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Tokenization Market Growth Scenario with 25.7% of CAGR by 2027 - Sequent Software, TokenEx, Thales Group, Visa

07-22-2020 03:16 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

The Insight Partners

The Insight Partners

Tokenization solutions are often used for credit card processing. The payment card industry (PCI) council defines tokenization as a process wherein the primary account number (PAN) is replaced with an alternate/surrogate value known as a token. The key factor attributed to the growth of the global tokenization market is the growing data security concerns in all the data-sensitive organizations across the world. The tokenization market is anticipated to witness a noteworthy growth owing to a huge number of financial firms choosing for rising security in payment processing systems. Also, with rising incidences of credit card fraudulent activities, there is an increase in the demand for payment security.

According to our latest market study on “Tokenization Market to 2027-- COVID- Impact and Global Analysis – by Component (Solution and Services), Deployment (Cloud and On-premise), Enterprise Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, and Others); and Geography,” the market was valued at US$ 1,159.5 million in 2019 and is projected to reach US$ 6,823.7 million by 2027; it is expected to grow at a CAGR of 25.7% from 2020 to 2027.

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The COVID-19 epidemic is changing the functioning of businesses worldwide. The worldwide payments ecosystem has proven strong in the face of the epidemic, as the general population endures to trust payments systems as well as providers. Considering this factor, there were no considerable interruptions of fundamental infrastructure in the payment ecosystem. Nevertheless the payment industry is far from unaffected to the impacts of the crisis. The major changes for payments providers attributed to the epidemic comprise a surge in non-performing loans, a decline in revenues and greater demand on client service teams. Total payment amounts have contracted owing to the decline in consumption as well as trade.

Broadcom Inc.; CipherCloud; Fiserv, Inc; First Data Corporation; TokenEx; Micro Focus International plc; OpenText Corporation; Visa Inc.; Sequent Software Inc.; and Thales Group are among the key players profiled in the tokenization market report.

North America is estimated to dominate the tokenization market, followed by Europe. The growing payment security concerns and stringent regulatory compliances are some of the major factors anticipated to fuel the demand for tokenization in North America. Moreover, APAC is expected to witness the highest CAGR during the forecast period. The tokenization market in APAC is gaining prominence, as the tokenization solution offers proactive security measures to prevent data breaches. Additionally, the rising awareness among SMEs and large enterprises in the APAC region regarding the benefits of the tokenization process has resulted in increased adoption of tokenization to combat cyber frauds and data thefts.

Overall size of the tokenization market is derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the tokenization market. It also provides the overview and forecast for the global tokenization market based on all segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the tokenization market.

Strategic Insights

In the tokenization market, the product development strategy is commonly adopted by companies to expand their footprint worldwide by meeting the growing demand for their offerings. A few of the recent product developments in the tokenization market are listed below:

2020: Futurex launched the Post-Quantum Hybrid certificate authority solution, which incorporates certificate lifecycle management in a FIPS 140-2 Level 3-validated hardware security module (HSM). This module is a secure solution for businesses. Whether it is public key infrastructure and vaultless tokenization, the company’s KMES brings full-spectrum key management into a single device.

2019: Micro Focus announced the release of its Voltage SecureData z/Protect 8.1.0. The new release has added support for second-gen Format-Preserving Encryption, second-gen Secure Stateless Tokenization, as well as Format-Preserving Hash.

2018: TokenEx has launched multi-variant tokenization, a proprietary technology, which is designed to optimize how businesses run and interact with sensitive data. It enables a company’s sensitive data to be identified and secured as it moves across several environments, providing security.

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The Insight Partners
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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