Payment Security Market

Payment Security Market by Platforms (POS-based/Mobile-based and Web-based), Solutions (Fraud Detection & Prevention, Encryption, and Tokenization), Enterprises (Large Enterprises and Small & Medium Enterprises), End-users (Travel & Hospitality, Healthcare, Telecom & IT, Education, Media & Entertainment, Retail & E-commerce, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: BFSI-3642
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 3
  • No. Of Pages: 180
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The global payment security market size was valued at USD 15.82 billion in 2020 and is expected to expand at a CAGR of 12.6% during the forecast period, 2021–2028. The growth of the market is attributed to the rising need for payment security in thriving e-commerce and retail industries as well as the rapid use of payment gateway platforms.


Payment Security Market

Payment security refers to the implementation of several procedures by organizations to secure their customers' data as well as avoid fraudulent transactions and data breaches. The rise of the Internet of Things (IoT) results in the inclusion of payment capabilities in a variety of linked devices and wearables. Visa Inc., for instance, is developing a connected automobile solution that may allow users to pay for numerous amenities such as gasoline, parking, restaurants, and others directly from their vehicle. Moreover, payment security providers are active in R&D and are focused on developing additional sophisticated payment security solutions. Chatbots is one of the most well-known use of Artificial Intelligence (AI) in financial services and used in a variety of businesses including financial institutions. They have aided in the reduction of fraud, the security of card and other payment data, and the reduction of complexity while dealing with effective services of clients at the same time. Chatbots are being used by many banks and fintech businesses for e-commerce and customer support applications.

The COVID-19 pandemic has drastically changed consumers’ buying behaviors and boosted the e-commerce business. Governments and regulatory organizations have begun to favor digital payments as a quick and secure alternative. The worldwide payment security market has benefited from the pandemic.

Market Trends, Drivers, Restraints, and Opportunities

  • Rising acceptance of electronic transactions, mobile-based payments, and e-wallets are expected to boost the market during the projected period.
  • Integration of AI and Machine Learning aids in the security of data and the safety of customers during online transactions. This is expected to boost the market growth in the coming years.
  • Increasing frequency of data breaches is a key factor driving the growth of the market during the forecast period. 
  • Lack of proper security protocols in the banking sector in different countries act as a restraining factor that can hinder the market growth.
  • Mobile payments aided by complementary technologies such as cloud, analytics, and social security are anticipated to provide lucrative opportunities for market growth.

Scope of the Report

The report on the global payment security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Payment Security Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Platforms (POS-based/Mobile-based and Web-based), Solutions (Fraud Detection & Prevention, Encryption, and Tokenization), Enterprises (Large Enterprises and Small & Medium Enterprises), End-users (Travel & Hospitality, Healthcare, Telecom & IT, Education, Media & Entertainment, Retail & E-commerce, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

MasterCard; CyberSource (Visa Inc.); Ingenico; Braintree; Bluefin; Index; and Elavon

Market Segment Insights

POS-based segment to expand at a considerable CAGR

On the basis of platforms, the payment security market is segmented into POS-based/mobile-based and web-based. The POS-based segment is projected to expand at a considerable CAGR during the forecast period due to growing customer interest in online purchasing, simplicity of use, and other conveniences. Payment security is critical for businesses that accept card not present (CNP) payments and electronic transactions. Payment security problems and fraud are on the rise as mobile and POS transactions have increased significantly over the years.


Payment Security Market

Fraud detection & prevention segment to hold significant market share

In terms of solutions, the market is divided into fraud detection & prevention, encryption, and tokenization. The fraud detection & prevention segment is expected to hold significant share of the market as it offers a variety of fraud analytics solutions including big data analytics, social media analytics, customer analytics, behavioral analytics, predictive analytics, and governance, risk, and compliance solutions. However, the encryption segment is projected to account for a large market share in the coming years. Card data is encrypted into a sequence of integers using point-to-point encryption (P2PE) and is widely adopted across business organizations to ensure secure payment activities.

Large enterprises segment to grow at a healthy rate

Based on enterprises, the payment security market is bifurcated into large enterprises and small & medium enterprises. The large enterprise segment is expected to be a fast-growing segment during the forecast period as high-value transactions occur on a daily basis in significant organizations, prompting them to choose premium payment security solutions. Moreover, the small & medium enterprises segment is expected to grow at a significant rate during the projected period as they are increasingly accepting methods including encryption and tokenization.

