Global Payment Security Market to Grow at 14% CAGR during 2017-2022
Increasing
number of fraudulent payments and cyber attacks coupled with government
initiatives, expanding smartphone market and growing number of payment modes to
drive the global payment security market through 2022
According
to report released by TechSci Research, “Global
Payment Security Market By Type, By Component, By Solution, By End User, By
Region, Competition Forecast & Opportunities, 2012 – 2022”,
the global payment security market is forecast to grow at a CAGR of around 14% during
2017-2022. Growing preference for digital payments, rising fraudulent
activities in payments, increasing number of payment modes, and government initiatives towards securing payments and bringing in laws
for enhancing data protection are some of the key factors expected to drive the
global payment security market in the coming years. Moreover,
stringent PCI DSS guidelines and growing smartphone and e-commerce market are
anticipated to boost demand for payment security solutions and services across
the globe.
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During the
forecast period, Asia-Pacific is expected to emerge as the fastest growing
region in the payment security market, globally, on account
of increasing number of smartphones, rapid adoption of digital payment modes by
numerous governments and high adoption rate of different technologies across
its major economies such as China, Singapore and India. In 2017, ‘Point of Sale’
grabbed a larger market share compared to ‘Mobile’ and ‘Web’, owing to its huge
usage in developed countries and rising adoption in emerging economies,
especially in the Asian countries such as India. Tokenization is expected to be the fastest
growing solution in the global payment security
market, as it encodes the
payment data into randomly generated tokens, which provide additional security
to the payment data.
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“Implementation of payment security solutions
and services across various end use verticals such as BFSI, retail, hospitality
& transportation, etc., is increasing at a robust pace, owing to growing
volume of payments done via digital means such as credit/debit cards, mobile
phones, etc., in these sectors. Not only payment security adoption is enabling
these verticals to minimize payment data theft, but also in gaining consumer
confidence. This, in addition to, emergence of next-generation payment systems and
increasing number of government initiatives towards securing digital payments is
poised to drive the market in the coming years.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Payment
Security Market By Type, By Component, By Solution, By End User, By Region,
Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential
of the payment security market and has also provides the statistics and
information on market structure, size, share and trends. The report intends to
provide cutting-edge market intelligence and help decision makers to take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities existing
in the market.
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