The global Tokenization Market size is expected to grow from USD 1.9 Billion in 2020 to USD 4.8 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.5% during 2020–2025. Major driving factors for the market include various factors, such as increasing need to stay compliant with regulations such as PCI DSS, HIPAA, and SOX and growing need to ensure continuous customer experience and maintain fraud prevention levels due to increasing financial frauds during COVID-19.
Tokenization in the cloud segment is expected to grow at the highest CAGR from 2020 to 2025
The cloud deployment mode is growing at a higher rate in the tokenization market. SMEs opt for cloud deployment solutions as these solutions enable SMEs to focus on their core competencies rather than to invest their capital in payment infrastructure. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based solutions. The security of consumers sensitive data is the biggest priority, as it is the primary target of attackers. The cloud-based platform offers a unified way in the form of SaaS-based tokenization services to secure the payment data and help organizations comply with PCI DSS and HIPAA requirements, thus benefitting enterprises with tight budgets for security investments. Cloud-based tokenization solution is easy to maintain and upgrade, which is also driving the segment’s growth
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BFSI vertical is expected to grow at the highest CAGR in the tokenization market during the forecast period
The BFSI vertical is the target of cybercriminals, as it deals with money. It shows a large number of financial transactions, which are attractive targets for cybercriminals. Thus, it is always on the lookout for advanced payment security products and services to protect its employees, customers, assets, offices, branches, and operations; as a result, it holds a significant share of the tokenization market by vertical. Tokenization solutions are popular and have a high adoption rate in the BFSI vertical, as they help organizations in the vertical to manage PCI DSS regulatory compliance. These solutions replace cardholders’ data with tokens and execute transactions without exposing sensitive data to vulnerable networks. The BFSI vertical continuously upgrades its processing and transaction technologies, and requires end-to-end security solutions to optimize operations against both internal and external threats. Additionally, the vertical frequently introduces new and improved financial products and services to enhance business operations, attracting fraudsters who seek sensitive customer information. With its facilities such as smart banking, internet banking, and mobile banking, the BFSI vertical would have to prioritize payment security.
Major tokenization vendors include Fiserv (US), Mastercard (US), Visa (US), Micro Focus (UK), American Express (US), HelpSystems (US), MeaWallet (Norway), Thales Trusted Cyber Technologies, CipherCloud (US), Futurex (US), TokenEx (US), nCipher (UK), VeriFone (US), Bluefin (US), Marqeta (US), Paragon Payment Solutions (US), IntegraPay (Australia), AsiaPay (China), Liaison Technologies (US), Ingenico ePayment (Netherlands). These players have adopted various growth strategies such as new product launches and partnerships, agreements, and collaborations to enhance their presence in the global tokenization market. Partnerships, Acquisitions and new product launches have been the most widely adopted strategies by major players from 2018 to 2020 and helped them innovate on their offerings and broaden their customer base.
CipherCloud was founded in 2010 and is headquartered in California, US. The company offers cloud data protection solutions that help enterprises secure their data and applications using encryption, cloud Data Loss Prevention (DLP), tokenization, and activity monitoring. It specializes in cloud computing, data privacy, cloud encryption gateway, and enterprise software. Its offerings include CipherCloud for Cloud Discovery, CipherCloud for Salesforce, CipherCloud for SAP SuccessFactors, CipherCloud for Adobe Analytics, CipherCloud for ServiceNow, and CipherCloud for Box. It has received significant investments from companies, such as Andreessen Horowitz, Transamerica Ventures, Delta Partners, and T-Venture. It is present in the Middle East, North America, Europe, and APAC. The company caters to various verticals, including BFSI, healthcare and life sciences, telecom and IT, and government. It helps customers in ensuring compliance with various industry regulations, including PCI DSS, GLBA, and the upcoming GDPR.
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Founded in 2010 and headquartered in Oklahoma, US, TokenEx is a leading provider of enterprise-class tokenization platform. The tokenization platform helps users comply with the PCI DSS compliance in a cost-effective manner. The company can tokenize and secure almost any type of data that a company works with, including PCI, PII, PHI, and even unstructured data formats. It provides the tokenization platform to various industry verticals, such as retail, BFSI, transportation, healthcare, hospitality, and education. The company has its customer base spread across North America, Europe, APAC, and other regions
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