REDDING, Calif., July 8, 2024 /PRNewswire/ -- According to a new market research report titled, 'Payment Security Market by Offering (Solutions, Services), Payment Mode (Banking Cards, Internet Banking, PoS, Digital Wallets, Others), Organization Size, End User (BFSI, Retail & E-commerce, Healthcare, Others) & Geography-Forecast to 2031', the payment security market is projected to reach $87.4 billion by 2031, at a CAGR of 17.3% from 2024 to 2031.
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The growth of the payment security market is driven by the increased adoption of digital payments, the rising need to adhere to PCI DSS guidelines, and the growth in peer-to-peer payment transactions. However, the lack of trust in online banking is a factor restraining the growth of this market.
Furthermore, the rise in payment fraud and the growing use of mobile wallets and contactless payments are expected to generate growth opportunities for the stakeholders in this market. However, low awareness of digital payments in rural areas poses a major challenge to market growth. Additionally, biometric authentication and the increasing use of AI & blockchain in payment security are prominent trends in the payment security market.
The global payment security market is segmented by offering (solutions (encryption, tokenization, fraud detection and prevention) and services (support services, integration services, consulting services)), payment mode (banking cards, digital wallets, internet banking, point-of-sales, and other payment modes), organization size (large enterprises and small and medium-sized enterprises), and end-use industry (BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecommunications, media & entertainment and other end-use industries). The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on offering, the global payment security market is segmented into solutions and services. In 2024, the solutions segment is expected to account for a larger share of over 74.0% of the payment security market. The segment's large market share is mainly attributed to the increased adoption of digital payments across retail & e-commerce, hospitality, and healthcare industries, increasing investment of business in cybersecurity, growing use of AI for fraud detection in the banking sector, and increased business focus and priority on payment security.
Based on payment mode, the global payment security market is segmented into banking cards, digital wallets, internet banking, point-of-sales, and other payment modes. In 2024, the banking cards segment is expected to account for the largest share of over 32.0% of the payment security market. The segment's large market share is mainly attributed to the growing focus of the businesses on enhancing the in-store experience, increased adoption of point-of-sale systems, increased card transactions, growth in the e-commerce sector, and the crucial need for businesses to comply with PCI DSS guidelines.
Based on organization size, the global payment security market is segmented into large enterprises and small and medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of the payment security market. The segment's large share is mainly attributed to the crucial need of large-sized businesses to protect customers' data and due to their higher transaction volume and large customer base.
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Based on end-use industry, the global payment security market is segmented into BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecom, media & entertainment, and other end users. In 2024, the BFSI is expected to account for the largest share of over 29.0% of the payment security market. The segment's large market share is mainly attributed to increasing data breaches in the BFSI industry, the rising adoption of payment security solutions to prevent fraud, stringent requirements for data security and privacy, and a large number of financial transactions in the BFSI industry.
Based on geography, the payment security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 36.0% of the global payment security market. The large share of this regional market is attributed to the high adoption of digital payments, increasing spending of businesses on cybersecurity measures, growth in the use of card payment methods, rising adoption of PoS terminals across malls and retail stores, and growth in payment fraud across the region.
Key Players:
Some of the key players operating in the payment security market are Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Elavon Inc. (U.S.), TokenEx, Inc. (U.S.), Shift4 Payments, Inc. (U.S.), Cybersource (U.S.), Ingenico (France), Broadcom Inc. (U.S.), Signifyd, Inc. (U.S.), TNS Inc. (U.S.), Stripe, Inc. (U.S.), Mastercard Incorporated (U.S.), VeriFone, Inc. (U.S.), Utimaco Management Services GmbH (Germany), and SISA Information Security Pvt. Ltd. (India).
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Scope of the report:
Payment Security Market Assessment-by Offering
- Solutions
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Services
- Support Services
- Integration Services
- Consulting Services
Payment Security Market Assessment-by Payment Mode
- Banking Cards
- Digital Wallets
- Internet Banking
- Point-of-sales
- Other Payment Modes
Payment Security Market Assessment-by Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Payment Security Market Assessment-by End-use Industry
- BFSI
- Retail & E-commerce
- Healthcare
- Travel & Hospitality
- IT & Telecom
- Media & Entertainment
- Other End-use Industries
Payment Security Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Sweden
- Switzerland
- Netherlands
- Norway
- Austria
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Malaysia
- Taiwan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa
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Related Report:
Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography - Global Forecasts to 2029
Tokenization Market by Offering (Solutions and Services), Application (Payment Security, User Authentication, Compliance Management), Organization Size, End-use Industry (Retail, Healthcare, BFSI, Others), and Geography - Global Forecast to 2030
Big Data Security Market by Component (Solutions [Data Encryption, Security Intelligence, Data Backup & Recovery], Services), Deployment Mode, Organization Size, End User (IT & Telecom, BFSI, Retail & E-commerce), and Geography - Global Forecast to 2031
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