The global Payment Security Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global payment security market size is anticipated to reach USD 43.76 billion by 2025. It is also expected to register a 12.3% CAGR during the forecasted period, 2018 to 2025. The rising adoption of the internet and smartphones for cashless payment is driving the market growth of payment security. This can be attributed to the rising retail and e-commerce industry which is creating demand for online payments.
Key Players:
- Bluefin Payment Systems
- Braintree Payments Solutions, LLC
- CyberSource (Visa Inc.)
- Elavon
- GEOBRIDGE Corporation
- Index
- Ingenico Group
- MasterCard
- Shift4 Payments LLC
- Verifone Systems Inc.
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Growth Drivers:
The adoption of cashless and electronic transactions is increasing due to the surging usage of smartphones and online payments. Many providers have started developing mobile applications like Apple pay, Android pay, and Google wallets. Many wearable and connected devices are being developed with inbuilt technologies like IoT (Internet of Things) having payment capabilities. Also, the usage of technologies like artificial intelligence and machine learning for predicting and diagnosing security breaches is projected to drive the demand for payment security solutions.
Application Outlook:
- Retail & Ecommerce
- Travel & Hospitality
- Healthcare
- Telecom & IT
- Education
- Media & Entertainment
In 2017, the retail & e-commerce application segment held a share of around 28.0% across the global market. It is also anticipated to continue to show significant growth during the forecasted years. Further, the surging usage of mobile phones and the internet coupled with the increasing disposable income is projected to drive market growth for payment security.
The application segment of travel and hospitality is expected to register substantial growth during the forecasted years, 2018 to 2025. This can be attributed to increased consumer spending across the globe. Also, the emergence of concepts like mobile payments and e-wallets prevailing among the millennial population is projected to contribute majorly to the market growth for payment security.
Solution Outlook:
- Encryption
- Tokenization
- Fraud Detection & Prevention
Platform Outlook:
- Web based
- POS based
Regional Outlook:
North America dominated the global payment security market in 2017. This can be attributed to the rising presence of prominent players like Braintree, PayPal, Elavon, and Bluefin across countries like the U.S. and Canada. Further, shifting trend towards online payments and net banking across this region is projected to propel the need for payment security in the upcoming years. Asia Pacific is projected to register the highest CAGR in the upcoming years. This can be associated with the surging number of consumer goods and retail startups in countries like India and China.
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