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Payment Security Market Worth $43.76 Billion By 2025 On Accounts Of Rising Need For PCI DSS Compliance And Adoption Of Digital Payment Mode By Consumers: Grand View Research Inc.

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Payment Security Market Worth $43.76 Billion By 2025 On Accounts Of Rising Need For PCI DSS Compliance And Adoption Of Digital Payment Mode By Consumers: Grand View Research Inc.

February 18
14:36 2021
Payment Security Market Worth $43.76 Billion By 2025 On Accounts Of Rising Need For PCI DSS Compliance And Adoption Of Digital Payment Mode By Consumers: Grand View Research Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
The continued growth in digitization across the globe, increased consumer spending in the hospitality and travel sectors, as well as the continued requirement for PCI DSS compliance, are expected to spearhead the growth of the global payment security market in the coming years, as per a recent report by Grand View Research.

The global payment security market size is projected to reach USD 43.76 billion by 2025, progressing at a CAGR of 12.3% during the forecast period, as per an expansive study by Grand View Research, Inc. The rapidly rising requirement for PCI DSS (payment card industry data security standard) compliance and adoption of digital payment mode by consumers are the major factors shaping the growth of the market. The payments industry is going through a movement of infrastructure transformation, which is essential to compete efficiently with non-bank trendsetters and address progressing customer requirements. In recent years, major economies have modernized their payment infrastructures, while many others are in the process of upgradation. Digital payments aid merchants in maintaining continuous compliance with PCI DSS, which is further anticipated to bolster the growth of the payment security market.

Businesses today have begun implementing and integrating strict measures with regards to payment security, through the means of encryption and use of various fraud detection and prevention tools. The current environment of the coronavirus pandemic is expected to offer opportunities to businesses to expand their online presence, which is expected to present numerous opportunities to hackers and bad actors to intrude the payment infrastructure. The impact of credit card fraud in major economies has only heightened in recent years, which has resulted in losses of billions of dollars. In March 2015, Worldpay noted over 133,000 fraudulent transactions reported, which interpreted stolen card details being used every 20 seconds. Thus, payment security providers help its customer’s systems to protect itself from threats and aim to provide secure businesses by getting them to comply with PCI DSS.

The market is segmented on the basis of solution, platform, organization, and application. The major solution components include encryption, tokenization, and fraud detection and prevention. The notable platforms for payment security are either web-based or POS-based. Payment security solutions are used across large enterprises, as well as SMEs. The major application areas utilizing these solutions include e-commerce and retail, travel and hospitality, IT and telecom, healthcare, media and entertainment, and education, among others. Notable industry players include Ingenico, Braintree, Bluefin, Index, Elavon, MasterCard, and CyberSource (Visa Inc.)

 U.S. payment security market size, by application, 2014 - 2025 (USD Million)

Further key findings suggest:

1        Emergence of internet of things (IoT) is leading to several connected devices and wearables being fortified with payment capabilities, which has expanded the scope of payment security solutions in recent years

2        Forecasts presented by Expert Market regarding mobile wallet usage for 36 countries globally have shown that by 2022, digital wallet usage will see a sharp rise, factoring for 28% of all POS transactions in this period; this is projected to positively impact the demand for payment security infrastructure

3        Encryption solution is projected to emerge as the fastest growing segment over the forecast period in the payment security market, advancing at a CAGR of 12.8%, with these solutions being widely implemented by startups in the retail and e-commerce spaces

4        Large enterprises represented the leading segment in terms of organization in 2017 and are projected to generate revenue over USD 29.80 billion by 2025; the segment is witness to high-value transactions on a daily basis, which has accelerated the need for payment security infrastructure

5        The education market is poised to witness the highest CAGR of 13.4% over the forecast period in the payment security industry, with regards to application

6        With regards to platform, the POS-based segment is expected to lead the payment security market growth, on account of the rising consumer interest, as well as ease and comfort offered by online shopping

7        North America was the leading revenue contributor in 2017. Rising number of startups in the retail industry and presence of prominent payment security providers in the region is expected to drive the North America payment security market

8        The COVID-19 pandemic has accelerated the adoption of online payment and digital wallet solutions across the globe, as a means of respecting government regulations of social distancing, which is expected to have a highly positive impact on the industry

9        Major industry players are entering into partnerships, mergers and acquisitions, as well as indulging in new product and technology launches, as a means to grab a higher market share. For example, in October 2020, Ingenico was acquired by Worldline, a major global payments provider, thus creating the largest payment services provider in Europe

“Would you Like/Try a Sample Report” Click the link below:https://www.grandviewresearch.com/industry-analysis/payment-security-market/request/rs1

Grand View Research has segmented the global payment security market on the basis of solution, platform, organization, application, and region:

Payment Security Solution Outlook (Revenue, USD Million, 2014 – 2025)

  • Encryption

  • Tokenization

  • Fraud Detection & Prevention

Payment Security Platform Outlook (Revenue, USD Million, 2014 – 2025)

  • Web based

  • POS based

Payment Security Organization Outlook (Revenue, USD Million, 2014 – 2025)

  • Small and Medium Enterprises

  • Large Enterprises

Payment Security Application Outlook (Revenue, USD Million, 2014 – 2025)

  • Retail & ecommerce

  • Travel & Hospitality

  • Healthcare

  • Telecom & IT

  • Education

  • Media & Entertainment

  • Others

Payment Security Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Turkey

    • Sweden

    • Spain

    • Poland

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Taiwan

    • Thailand

    • Malaysia

    • Singapore

    • Indonesia

    • Australia

  • South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • U.A.E

    • Saudi Arabia

    • Egypt

List of Key Players of Payment Security Market
• Ingenico
• Braintree
• Bluefin
• Index
• Elavon
• MasterCard and
• CyberSource (Visa Inc.)

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/5127/ibb

Browse Related Report @

Payment As A Service Market – https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service.
Grand View Research is fully committed to offer the best research services in the Industry. Our dedicated team of experienced analysts offer full capability and potential to precisely understand your research needs.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/payment-security-market

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