The Global Payment Security Market was valued at US$ 17.64 billion in 2020 and is predictable to reach US$ 61.56 billion by 2030 which is projected to reach a CAGR of 13.3 % during the forecast period from 2021- 2030. A multilayer security approach to protect the threats, risks, or vulnerabilities while online payment transaction system preventing the malignant threats from trespassers.
Increasing digitalization for everything in the present time has resulted in the shift for online digital payment systems. A shift for cashless payment systems by individuals has created a market demand for the secure payment security system in the global market owing to its safety transaction and ease. Increasing cases of cyberattacks and hacking methods are the prime reasons for the market growth of the payment security market in the global market. In addition, card transaction needs secure endpoint protection and safety measures for safer and secure transactions without any financial losses during the transaction period. The adaption of smartphones and high-speed internet has enabled frequent digital transactions such as booking tickets, banking, and redeeming coupons.
However, rising cases of fraud while online payment transactions and a lack of trust for online payment and banking solutions. Moreover, e-commerce retail sales are significantly increasing owing to high-speed internet services, adoption of smartphones, and increased & better shopping experience which is projected for the rise in the global payment security market during the forecast period. Online payment security management helps both the clients and entrepreneurs for secure transactions.
The Global Payment Security Market is segmented by component, industry vertical, organization size, platform, and region. Based on the component, it is categorized into solution and service. The solution type is further bifurcated into tokenization, encryption, and fraud detection & prevention. The service type is also bifurcated into support services, consulting services, and integration services. By industry vertical, it segments into government & utilities, healthcare, retail & e-commerce, travel & hospitality, BFSI, IT & Telecom, media & entertainment, and others. Organization size bifurcates into small & medium enterprises and large enterprises. Based on the payment security platform, it is categorized into POS-based and web-based. Based on regional insights, the payment security market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and the Middle East & Africa).
Prominent players inducing the Global Payment Security Market are Elavon Inc., Braintree, Bluefin Payment Systems, Elavon, Intelligent Payment Solutions Pvt Ltd., Cybersource, Paypal, Shift4 Payments LLC, SISA, Ingenico, Tokenex, and Signifyd among others.
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Prominent players in the Global Payment Security Market among other includes