Global Payment Security Market was worth US$ 17.60 Mn. in 2020 and total revenue is expected to grow at a rate of 16.2 % CAGR from 2021 to 2027, reaching almost US$ 50.34 Mn.

Global Payment Security Market Overview:

Payment security is defined as a payment merchant’s application of security protocols to reduce the risk of payment fraud. Payment merchants put themselves and their customers at risk of payment fraud if suitable security protocols are not in place and implemented. To prevent fraud, a payment security solution is a necessity with the growing growth of digital transactions. Payment security software is a system that helps to eliminate several risks associated with online transactions. Risks such as identity theft, payment frauds, and others can arise from a range of sources, including PIN theft, financial uncertainties, and a variety of payment security applications. The global Payment Security Market is expected to reach 50.34 Mn in 2027. To know about the Research Methodology :- Request Free Sample Report 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed specially with the impact of lockdown by region.

Global Payment Security Market Dynamics:

One of the key factors driving the growth of the payment security industry is the increasing frequency of data breaches. As the number of data breaches rises so does the amount of money lost as a result of them. As a result, the demand for payment security solutions is increasing. Payment security solutions' increasing popularity can also be related to the needs of the Payment Card Industry Data Security Standard (PCI DSS) rules, increased end-user knowledge of payment security, and government attempts to promote cashless payments. However, over the forecast period, numerous factors such as strict rules controlling the introduction and implementation of novel security systems and solutions, an increase in cyber-attacks and fraud instances are expected to impede market expansion. Lack of trust in online banking, as well as a lack of understanding and security issues associated with online banking, are problems that are restricting the growth of the payment security market. Users can now perform digital transactions from their smartphones, such as purchasing goods and applications over wireless networks, redeeming coupons and tickets, banking, and processing point-of-sale payments, thanks to recent technology advancements in mobile commerce. The expanding use of wireless networks among individual consumers have boosted demand for mobile payment security software solutions. Mobile payment security software has become more important as the use of wireless networks in mobile devices for payment in retail outlets have expanded.

Global Payment Security Market Segment Analysis:

Based on the Solution, the market is sub-segmented into Encryption, Tokenization, Fraud Detection, and Prevention. By converting the name and digits into various tokens or encrypting it through algorithms, encryption, tokenization, and fraud detection and prevention play a critical role in securing consumer card data. The most widely used payment security solution is fraud detection and prevention. It offers a variety of fraud analytics services, including big data analytics, social media analytics, customer analytics, behavioural analytics, predictive analytics, and governance, risk, and compliance. These solutions are an essential component of any electronic transaction. Based on Organization Size, the market is sub-segmented into Large Enterprises and SMEs. In 2019, the payment security market was dominated by large businesses. Large businesses are being compelled to use premium payment security solutions as a result of high-value transactions occurring on a daily basis. In 2019, the small and medium business segment was valued at USD 4.79 billion. During the forecast period, the segment is expected to grow at a faster rate. These solutions, such as encryption and tokenization, are increasingly being adopted by small and medium businesses. Payment security is equally important for SMEs, as they are also vulnerable to cyber-attacks and may lose sensitive financial information and documents.

Global Payment Security Market Regional Insights:

North America region held 34.65% of the market share in 2019 and is expected to keep its dominance over the forecast period. Well-developed economies such as the United States and Canada are focusing on high focus on innovations obtained from Research and Development (RD) and payment security technologies. North America is followed by Europe and APAC. Europe is expected to hold 31.87% of the market share over the forecast period. The growth in this region is primarily driven by the increasing adoption of advanced payment technologies within organizations to perform business transactions. APAC is expected to hold 23.76% of the market share over the forecast period. Countries such as China, India, Japan, and South Korea are mainly driving markets of this region. The objective of the report is to present a comprehensive analysis of the Global Payment Security market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Global Payment Security market dynamics, structure by analyzing the market segments and project the Global Payment Security market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Payment Security market make the report investor’s guide.

Global Payment Security Market Scope: Inquire before buying

Global Payment Security Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Payment Security Market key player

• VASCO Data Security International Inc. • UL Transaction Security • Symantec Corporation • VeriFone Systems Inc. • MagTek Inc. • Dell EMC (Dell Inc.) • Vantiv (Worldpay Inc.) • NCR Corporation • Scan source Inc. • Fidelity National Information Services Inc. • Ingenico Group • FICO Enterprise • Chase Paymentech Solutions • Braintree (Illinois, US) • CyberSource Corporation (California, US) • Elavon (Georgia, US) • Index (Nevada, US) • Ingenico ePayments (Hoofddorp, Netherlands) • Intelligent Payments (Gibraltar) • GEOBRIDGE Corporation • Shift4 Corporation

Frequently Asked Questions:

1) What was the market size of Global Payment Security Market markets in 2020? Ans - Global Payment Security Market was worth US$ 17.60 Mn in 2020. 2) What is the market segment of Global Payment Security Market markets? Ans -The market segments are based on Solution, Service and Organization type. 3) What is forecast period consider for Global Payment Security Market? Ans -The forecast period for Global Payment Security Market is 2021 to 2027. 4) Which are the worldwide major key players covered for Global Payment Security Market report? Ans - VASCO Data Security International Inc., UL Transaction Security, Symantec Corporation, VeriFone Systems Inc, MagTek Inc., Dell EMC (Dell Inc.), Vantiv (Worldpay Inc.), NCR Corporation, Scan source Inc., Fidelity National Information Services Inc., Ingenico Group, FICO Enterprise and Chase Paymentech Solutions 5) Which region is dominated in Global Payment Security Market? Ans -In 2020, North America region dominated the Global Payment Security Market