FIDO Alliance and the World Wide Web Consortium.
Payment Security Key Market Trends
- The key market trend in the global payment security market is the increasing adoption of biometric authentication methods. Biometric authentication, such as fingerprint recognition, facial recognition, and iris scanning, offers enhanced security and convenience for payment transactions. Biometric data is unique to individuals, making it difficult for fraudsters to replicate or bypass. Biometric authentication provides an additional layer of security beyond traditional password-based or PIN-based authentication methods, reducing the risk of unauthorized access and fraudulent activities. The advancement in biometric technology, coupled with the widespread availability of biometric-enabled devices such as smartphones, has paved the way for the integration of biometric authentication into payment security systems.
Payment Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Payment Security Market is experiencing significant growth and is projected to continue its upward trajectory in the coming years. The future of the global payment security market looks promising, driven by several key factors that are expected to fuel its growth. One of the primary drivers that will propel the market forward is the increasing instances of payment fraud. As digital transactions continue to rise, cybercriminals are becoming more sophisticated in their methods, posing significant risks to businesses and consumers. This growing threat necessitates the adoption of robust payment security solutions to protect sensitive financial information, mitigate the risk of fraud, and ensure secure transactions. The demand for advanced security measures will continue to rise as organizations recognize the importance of safeguarding their payment systems and customer data. Furthermore, the rapid adoption of digital payment systems across various industries is another driver that will contribute to the market's growth. Consumers and businesses alike are embracing the convenience and efficiency offered by digital payment methods, such as mobile payments, e-wallets, and online transactions. This widespread adoption creates a need for robust payment security solutions that can ensure secure and protected transactions, safeguarding against unauthorized access and data breaches. The continued expansion of e-commerce, coupled with the increasing preference for contactless and mobile payments, will further drive the demand for payment security measures.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.1 billion |
| Market size value in 2031 | USD 98.9 billion |
| Growth Rate | 16.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Payment Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Payment Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Payment Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Payment Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Payment Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Payment Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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