Payment security Global Market – Overview
The global payment security market is showing immense growth; mainly due to the growing need to adhere to PCI DSS guidelines and rise in fraudulent activities in ecommerce. Technological advancements have played a major role in the development of payment security market. Steep increase in the adoption of advanced payment security solutions for digital ecommerce is another major factor driving the growth of payment security market.
Braintree, CyberSource Corporation, Elavon, Index, Ingenico ePayments, Intelligent Payments, GEOBRIDGE Corporation, and Shift4 Corporation are the major investors in the payment security market. Increasing demand for secured payment gateways is one major factor driving the growth of payment security market. Growing urbanization and population is another factor driving the growth of payment security market. Moreover, increasing adoption of digital payment modes across different verticals is responsible for driving the growth of payment security market.
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By organization size, the large enterprises sub segment is expected to hold the largest share of the market size in 2017. However, the SMEs sub segment is expected to grow at the highest rate during the forecast period. This is owing to the increasing adoption of payment security solutions in order to protect the customer-sensitive bank account data from network vulnerabilities and attacks. Also, by service, the support services sub segment is expected to hold the largest market share of the global payment security market. According to a recent study report published by Market Research Future, the global market of Payment security is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
The Global Payment Security Market is expected to grow at USD 27 Billion by 2023, at ~17% of CAGR between 2017 and 2023.
Key Players
The prominent players in the Payment Security Market are – Ingenico ePayments (Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (US), PayPal Holdings (US), Elavon (US), Index (US), Shift4 Corporation (US), Transaction Network Services (TNS) Inc. (US), TokenEx, LLC (US) and CyberSource Corporation (US), among others.
Payment Security Global Market – Segmentation
The payment security market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Component: Solution and Services. The solution segment is further segmented into Encryption, Tokenization, and Fraud Detection & Prevention. The services segment is further segmented into Support Services, Integration Services and Consulting Services.
- Segmentation by Organization Size: SMEs and Large Enterprises
- Segmentation by Vertical: BFSI, Healthcare, IT & Telecommunication, Travel & Hospitality and Others
- Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
Payment security Global Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the payment security market in North America owing to the presence of a large number of established key players such as Braintree, CyberSource Corporation, Elavon, Index, GEOBRIDGE Corporation, and Shift4 Corporation among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing demand for digital payment modes in the region. Payment security market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to growing population and increased urbanization in China, Japan, and India in the region. Whereas, the Europe market for payment security is expected to grow at a considerable CAGR (2017-2023).
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Intended Audience
- Payment Security manufacturers
- Original equipment manufacturers
- Government agencies
- Payment security vendors
- Network solution providers
- Independent software vendors
- Consulting firms
- System integrators
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
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