India Payment Security Market is expected
to post robust growth by 2024, owing to the growing initiatives by the
government of India towards digital payment, in line with its aim of developing
a cashless economy. Introduction of Unified Payments Interface (UPI), an
instant real-time payment system developed by National Payments
Corporation of India for facilitating inter-bank transactions by instantly
transferring funds between two bank accounts on a mobile platform is expected
to have a positive impact on the payment security market in India. Factors like
increasing number of smartphones, rapid adoption of digital payment modes and
high adoption rate of different technologies will propel the demand for Payment
Security in India by 2024. The growing need to secure online business sensitive
transactions from advanced cyber-attacks coupled with the growing incidences of
data breaches will ensure widespread adoption of payment security across
various organizations in India. Growing adoption of mobile wallets such as
Paytm, Airtel Wallet, etc., coupled with growing number of merchants adopting
payments by the same time is expected to drive the growth of the India Payment
Security Market by 2024. Moreover, high growth of digital payments such as
credit/debit payments, mobile wallets and online payments will ensure robust
growth of the payment security market in the next five years. Additionally, the
growing demand of payment security from various end use industries like BFSI,
Hospitality & Transport, Education etc., is likely to drive the growth of
the market in coming years. Based on the solution, Tokenization is expected lead
the market as it encodes the payment data into randomly generated tokens, which
provide additional security to the payment data.
Years
considered for this report:
Historical
Year : 2014-17
Base Year :
2018
Estimated :
2019
Forecast :
2020-24
Objective of the Study:
- To define, classify and forecast the India payment security market
based on type, component, solution, end user, region and company.
- To analyse and forecast the India payment security market size.
- To scrutinize the detailed market segmentation and forecast the
market size, in terms of value, based on end use sectors and regions,
namely, North, South, East and West.
- To identify the supporting factors and challenges for the India payment
security market.
- To strategically profile leading players operating in the India payment
security market.
Click here to download the brochure
Some of the leading players in the India
Payment Security Market are CA Technologies, Symantec Corporation, Trend
Micro India Pvt. Ltd., Thales e-Security Inc, Cisco-India, VASCO Data Security,
Gemalto, Intel Corporation, Transaction Network Services, among others.
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of providers and integrators of payment security solutions
across India. Subsequently, TechSci Research conducted primary research surveys
with the identified companies. While interviewing, the respondents were also
enquired about their competitors. Through this technique, TechSci Research was
able to include companies which could not be identified due to limitations of
secondary research. TechSci Research analysed the product offerings,
distribution channels, and regional presence of major payment security solution
providers across the country.
TechSci Research calculated the India payment security market
size using a bottom-up approach, where data for different solution for standard
application (BFSI, Retail, Hospitality & Transportation, IT & Telecom,
Education & Others) was recorded and forecast for the future years. TechSci
Research sourced these values from industry experts and company representatives
and externally validated through analysing historical data of payment security
to arrive at the overall market size. Various secondary sources such as company
website, annual reports, government websites, press releases, white papers,
investor presentations and financial reports were also reviewed by TechSci
Research.
Key Target
Audience:
- Payment security solution
and service providers
- System Integrators
- End users of payment
security technology such as BFSI, retail, hospitality &
transportation, IT & telecom, education and other sectors
- Research & development
organizations and consulting firms
- Associations, organizations,
forums and alliances related to payment ecosystem and payment security
- Government bodies such as
regulating authorities and policy makers
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders, end users, etc.,
besides allowing them in strategizing investments and capitalizing on market
opportunities.
Report Scope:
In this report, India Payment Security Market has been
segmented into following categories, in addition to the industry trends which
have also been detailed below:
- Market, By Type:
- Market, By Component:
- Market, By Solution:
- Antivirus & Firewalls
- Data Encryption
- Fraud Detection & Prevention
- Tokenization
- Others
- Market, By End User:
- BFSI
- Retail
- Hospitality & Transportation
- IT & Telecom
- Education
- Others
- Market, By Region:
- North
Region
- South
Region
- West
Region
- East
Region
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in Payment Security Market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according the company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
In case you don’t find what
you are looking for, please get in touch with our custom research team at [email protected]