Payment Security Market Size, Share, Growth, Forecast 2023-2028

Global Payment Security Market Overview 2023-2028

The global payment security market size reached US$ 23.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.0 Billion by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.

Payment security relies on different technologies, protocols, and practices to safeguard financial transactions from unauthorized access and fraudulent activities. It involves the development of complex algorithms and encryption methods, often incorporating technologies, such as secure socket layer (SSL), tokenization, and payment card industry data security standard (PCI-DSS). It focuses on data integrity, encryption, and user authentication to ensure a secure transaction environment.

It is available in various forms, including end-to-end encryption, secure electronic transaction (SET), and 3D Secure. It is instrumental in instilling customer trust and facilitating secure financial exchanges. It benefits individual consumers and large enterprises by ensuring that sensitive financial information remains confidential and secure, aiding in regulatory compliance and risk mitigation. It is utilized across multiple industries, such as e-commerce, banking, and healthcare, to facilitate transactions and thwart cyber threats. 

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Global Payment Security Market Trends and Drivers:

The increasing utilization of online payment gateways to pay for products and services purchased through e-commerce platforms represents one of the major factors impelling the growth of the market. Additionally, the rising number of cyberattacks targeting financial transactions, including phishing, identity theft, and payment fraud, is supporting the growth of the market. Besides this, the increasing implementation of stringent regulations focusing on data protection measures is encouraging the adoption and investment in high-quality payment security systems among businesses.

Moreover, the growing employment of mobile payments and digital wallets that require more adaptable and resilient security infrastructures is offering a favorable market outlook. In addition, the rising integration of artificial intelligence (AI) and machine learning (ML) algorithms in payment security systems for real-time fraud detection and risk assessment is strengthening the growth of the market. Furthermore, the advent of smart cities, where seamless and secure transactions are essential for integrated services, such as public transportation and utility payments, is bolstering the market growth. Apart from this, the growing number of mergers and acquisitions (M&A) in the tech industry to develop advanced payment security measures is positively influencing the market.

Global Payment Security Market 2023-2028 Analysis and Segmentation:

Top Key Players covered in this report are: Bluefin Payment Systems LLC, Broadcom Inc., Cybersource (Visa Inc.), Elavon Inc. (U.S. Bancorp), Ingenico (Worldline), PayPal Holdings Inc., SecurionPay, Shift4 Payments, Signifyd, SISA Information Security, TokenEx and VeriFone Inc.

The report segmented the market on the basis of region, component, platform, enterprise size and end user.

Breakup by Component:

• Solution
  • Encryption
  • Tokenization
  • Fraud Detection and Prevention
• Service

Breakup by Platform:

• Web-based
• POS-based

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by End User:

• BFSI
• Government and Utilities
• IT and Telecom
• Healthcare
• Retail and E-Commerce
• Media and Entertainment
• Travel and Hospitality
• Others

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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