Global Payment Security Market to Expand At 17.7% Till 2023
According to a new report released by Research on Global Markets, the Global Payment security market is expected to expand at a compound annual growth rate (CAGR) of 17.7% and reach a market size of USD 48.85 Bn by 2023. Due to the growing smartphone and internet penetration, consumers are moving towards digital payments. Online payments are convenient, however, they carry a number of risks such as fraudulent transaction, data theft and breach of regulations. Payment security allows users to carry out financial transactions in a safe and secure manner, and eliminate the time factor associated with physical financial transactions.
According to the report, the global market for security market is expected to be boosted by factors such as growing penetration of smartphones and wearable devices, increasing adoption of m-commerce and e-commerce by financial institutions such as banks, the growth of diverse payment technologies and the entry of technology giants into the financial sphere. Despite financial, security and technological restraints challenging the ecosystem in several regions, the market will grow nevertheless.
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The report talks about the key segments of the payment security market based on the subscription model.
Based on the type segment, the market includes Point of sales (POS), mobile payments, and web payments. The POS segment is expected to dominate the market and expand at a CAGR of 18.6% during the 2018–2023 period. Factors such as ease of online shopping and growing consumer awareness have boosted the demand for this segment. Fraud detection and improved consumer interaction are aided through the implementation of AI-based tools by service providers. The solution segment includes fraud detection and prevention, antivirus and firewall, tokenization, and encryption. During 2018–2023, the fraud detection and prevention segment is expected to expand at a CAGR of 14.4%. Data integrity is very important to tackle problems such as data theft, money laundering, bribery, corruption, and misappropriation of assets.
Based on the end user, the BFSI and retail segments are expected to expand at a CAGR of 20.6% and 18.5% respectively by 2023. Data security is crucial for online trade because consumers are easily angered by data breaches and might discontinue any operations with the affected e-commerce site. Major tech giants are investing in online payment technologies, which is anticipated to accelerate the growth of the payment security software segment.
Key highlights of this report:
1. Trends in the global payment security market.
2. Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
3. Qualitative analysis of the global drivers and challenges affecting the market and its segments
4. Porter’s five forces analysis.
5. Value chain analysis
6. Market segmentation based on type- mobile payment, point of sales (POS) payment, and web payment – historical (2015–2017) and forecasted (2018–2023) market size (USD Bn), and key market observations
7. Market segmentation based on the solution- antivirus and firewall, encryption, tokenization, and fraud detection and prevention – historical (2015–2017) and forecasted (2018–2023) market size (USD Bn), and key market observations
8. Market segmentation based on the end user- retail, travel and hospitality, healthcare, IT and telecom, education, banking, financial services and insurance (BFSI), and others – historical (2015–2017) and forecasted (2018–2023) market size (USD Bn), and key market observations
9. Detailed analysis of the key developments and major innovations in the market.