The global payment security market size is expected to reach USD 43.76 billion
by 2025, according to a new report by Grand View Research, Inc., progressing at
a CAGR of 12.3% during the forecast period. Rising need for PCI DSS (payment
card industry data security standard) compliance and adoption of digital
payment mode by consumers are likely to stoke 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.
Over the past few years, major economies
have modernized their payment infrastructures and many others are scheduling to
upgrade. Digital payments aid merchants in maintaining continuous compliance
with PCI DSS, which is further anticipated to bolster the growth of the payment
security market. 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. Therefore, the payment security market is
estimated to be driven by the adoption of PCI DSS compliance.
Fraud detection and prevention solutions
hold the largest share in the overall market. These solutions provide various
fraud analytics solutions such as big data and predictive analytics. Big data
and predictive analytics helps to detect and avoid frauds.
Further key findings from the report suggest:
· The global payment security market had a
valuation of USD 15.79 billion in 2017
· Encryption platform emerged as the fastest
growing segment over the forecast period
· 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 education market is poised to witness
the highest CAGR of 13.4% over the forecast period
· 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
· Key players include Braintree, CyberSource,
Ingenico, and Index among others. These players commanded the leading revenue
share in the market in 2017.
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
o
U.S.
o
Canada
o
Mexico
·
Europe
o
U.K.
o
Germany
o
France
o
Italy
o
Turkey
o
Sweden
o
Spain
o
Poland
·
Asia Pacific
o
China
o
India
o
Japan
o
South Korea
o
Taiwan
o
Thailand
o
Malaysia
o
Singapore
o
Indonesia
o
Australia
·
South America
o
Brazil
o
Argentina
·
Middle East & Africa
o
U.A.E
o
Saudi Arabia
o
Egypt
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
