Tokenization Market: Size, Scope, Growth Opportunities 2022-2028

According to Precision Business Insights (PBI), the latest report, the market value of the Tokenization market is expected to be valued at USD 2,890.2 million in 2022 and is expected to grow at a CAGR of 18.2% in 2022-2028. The primary factors that drive the market are increasing demand for data security and enhanced technology for lowering the risk of cyber-attacks.

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BFSI to Dominate the Tokenization Market:
Based on end-user type, the Banking, Financial Services, and Insurance (BFSI) holds the highest market share. The major factor for the rise of this segment is that the BFSI is the aim of cybercriminals, as it involves money. In order to deal with this problem, this sector is always on the viewpoint for innovative payment security services and products to defend its customers, offices, operations, employees, assets, and branches can drive the growth of the global tokenization market.

Asia Pacific Tokenization Market:
The Asia Pacific region is expected to grow significantly in the global tokenization market over the forecast period. The Asia Pacific region is expanding as a result of the increasing acceptance of tokenization services and solutions. China and Japan are undeniable players in the tokenization market. as they are technologically advanced. Apart from this, the increasing adoption of smartphones, the growing use of the internet, and the presence of global players in these regions are some of the reasons for the potential growth of the tokenization market in these regions. The economies in these regions are observing high growth after adopting new payment methods, particularly in e-commerce. Customers use numerous payment means for online transactions outside or within the country.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global tokenization market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In January 2022, Inveniam Capital Partners shook hands with Tokeny to supports private market digital assets. In December 2021, Google and Mastercard introduced tokenization in order to enable Google Pay users to transact with the help of Mastercard card payments.

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The tokenization market is segmented based on, component, deployment mode, application, end users, and region.
Based on the component, the market is segmented into the following:
• Solutions
• Services

Based on the deployment mode type, the market is segmented into the following:
• Cloud
• On-Premises

Based on the application type, the market is segmented into the following:
• Payment Security
• User Authentication
• Compliance Management

Based on the end users, the market is segmented into the following:
• BFSI
• Healthcare
• IT & Telecom
• Retail & E-Commerce
• Education

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the Tokenization market report are Symantec Corporation (US), Gemalto NV (Netherlands), Fiserv Inc. (US), Paymetric Inc. (US), First Data Corporation (US), CipherCloud (US), Futurex (US), CardConnect Corp. (US), 3Delta Systems Inc. (US), and Thales e-Security Inc. (US)

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This release was published on openPR.