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

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.