Tokenization Market is Gaining Momentum by key players Cipher Cloud, FUTUREX, Fiserv
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Tokenization Market - Company Profiles
Broadcom, Inc, CipherCloud, Inc., FUTUREX, Fiserv, Inc., Micro Focus International plc, OpenText Corporation, Sequent Software Inc, TokenEx, Thales Group, Visa, Inc.
Growing trend toward contactless payment solutions is attributing to the growth of the market. Contactless payment using RFID technology or near-field communication (NFC) is a safe mode of payment to purchase products or services using credit, debit, or smartcard. Using a contactless mode of payment is advantageous for both businesses and customers. Although, Europay, MasterCard and Visa (EVM) chip technology is time-consuming, the contactless payment method removes the friction and helps the customer to get a better shopping experience. Compared to other modes of payments, the chip technology used in contactless payments is more secure, which in turn reduces the fraud cases.
NFC technology allows cards and terminals to connect when the card is brought into proximity to the terminal. The advent of EMV enables the same technology to be used for protected contactless payments. Additionally, the use of mobile wallets is witnessing high growth, particularly in developing economies.
The vitality of technology is tested through its capability to integrate with existing technologies. Tokenization smoothly integrates NFC for contactless payment technology. With card details being tokenized, it is expected that innovative NFC mobile apps for payments will be introduced. Thus, providing opportunities to the players operating in the tokenization market
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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.
Market Insights-Tokenization Market
Increased Implementation for Cloud-Based Tokenization Solutions Amongst SMEs
The cloud-based tokenization is highly advantageous, as they safeguard the data from external as well as internal factors. It is decrypted only by the payment processor, which results in decreasing the chances of fraud as well as other security threats. Additionally, it is extremely advantageous for the merchants as they do not have to uses several resources to build secure payment infrastructure. They can be applied to any PII such as usernames, passwords, and patient records. It is anticipated that the installation of cloud-based tokenization solutions will gain immense traction, particularly from SMEs in coming days. The adoption of cloud-based solutions by SMEs across the world is increasing owing to cost-benefits delivered by cloud infrastructure.
Players operating in the tokenization market are mainly focused on the development of advanced and efficient products.
In 2020, TDC, 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.
In 2019, Thales added new competencies for its Vormetric Application Crypto Suite. The added capabilities enable enterprises to easily implement application-layer data protection. Through the Vormetric Application Crypto Suite, clients are capable to streamline the effort to add tokenization, encryption, masking, and other cryptographic functions to their applications.
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