The Payment Security Market Is Expected To Reach $43 Billion By 2026 Due To Rising Adoption Of Digital Payment Modes As Per The Business Research Company’s Payment Security Global Market Report 2022
TBRC’s market research report covers payment security market size, payment security market forecasts, major payment security companies and their market share, key strategies to undertake, and more.
LONDON, Sept. 08, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the payment security market, the increasing adoption of digital payment modes is expected to propel the growth of the payment security market. Digital payments offer a quick, safe, and convenient method to buy goods and services. Consumer trust and concerns about fraud and security in digital payments are critical for the future use of digital payment cards. Payment security measures are ensured to prevent any fraud and concerns regarding payments. The increasing adoption of digital payment modes will create significant demand for payment security solutions, as these are essential for secured payment transactions.
For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21. A total of 7,422 (74.22 billion) crore digital transactions were reported until February 28, 2022, in the current fiscal year 2021-22.
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The global payment security market size is expected to grow from $21.47 billion in 2021 to $24.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.83%. The global payment security market growth is expected to reach $43.13 billion in 2026 at a compound annual growth rate (CAGR) of 15.01%.
Technological advancement is gaining popularity in the payment security market trends. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to more easily share and analyze intelligence about the authenticity of a purchase. Key players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their position in the market while enhancing their services.
Major players in the payment security industry are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd, Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc, GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc, Mastercard and SecurionPay.
The global payment security market is segmented by solution into encryption, tokenization, fraud detection and prevention; by services into integration services, support services, consulting services; by organization size into large enterprises, small and medium-sized enterprises (SMEs); by vertical into retail, travel and hospitality, healthcare, IT and telecom, education, media and entertainment, others (automotive, financial services, and manufacturing).
North America was the largest region in the payment security market in 2021. The regions covered in the global payment security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Payment Security Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide payment security market overviews, payment security market analyze and forecast market size and growth for the whole market, payment security market segments and geographies, payment security market trends, payment security market drivers, payment security market restraints, payment security market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market and payment security market strategy. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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