Retail & e-commerce segment to dominate the market

On the basis of end-users, the market is segregated into travel & hospitality, healthcare, telecom & IT, education, media & entertainment, retail & e-commerce, and others.  The retail & e-commerce is anticipated to dominate the market during the projected timeline. Rising 4G technology adoption, smartphone usage, and rising consumer buying power are accelerating the implementation of payment security solutions in the retail and e-commerce industries. The travel & hospitality segment, however, is expected to proliferate rapidly owing to increasing consumer spending and wide usage of mobile payments and e-wallets.

North America is anticipated to constitute a key market share

In terms of regions, the payment security market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to the presence of key players such as Paypal, Bluefin, Braintree, and Elavon dominating the online payment market. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the expansion of several fintech startups and the growing number of retail and e-commerce platforms across the region.


Payment Security Market

Segments

Segments Covered in the Report

The global payment security market has been segmented on the basis of

Platforms

  • POS-based/Mobile-based
  • Web-based

Solutions

  • Fraud Detection & Prevention
  • Encryption
  • Tokenization

Enterprises

  • Large Enterprises
  • Small & Medium Enterprises

End-users

  • Travel & Hospitality
  • Healthcare
  • Telecom & IT
  • Education
  • Media & Entertainment
  • Retail & E-commerce
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • MasterCard
  • CyberSource (Visa Inc.)
  • Ingenico
  • Braintree
  • Bluefin
  • Index
  • Elavon

Competitive Landscape

Key players competing in the global payment security market are MasterCard; CyberSource (Visa Inc.); Ingenico; Braintree; Bluefin; Index; and Elavon. Payment security organizations and other payment-related businesses are also implementing Artificial Intelligence (AI) and machine learning technologies. PayPal, for example, is active in the provision of AI-based solutions. Partnerships, mergers and acquisitions, and new product launches are some of the primary tactics used by businesses. For example, in April 2018, MasterCard collaborated with IFC (a World Bank Group member) to boost financial inclusion by upgrading a USD 250 million global risk-sharing facility to extend access to electronic payments in emerging nations.

Payment Security Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Payment Security Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Payment Security Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Payment Security Market - Supply Chain
  4.5. Global Payment Security Market Forecast
     4.5.1. Payment Security Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Payment Security Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Payment Security Market Absolute $ Opportunity
5. Global Payment Security Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Payment Security Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Payment Security Demand Share Forecast, 2019-2026
6. North America Payment Security Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Payment Security Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Payment Security Demand Share Forecast, 2019-2026
7. Latin America Payment Security Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Payment Security Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Payment Security Demand Share Forecast, 2019-2026
8. Europe Payment Security Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Payment Security Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Payment Security Demand Share Forecast, 2019-2026
9. Asia Pacific Payment Security Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Payment Security Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Payment Security Demand Share Forecast, 2019-2026
10. Middle East & Africa Payment Security Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Payment Security Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Payment Security Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Payment Security Market: Market Share Analysis
  11.2. Payment Security Distributors and Customers
  11.3. Payment Security Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Segments Covered in the Report

The global payment security market has been segmented on the basis of

Platforms

  • POS-based/Mobile-based
  • Web-based

Solutions

  • Fraud Detection & Prevention
  • Encryption
  • Tokenization

Enterprises

  • Large Enterprises
  • Small & Medium Enterprises

End-users

  • Travel & Hospitality
  • Healthcare
  • Telecom & IT
  • Education
  • Media & Entertainment
  • Retail & E-commerce
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • MasterCard
  • CyberSource (Visa Inc.)
  • Ingenico
  • Braintree
  • Bluefin
  • Index
  • Elavon

Key players competing in the global payment security market are MasterCard; CyberSource (Visa Inc.); Ingenico; Braintree; Bluefin; Index; and Elavon. Payment security organizations and other payment-related businesses are also implementing Artificial Intelligence (AI) and machine learning technologies. PayPal, for example, is active in the provision of AI-based solutions. Partnerships, mergers and acquisitions, and new product launches are some of the primary tactics used by businesses. For example, in April 2018, MasterCard collaborated with IFC (a World Bank Group member) to boost financial inclusion by upgrading a USD 250 million global risk-sharing facility to extend access to electronic payments in emerging nations.

Payment Security Market

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