Tokenization Market Was Valued Reach US$ 3432.54 Mn By 2026
Global tokenization market was valued US$ 850.34 Mn in 2017 and is expected to reach US$ 3432.54 Mn by 2026, at a CAGR of 19.06% during a forecast period.Tokenization is a process of replacing sensitive data with unique identification symbols that retain all the vital information about the data without compromising its security. Tokenization is a solution that provides real-time payment of data security for all the transactions via tablets, smartphones, laptops, and other devices. It doesn't rely on encryption keys so organizations don't have to worry about managing such sensitive data.
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Rising banking applications and increasing credit card holders are boosting the tokenization market. Tokenization market has experienced considerable growth owing to a large number of financial firms opting for raising security in payment processing systems. Protected customer data, use of digital payments, reduced risk, and carefulness of banks toward frauds are adding fuel to the growth of the market. However, tokenization systems require large data space, the high cost of implementation, and upgrade of hardware required for tokenization is restrains the growth of the market.
The payment security application area is estimated to the largest market share during the forecast period owing to increased complexities in the payment transactions. The challenges of managing the sensitive information of users, payment security has become a key point of concern for organizations.
Cloud deployment is the fastest-growing deployment in the tokenization market. SMEs have implemented the cloud deployment model as it enables them to focus on their core competencies, rather than investing their capital on payment infrastructure.
Growing adaptation of new technology in payment security industry is estimated to drive the tokenization market in North America. So that, North America is leading in countries as payment security reduces the security risk posed by payment data in the systems. The Asia Pacific is projected to witness good growth owing to increasing adoption of such software in India, Japan, Philippines, and Singapore.
Key players in the global tokenization market are Gemalto NV, Futurex, CipherCloud, Inc., Symantec Corporation, Hewlett Packard Enterprise Development L.P., Protegrity USA, Inc., TokenEx, First Data Corporation, Fiserv, Micro Focus, Visa, WEX, Thales e-Security, Inc., Worldpay, CyberSource Corporation, Dell Technologies, Liaison Technologies, Protegrity, Bluefin, Sequent Software, Discover Financial Services, Carta Worldwide, Merchant Link, Ingenico ePayments, Rambus, Mastercard, Verifone, and IP Solution International.
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Scope of the Global Tokenization Market
Global Tokenization Market by Component
Professional services
Integration Services
Solution
Managed services
Service
Consulting
Support and Maintenance
Training and Education
Global Tokenization Market by Application
Payment Security Application Area
Compliance Management
Global Tokenization Market by Tokenization Technique
API-based
Gateway-based
Global Tokenization Market by Deployment Mode
On-premise
Cloud-based
Global Tokenization Market by Organization Size
Small and Medium Enterprise
Large Enterprise
Global Tokenization Market by Vertical
BFSI
Retail and Consumer Goods
Government
Education
Military and Defense
IT and Telecom
Others
Global Tokenization Market by Geography
North America
Europe
Asia-Pacific
Middle East & Africa
South America
Key Players operating in the Global Tokenization Market
Gemalto NV
Futurex
CipherCloud, Inc.
Symantec Corporation
Hewlett Packard Enterprise Development L.P.
Protegrity USA, Inc.
TokenEx
First Data Corporation
Fiserv
Micro Focus
Visa
WEX
Thales e-Security, Inc.
Worldpay
CyberSource Corporation
Dell Technologies
Liaison Technologies
Protegrity
Bluefin
Sequent Software
Discover Financial Services
Carta Worldwide
Merchant Link
Ingenico ePayments
Rambus
Mastercard
Verifone
IP Solution International
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