Tokenization Market Size to Reach USD 2380.6 Million By 2027 at a CAGR 13% - Valuates Reports

The global Tokenization market size is projected to reach USD 2380.6 million by 2027, from USD 939.7 million in 2020, at a CAGR of 13.0% during 2021-2027.

Major factors driving the growth of tokenization market size are the increasing need to stay compliant with regulations and the growing need to ensure continuous customer experience as well as reduced fraud levels.

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TRENDS INFLUENCING THE TOKENIZATION MARKET SIZE
The payment industry is making strides in promoting new payment form factors that require increased protection against counterfeiting, account misuse, and other types of fraud. For card-not-present, card-present, and hybrid transaction environments, protection is therefore required to help reduce unauthorized use of cardholder account data and avoid cross-channel fraud.

Tokenization is commonly used to protect payment card data so that merchants can reduce their obligations under PCI DSS. This feature is expected to drive the growth of tokenization market size during the forecast period.

Companies that accept credit and debit cards must comply with the Payment Card Industry Data Security Standard (PCI DSS). Tokenization makes it significantly simpler to achieve and sustain compliance with industry regulations. PCI DSS aims to minimize confidential data retention and securely control its storage and deletion. By never letting sensitive cardholder data enter the systems in the first place, tokenization meets this crucial requirement. This feature is, in turn, expected to fuel the tokenization market size.

The rising technological advancements are expected to increase the growth of tokenization market size. From the stable in-store point of sale acceptance to on-the-go payments, from conventional eCommerce to a new wave of in-app payments, tokenization makes it simpler and safer than ever to pay with smartphones. For example, The rising popularity of in-store payments with your customers' mobile devices features tokenization. When customers pay with a mobile wallet like Apple Pay or Google Pay, their personal credit card information is stored as a token on their phone. With the extra layer of biometric protection and other advanced authentication methods, additional security comes from smartphones themselves.

Other major trends driving the growth of tokenization market size are increased alignment of customers towards contactless payments and rising demand for cloud-based tokenization solutions and services.

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TOKENIZATION MARKET SHARE ANALYSIS
Based on type, the solution segment is expected to hold the largest tokenization market share analysis. A significant number of SMEs are using the tokenization solution to safeguard their organizations against increasing payment fraud and identity theft.

Based on application, the BFSI vertical is expected to hold the largest tokenization market share during the forecast period. The BFSI vertical is more susceptible to cyber-attacks. Thus, to protect its staff, clients, properties, offices, branches, and operations, it is always on the lookout for advanced payment protection products and services; as a result, it holds a large share in the tokenization market.

North America is expected to hold the largest tokenization market share during the forecast period based on region. The existence of regulations such as CCPA, the rise in cyber attacks, particularly payment fraud across industries, is expected to drive the need for tokenization solutions and services throughout North America. It is also predicted that changing consumer trends towards the adoption of contactless cards and digital-first credit cards would boost tokenization growth in North America.

Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period. APAC economies, especially in eCommerce, are seeing high growth in payment innovation. When it comes to online shopping and payments, Asian customers demand a seamless, quick, and stable digital infrastructure.

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KEY SEGMENTATION BY DATA TYPE
Hardware
Software
Services.

KEY SEGMENTATION BY APPLICATION
BFSI
IT & Telecom
Government
Hospitality & Transportation
Military & Defense
Others.

KEY SEGMENTATION BY REGION
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

KEY SEGMENTATION BY PLAYERS
Gemalto
Symantec
Hewlett-Packard Enterprises
Ciphercloud
Futurex
Protegrity
TokenEx
Thales e-Security
First Data Corporation (FDC)
Ciphercloud
Futurex
Rambus
Others.

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SIMILAR REPORTS :
China Asset Tokenization Software Market Report & Forecast 2021-2027 - https://reports.valuates.com/market-reports/QYRE-Auto-18Y2353/global-asset-tokenization-software

Global Tokenized Securities Market Size, Status and Forecast 2021-2027 - https://reports.valuates.com/market-reports/QYRE-Auto-16R1135/global-tokenized-securities

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