According to the latest report by IMARC Group, “Global Payment Security Market Growth, Share, Size, Industry Trends, Opportunity and Forecast 2022-2027“, the global payment security market reached a value of US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.7 Billion by 2027, exhibiting a CAGR of 14.40% during 2022-2027.
Payment security is a system of services and solutions formed to avert unauthorized transactions and monetary frauds and mitigate the risk of data breaches. It protects all forms of financial transactions using firewalls, data loss prevention (DLP) protocols and data encryption. It contains anti-malware, endpoint security, identity and access management, risk and compliance management and intrusion detection. Consequently, it provides protection against continuous threats of cyber security breaches, diminishes loss of financial data, and aids in creating a reliable platform. It is also widely utilized across the information technology (IT), banking, financial services and insurance industries (BFSI), and healthcare.
Payment Security Market Trends and Drivers:
The primary factor driving the market is the rapid growth in the banking, financial services and insurance (BFSI) industry across the globe. Payment security aids in making banks more efficient and automating finance management processes, securing accurate records across recurring processes and increasing operational efficacy. Furthermore, the rising acceptance of digital payment modes and usage of wireless networks in computing devices to assist payments is also propelling the market growth.
Request Free Sample Report: https://www.imarcgroup.com/payment-security-market/requestsample
Moreover, several technological upgradations, such as the combination of connected devices with the internet of things (IoT), machine learning (ML) and artificial intelligence (AI) solutions, are catalyzing the market growth. These technologies also help in tracing the location of the financial crime, monitor transactions, upgrade accuracy, mitigate risks, manage regulatory compliance and detect frauds.
Furthermore, the growing incidences of payment frauds, cybercrimes, cyber-attacks, and rising concerns regarding restricted and sensitive data are positively influencing the market growth. Several other growth-inducing factors are widespread digitalization, rapid product adoption to comply with the regulatory requirements of the payment card industry and data security standard (PCI DSS) compliances.
Note: 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 Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, component, platform, enterprise size and end user.
Breakup by Component:
- Fraud Detection and Prevention
Breakup by Platform:
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- Government and Utilities
- IT and Telecom
- Retail and E-Commerce
- Media and Entertainment
- Travel and Hospitality
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
IMARC Services Private Limited.
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800