Global Payment Security Market Report
RA05713
Global Payment Security Market by Solution (Tokenization, Encryption, and Fraud Detection & Prevention), Platform (Web Based and POS Based or Mobile Based), Organization (Small & Medium-Sized Enterprises (SMEs) and Large Enterprises), Application (Telecom & IT, Retail & E-commerce, Media & Entertainment, Travel & Hospitality, Healthcare, Education, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Payment Security Overview
Payment security describes the policies and procedures used to safeguard private financial data during computerized transactions. It includes a range of procedures, rules, and tools intended to protect the privacy, accuracy, and legitimacy of payment information. Preventing unauthorised access, fraud, and data breaches that can result in monetary loss or jeopardise customer trust is the main objective of payment security. Network security, encryption, access controls, routine system testing, and the application of security policies are all topics covered by PCI DSS.
Global Payment Security Market Analysis
The global payment security market size was $23.5 billion in 2022 and is predicted to grow with a CAGR of 13.7%, by generating a revenue of $84.8 billion by 2032.
COVID-19 Impact on Global Payment Security Market
The COVID-19 pandemic has had a significant impact on the payment security market. As people tried to limit in-person interactions, the pandemic resulted in an increase in internet commerce and digital transactions. The necessity for strong payment security measures was underscored by the rising reliance on e-commerce and digital payments. To securely handle the rising number of online transactions, businesses had to quickly change their payment systems.
The transition to e-commerce was expedited by the pandemic, and it is anticipated that this trend would persist after the pandemic. Strong payment security solutions will continue to be essential as consumers depend more and more on online purchasing to safeguard sensitive financial data.
Increasing Digital Transactions to Drive the Market Growth
The development of the payment security market is determined by several key factors. There has been a considerable rise in digital transactions because of the popularity of e-commerce, mobile payments, and digital wallets. To protect sensitive financial information, it is increasingly important for consumers and organisations to use effective payment security solutions. Cyberattacks that target payment systems and financial data have become more sophisticated and frequent. For both individuals and organisations, data breaches, identity theft, and fraudulent actions present serious threats. Businesses are investing in cutting-edge payment security solutions to protect payment information and stop unauthorized access as a response to these risks.
To know more about global payment security market drivers, get in touch with our analysts here.
Cost of Implementation to Restrain Market Growth
For businesses, putting in place reliable payment security procedures can be very expensive. To ensure adherence to industry norms and laws, they might need to make investments in security infrastructure, software solutions, and routine security audits. Payment security's initial and continuing costs can be a problem, especially for small and medium-sized businesses (SMEs) with tight budgets. It might be difficult to integrate payment security solutions with already-in-place infrastructure and payment systems. Businesses may struggle to integrate new security measures without affecting ongoing operations. Adoption of cutting-edge payment security solutions is hindered by the difficulty of integration, which can result in delays and extra expenditures.
Secure Mobile Payment Solutions to Drive Excellent Opportunities
As more people use smartphones and wearable technology for purchases, mobile payments continue to gain traction. To safeguard sensitive payment information, mobile payment solutions must be secured. Future development of strong and user-friendly mobile payment platforms with integrated advanced security features like biometrics, tokenization, and device authentication increases the adoption of payment security solutions. These tools can instantly analyse enormous volumes of data, spot patterns, and spot anomalies that point to fraudulent activity. AI and ML-powered systems can improve the efficacy of fraud detection, lower false positives, and minimise disruptions for legitimate transactions.
Global Payment Security Market Share, by Solution, 2022
The fraud detection & prevention sub-segment accounted for the highest share in 2022. Cybercriminals are continually developing new strategies to exploit flaws in payment systems. Robust solutions for fraud detection and prevention are required because of the increase in data breaches and fraud incidences. The necessity to protect sensitive payment data and stay ahead of new online threats drives the demand for advanced fraud detection systems.
