According to the latest report by IMARC Group, titled “Payment Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global payment security market reached a value of US$ 20.5 Billion in 2021. Payment security represents a range of protocols, regulations, and information protection technologies, which are designed to protect user data by inhibiting unauthorized transactions, monetary frauds, and data breaches. It encompasses anti-malware, endpoint security, risk and compliance management, intrusion detection, and identity and access management as standard approaches. These practices employ data encryption, firewalls, and data loss prevention (DLP) protocols to ensure secured online monetary transfer, reveal vulnerabilities, and secure entry points of end user devices such as desktops, laptops, and mobile devices. Apart from this, payment security assists in ensuring hassle-free transactions, providing optimal security, mitigating financial data loss, authenticating digital signatures, and offering better customer experiences. Consequently, payment security is extensively used by small and medium enterprises (SMEs) to automate business operations.
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.
Global Payment Security Trends:
The widespread adoption of payment security solutions across various industrial verticals, especially in the banking financial services and insurance (BFSI) can be attributed to the increasing usage of digital payment approaches and the need for streamlining or automating finance management operations. This is further supported by the extensive utilization of novel security systems to ensure accurate data records management across recurring procedures, including invoicing and reconciliation, and improve functional efficacy. In line with this, the rising security concerns and the growing instances of cyber-attacks and various fraudulent activities, such as hacking, and data breaches has facilitated the large-scale incorporation of payment security solutions in enterprises to ensure optimal transparency. Additionally, the usage of e-commerce platforms, especially during the COVID-19 pandemic has supplemented the product demand, which is acting as another growth-inducing factor. Moreover, the large-scale integration of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) to examine data vulnerabilities, mitigate risks, and improve accuracy while adhering to regulatory compliance is impelling the market growth. Other factors, such as the implementation of payment card industry and data security standards and strategic collaborations amongst key players to strengthen security infrastructure are positively stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 47.7 Billion by 2027, growing at a CAGR of 14.40% during 2022-2027.
- On the basis of the component, the market has been bifurcated into solution (encryption, tokenization, fraud detection and prevention) and service.
- Based on the platform, the market has been bifurcated into web and POS-based.
- On the basis of the enterprise size, the market has been bifurcated into small and medium-sized and large enterprises.
- Based on the end user, the market has been categorized into BFSI, government and utilities, IT and telecom, healthcare, retail and e-commerce, media and entertainment, travel and hospitality and others.
- On a regional basis, the market has been segmented into North America (the United States
, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being 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.
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