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Payment Security market Report
Payment Security Market expands as businesses seek secure solutions for online and mobile transactions.
AUSTIN, TEXAS, UNITED STATES, June 11, 2024 /EINPresswire / -- Market Scope and Overview
The Payment Security Market size was valued at USD 26.06 billion in 2023, and anticipated to grow at a CAGR of 14.2% to reach USD 75.38 billion by 2031, as per the SNS Insider report. The increase is majorly fueled by using the requirement to guard customer statistics, abide by way of guidelines, and keep up with the emerging threat landscape. With technological improvements, cybercriminals are getting extra complicated in their assaults. This has fueled the improvement of novel and extra advanced fee safety solutions to keep up with the evolving threat landscape. In addition to this, the growing deployment of smartphones and the rising desire for contactless bills globally are witnessed to gasoline the marketplace's growth. Mobile charge alternatives are speedy and clean to apply. Customers could make payments speedy and easily the usage of their smartphones without requiring coins or physical cards. This convenience has made mobile bills an attractive alternative for consumers.
The growing fintech has undoubtedly encouraged the charge safety marketplace. Fintech firms have invested hefty quantities in developing novel and more advantageous fee security tendencies, such as biometric authentication, -component authentication, and tokenization. These fee measures are developed to improve the safety of virtual bills and guard against fraud. Furthermore, fintech firms have raised awareness regarding the importance of clients. Therefore, clients are much more likely to call for stable charge options and are trying to pay a top class for steady transactions.
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Key Players:
Prominent players in the market are Mastercard, Paypal Holdings, Inc., Visa Inc., Elavon Inc., Thales, Outseer, Bluefin Payment Systems, Cybersource, TNS, Inc., TokenEx, LLC, Shift4 Payments Inc., UL LLC, Utimaco Management GmbH, PayU, Intelligent Payment Solutions Pvt Ltd., Ingenico. and others.
Segment Analysis
The fraud detection & prevention phase is leading the market. Fraud is one of the foremost threats to payment systems together with records safety. Fraud ought to arise in multiple paperwork consisting of account takeover, card-not-gift fraud, song theft, and social engineering assaults. As fee systems are extra complicated and transactions move on line, the risk of fraud also rises which makes fraud detection and prevention solutions an crucial issue of fee protection.
The tokenization phase is witnessed to account for principal growth at some point of the forecast length. Tokenization of charge techniques enhances protection and simplicity of use throughout transacting across multiple gadgets inclusive of on-the-cross bills, secure factor-of-sale, conventional on line buying, and in-app payment structures. Payment tokenization converts sensitive price card statistics including the cardboard wide variety and expiration date, with a completely unique token identifier. The token is utilized for payment processing and might be well saved on a whole lot of gadgets consisting of wearables, smartphones, or computers, for fast and easy bills at various channels and systems.
Market Segmentation and Sub-Segmentation Included are:
by Platform:
. Web Based
. POS Based/Mobile Based
by Solution:
. Encryption
. Tokenization
. Fraud Detection & Prevention
by Enterprise size:
. Small & Medium-Sized Enterprises (SMEs)
. Large Enterprises
by Industry:
. Retail & E-commerce
. Travel & Hospitality
. Healthcare
. Telecom & IT
. Education
. Media & Entertainment
. Others
Strategic Alliances are Boosting the Market Growth
The recent trends deployed by payment security providers are tokenization, multi-factor authentication, artificial intelligence, end-to-end encryption, machine learning, fraud detection and prevention, & blockchain technology. The vendors are deploying blockchain technology to improve the security of transactions. Blockchain technology develops a decentralized and transparent ledger of transactions that is complicated to manipulate. Furthermore, the vendors are adopting multi-factor authentication by requiring customers to deliver extra information or use biometric factors including facial recognition or fingerprints to verify transactions.
Major companies are robustly investing in strategic initiatives including strategic partnerships, product launches, and mergers & acquisitions, to stay ahead in the competitive edge and to deliver innovative solutions to their customers.
Recent Developments
In September 2022 - Bluefin Payment Systems LLC partnered with the company to certify Sunmi's clever fee terminal line, which consists of the P2, P2 MINI, P2 PRO, and the P2 clever pad, and via the addition, of Sunmi's bendy price terminals to its listing of P2PE devices could let the corporations to satisfy the demand for next-technology payment popularity.
In September 2022 - Elavon Inc. Launched an extended suite of Oracle-integrated payment solutions for hospitality businesses within the US and Canada, the Oracle Cloud Marketplace, the payment recognition integrates Elavon's processing competencies in conjunction with Oracle's industry-focused point-of-sale era to supply a easy, unified hospitality bills experience while expanding imparting strengthens the bills acceptance capabilities for enterprise groups, inclusive of Large resorts and lodges with varied eating places and front desk stations Large motels and hotels with large restaurants in conjunction with front desk stations.
North America Dominated the Market in 2023 Driven by the Increasing Adoption of End-To-End Encrypted Payment Security Technologies
The sturdy economic position of North America enables substantial investments in modern technology, giving agencies on this region a aggressive edge in the market. Additionally, the presence of various payment security carriers along with Elavon Inc., CyberSource Corporation, Geobridge Corporation, and TNS Inc. Notably influences the enterprise in this vicinity.
The upward thrust in groups using on line price processors, the rapid adoption of end-to-quit encrypted price protection technology, and the development of reliable structures with automated fraud detection and person-friendly fee interfaces have all contributed to the growth of the regional marketplace.
Furthermore, the increasing call for rapid charge solutions, pushed via the changing retail marketplace and the increase of E-trade income, has expanded the want for the payment protection industry. With the common client often using multiple cards, and online payments developing 4 times quicker than retail bills, this offers a profitable possibility for the price protection marketplace. The area is experiencing a surge in digital bills, pushed by using customer reputation of cellular bills, which is a prime driving force of the neighborhood financial system's boom, particularly in the retail area.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Payment Security Market Segmentation, by Platform
9. Payment Security Market Segmentation, by Solution
10. Payment Security Market Segmentation, by Enterprise size
11. Payment Security Market Segmentation, by Industry
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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