Global Payment Security Market Share, by Platform, 2022
The POS based or mobile based sub-segment accounted for the highest market size in 2022. Since they have been in use for so long, POS-based payment systems have attained a certain level of market acuity. The fact that so many companies already have POS equipment in place makes it a popular option for conventional brick-and-mortar stores and companies with physical presence. Small companies, major retailers, restaurants, and other places all readily accept POS-based payment systems. The demand for strong payment security solutions to safeguard sensitive consumer data and stop fraud is fuelled by the wide adoption of POS systems.
Global Payment Security Market Share, by Organization, 2022
The large enterprises sub-segment accounted for the highest market size in 2022. Large businesses usually have strong brands and a sizable consumer base. Their success depends on maintaining a solid brand reputation and customer trust. Putting in place strong payment security procedures helps businesses safeguard consumer information, stop fraud, and uphold trust, protecting their brand's reputation. Large businesses regularly collaborate with several suppliers, partners, and vendors, all of whom may have access to their payment systems. Strong payment security solutions assist in controlling vendor access, upholding security standards, and defending against insider threats.
Global Payment Security Market Share, by Application, 2022
The retail & e-commerce sub-segment accounted for the highest market size in 2022. There is a growing demand for payment security systems in retail & e-commerce stores for managing transactions across numerous channels while assuring security and compliance. The Payment Card Industry Data Security Standard (PCI DSS) must be followed by retailers and online stores that accept credit card payments. Compliance with these rules is essential for protecting sensitive customer payment data and maintaining consumer and payment card network credibility. Retailers often engage in business through multiple channels, such as physical storefronts, e-commerce stores, smartphone apps, and so on. A consistent and convenient consumer experience depends on the seamless integration of payment systems throughout different channels.
Global Payment Security Market Share, by Region, 2022
The North America payment security market generated the highest revenue in 2022. The greatest market for payment security is in the North America region. Digital payment systems have been widely used in a variety of industries across North America. Digital payments, such as smartphone payments, e-commerce transactions, and contactless payments, are becoming more and more popular with customers and businesses. Strong payment security solutions are required to safeguard against fraud and data breaches as the use of digital payments increases.
Competitive Scenario in the Global Payment Security Market
Product development and geographic expansion are common strategies followed by major market players. Some of the leading payment security market players are Elavon Inc., Utimaco Management GmbH, Ingenico, Shift4 Payments Inc., Mastercard, Bluefin Payment Systems, Intelligent Payment Solutions Pvt Ltd., Visa Inc., TokenEx, LLC, and Paypal Holdings, Inc.
| Aspect | Particulars |
| Historical Market Estimations | 2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Solution |
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| Segmentation by Platform |
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| Segmentation by Organization |
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| Segmentation by Application |
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| Key Companies Profiled |
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Q1. What is the size of the payment security market?
A. The size of the payment security market was over $23.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 13.7% during the forecast period.
Q2. Which are the major companies in the payment security market?
A. Ingenico and Mastercard are some of the key players in the global payment security market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Ingenico and Mastercard are the companies investing more on R&D activities for developing new products and technologies.
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1. RESEARCH METHODOLOGY
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
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2. REPORT SCOPE
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on Global Payment Security Market
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on Payment Security Market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
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5. Payment Security Market, By Product
5.1. Overview
5.2 By Solution
5.2.1 Definition, key trends, growth factors, and opportunities
5.2.2 Market size analysis, by region, 2020-2027
5.2.3 Market share analysis, by country, 2020-2027
5.3 By Service
5.3.1 Definition, key trends, growth factors, and opportunities
5.3.2 Market size analysis, by region, 2020-2027
5.3.3 Market share analysis, by country, 2020-2027
5.4 Research Dive Exclusive Insights
5.4.1 Market attractiveness
5.4.2 Competition heatmap
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6. Payment Security Market, By Spectral Range
6.1. Overview
6.2 Retail
6.2.1 Definition, key trends, growth factors, and opportunities
6.2.2 Market size analysis, by region, 2020-2027
6.2.3 Market share analysis, by country, 2020-2027
6.3 Travel and hospitality
6.3.1 Definition, key trends, growth factors, and opportunities
6.3.2 Market size analysis, by region, 2020-2027
6.3.3 Market share analysis, by country, 2020-2027
6.4 Healthcare
6.4.1 Definition, key trends, growth factors, and opportunities
6.4.2 Market size analysis, by region, 2020-2027
6.4.3 Market share analysis, by country, 2020-2027
6.5 IT and telecom
6.5.1 Definition, key trends, growth factors, and opportunities
6.5.2 Market size analysis, by region, 2020-2027
6.5.3 Market share analysis, by country, 2020-2027
6.6 Education
6.6.1 Definition, key trends, growth factors, and opportunities
6.6.2 Market size analysis, by region, 2020-2027
6.6.3 Market share analysis, by country, 2020-2027
6.7 Media and entertainment
6.7.1 Definition, key trends, growth factors, and opportunities
6.7.2 Market size analysis, by region, 2020-2027
6.7.3 Market share analysis, by country, 2020-2027
6.8 Others
6.8.1 Definition, key trends, growth factors, and opportunities
6.8.2 Market size analysis, by region, 2020-2027
6.8.3 Market share analysis, by country, 2020-2027
6.9 Research Dive Exclusive Insights
6.9.1 Market attractiveness
6.9.2 Competition heatmap
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7. Payment Security Market, By Price
7.1. Overview
7.2 Large enterprises
7.2.1 Definition, key trends, growth factors, and opportunities
7.2.2 Market size analysis, by region, 2020-2027
7.2.3 Market share analysis, by country, 2020-2027
7.3 Small and Medium-Sized Enterprises (SMEs)
7.3.1 Definition, key trends, growth factors, and opportunities
7.3.2 Market size analysis, by region, 2020-2027
7.3.3 Market share analysis, by country, 2020-2027
7.4 Research Dive Exclusive Insights
7.4.1 Market attractiveness
7.4.2 Competition heatmap
8. Payment Security Market, By Region
8.1 North America
8.1.1 U.S
8.1.1.1 Market size analysis, By Product, 2020-2027
8.1.1.2 Market size analysis, By Spectral Range, 2020-2027
8.1.1.3 Market size analysis, By Price , 2020-2027
8.1.2 Canada
8.1.2.1 Market size analysis, By Product, 2020-2027
8.1.2.2 Market size analysis, By Spectral Range, 2020-2027
8.1.2.3 Market size analysis, By Price , 2020-2027
8.1.3 Mexico
8.1.3.1 Market size analysis, By Product, 2020-2027
8.1.3.2 Market size analysis, By Spectral Range, 2020-2027
8.1.3.3 Market size analysis, By Price , 2020-2027
8.1.4 Research Dive Exclusive Insights
8.1.4.1 Market attractiveness
8.1.4.2 Competition heatmap
8.2 Europe
8.2.1 Germany
8.2.1.1 Market size analysis, By Product, 2020-2027
8.2.1.2 Market size analysis, By Spectral Range, 2020-2027
8.2.1.3 Market size analysis, By Price , 2020-2027
8.2.2 UK
8.2.2.1 Market size analysis, By Product, 2020-2027
8.2.2.2 Market size analysis, By Spectral Range, 2020-2027
8.2.2.3 Market size analysis, By Price , 2020-2027
8.2.3 France
8.2.3.1 Market size analysis, By Product, 2020-2027
8.2.3.2 Market size analysis, By Spectral Range, 2020-2027
8.2.3.3 Market size analysis, By Price , 2020-2027
8.2.4 Spain
8.2.4.1 Market size analysis, By Product, 2020-2027
8.2.4.2 Market size analysis, By Spectral Range, 2020-2027
8.2.4.3 Market size analysis, By Price , 2020-2027
8.2.5 Italy
8.2.5.1 Market size analysis, By Product, 2020-2027
8.2.5.2 Market size analysis, By Spectral Range, 2020-2027
8.2.5.3 Market size analysis, By Price , 2020-2027
8.2.6 Rest of Europe
8.2.6.1 Market size analysis, By Product, 2020-2027
8.2.6.2 Market size analysis, By Spectral Range, 2020-2027
8.2.6.3 Market size analysis, By Price , 2020-2027
8.2.7 Research Dive Exclusive Insights
8.2.7.1 Market attractiveness
8.2.7.2 Competition heatmap
8.3 Asia-Pacific
8.3.1 China
8.3.1.1 Market size analysis, By Product, 2020-2027
8.3.1.2 Market size analysis, By Spectral Range, 2020-2027
8.3.1.3 Market size analysis, By Price , 2020-2027
8.3.2 Japan
8.3.2.1 Market size analysis, By Product, 2020-2027
8.3.2.2 Market size analysis, By Spectral Range, 2020-2027
8.3.2.3 Market size analysis, By Price , 2020-2027
8.3.3 India
8.3.3.1 Market size analysis, By Product, 2020-2027
8.3.3.2 Market size analysis, By Spectral Range, 2020-2027
8.3.3.3 Market size analysis, By Price , 2020-2027
8.3.4 Australia
8.3.4.1 Market size analysis, By Product, 2020-2027
8.3.4.2 Market size analysis, By Spectral Range, 2020-2027
8.3.4.3 Market size analysis, By Price , 2020-2027
8.3.5 South Korea
8.3.5.1 Market size analysis, By Product, 2020-2027
8.3.5.2 Market size analysis, By Spectral Range, 2020-2027
8.3.5.3 Market size analysis, By Price , 2020-2027
8.3.6 Rest of Asia-Pacific
8.3.6.1 Market size analysis, By Product, 2020-2027
8.3.6.2 Market size analysis, By Spectral Range, 2020-2027
8.3.6.3 Market size analysis, By Price , 2020-2027
8.3.7 Research Dive Exclusive Insights
8.3.7.1 Market attractiveness
8.3.7.2 Competition heatmap
8.4 LAMEA
8.4.1 Brazil
8.4.1.1 Market size analysis, By Product, 2020-2027
8.4.1.2 Market size analysis, By Spectral Range, 2020-2027
8.4.1.3 Market size analysis, By Price , 2020-2027
8.4.2 Saudi Arabia
8.4.2.1 Market size analysis, By Product, 2020-2027
8.4.2.2 Market size analysis, By Spectral Range, 2020-2027
8.4.2.3 Market size analysis, By Price , 2020-2027
8.4.3 UAE
8.4.3.1 Market size analysis, By Product, 2020-2027
8.4.3.2 Market size analysis, By Spectral Range, 2020-2027
8.4.3.3 Market size analysis, By Price , 2020-2027
8.4.4 South Africa
8.4.4.1 Market size analysis, By Product, 2020-2027
8.4.4.2 Market size analysis, By Spectral Range, 2020-2027
8.4.4.3 Market size analysis, By Price , 2020-2027
8.4.5 Rest of LAMEA
8.4.5.1 Market size analysis, By Product, 2020-2027
8.4.5.2 Market size analysis, By Spectral Range, 2020-2027
8.4.5.3 Market size analysis, By Price , 2020-2027
8.4.6 Research Dive Exclusive Insights
8.4.6.1 Market attractiveness
8.4.6.2 Competition heatmap
9. Competitive Landscape
9.1 Top winning strategies, 2020-2027
9.1.1 By strategy
9.1.2 By year
9.2 Strategic overview
9.3 Market share analysis, 2020-2027
10. Company Profiles
10.1 Braintree (Illinois
10.1.1 Overview
10.1.2 Business segments
10.1.3 Product portfolio
10.1.4 Financial performance
10.1.5 Recent developments
10.1.6 SWOT analysis
10.2 US)
10.2.1 Overview
10.2.2 Business segments
10.2.3 Product portfolio
10.2.4 Financial performance
10.2.5 Recent developments
10.2.6 SWOT analysis
10.3 CyberSource Corporation (California
10.3.1 Overview
10.3.2 Business segments
10.3.3 Product portfolio
10.3.4 Financial performance
10.3.5 Recent developments
10.3.6 SWOT analysis
10.4 US)
10.4.1 Overview
10.4.2 Business segments
10.4.3 Product portfolio
10.4.4 Financial performance
10.4.5 Recent developments
10.4.6 SWOT analysis
10.5 Elavon (Georgia
10.5.1 Overview
10.5.2 Business segments
10.5.3 Product portfolio
10.5.4 Financial performance
10.5.5 Recent developments
10.5.6 SWOT analysis
10.6 US)
10.6.1 Overview
10.6.2 Business segments
10.6.3 Product portfolio
10.6.4 Financial performance
10.6.5 Recent developments
10.6.6 SWOT analysis
10.7 Index (Nevada
10.7.1 Overview
10.7.2 Business segments
10.7.3 Product portfolio
10.7.4 Financial performance
10.7.5 Recent developments
10.7.6 SWOT analysis
10.8 US)
10.8.1 Overview
10.8.2 Business segments
10.8.3 Product portfolio
10.8.4 Financial performance
10.8.5 Recent developments
10.8.6 SWOT analysis
10.9 Ingenico ePayments (Hoofddorp
10.9.1 Overview
10.9.2 Business segments
10.9.3 Product portfolio
10.9.4 Financial performance
10.9.5 Recent developments
10.9.6 SWOT analysis
10.10 Netherlands)
10.10.1 Overview
10.10.2 Business segments
10.10.3 Product portfolio
10.10.4 Financial performance
10.10.5 Recent developments
10.10.6 SWOT analysis
10.11 Intelligent Payments (Gibraltar)
10.11.1 Overview
10.11.2 Business segments
10.11.3 Product portfolio
10.11.4 Financial performance
10.11.5 Recent developments
10.11.6 SWOT analysis
10.12 GEOBRIDGE Corporation (Virginia
10.12.1 Overview
10.12.2 Business segments
10.12.3 Product portfolio
10.12.4 Financial performance
10.12.5 Recent developments
10.12.6 SWOT analysis
10.13 US)
10.13.1 Overview
10.13.2 Business segments
10.13.3 Product portfolio
10.13.4 Financial performance
10.13.5 Recent developments
10.13.6 SWOT analysis
10.14 Shift4 Corporation (Nevada
10.14.1 Overview
10.14.2 Business segments
10.14.3 Product portfolio
10.14.4 Financial performance
10.14.5 Recent developments
10.14.6 SWOT analysis
10.15 US)
10.15.1 Overview
10.15.2 Business segments
10.15.3 Product portfolio
10.15.4 Financial performance
10.15.5 Recent developments
10.15.6 SWOT analysis
10.16 Transaction Network Services (TNS) Inc. (Virginia
10.16.1 Overview
10.16.2 Business segments
10.16.3 Product portfolio
10.16.4 Financial performance
10.16.5 Recent developments
10.16.6 SWOT analysis
10.17 US)
10.17.1 Overview
10.17.2 Business segments
10.17.3 Product portfolio
10.17.4 Financial performance
10.17.5 Recent developments
10.17.6 SWOT analysis
10.18 and TokenEx
10.18.1 Overview
10.18.2 Business segments
10.18.3 Product portfolio
10.18.4 Financial performance
10.18.5 Recent developments
10.18.6 SWOT analysis
10.19 LLC (Oklahoma
10.19.1 Overview
10.19.2 Business segments
10.19.3 Product portfolio
10.19.4 Financial performance
10.19.5 Recent developments
10.19.6 SWOT analysis
10.20 US).
10.20.1 Overview
10.20.2 Business segments
10.20.3 Product portfolio
10.20.4 Financial performance
10.20.5 Recent developments
10.20.6 SWOT analysis
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