Preparing for the Future: The Skyrocketing Payment Security Market Predicted to Reach a Whopping $50.63 Billion by 2027 at a CAGR of 15.5% || CyberSource Corporation, Elavon, Bluefin Payment Systems LLC

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Payment Security Global Market Report 2023 the increasing adoption of digital payment modes is the major driver for the payment security market's growth in the forecast period. Digital payments offer a quick, safe, and convenient method to buy goods and services. Consumer trust and concerns about fraud and security in digital payment are critical for future use of digital payment cards. Payment security measures ensure to prevent any fraud and concerns regarding payments. The increasing adoption of digital payment modes will create significant demand for payment security solutions as these are essential for secured payment transactions. For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21

The global payment security market size grew from $24.7 billion in 2022 to $28.42 billion in 2023 at a compound annual growth rate (CAGR) of 15.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The payment security market size is expected to grow to $50.63 billion in 2027 at a CAGR of 15.5%.

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Major competitors in the payment security market are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd., Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc.

A key trend in the payment security market includes technological advancement. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to share and analyze intelligence about the authenticity of a purchase more easily.

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The payment security market is segmented -

• By Solution: Encryption, Tokenization, Fraud Detection And Prevention

• By Services: Integration Services, Support Services, Consulting Services

• By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)

• By Vertical: Retail, Travel And Hospitality, Healthcare, IT And Telecom, Education, Media And Entertainment, Others (Automotive, Financial Services, And Manufacturing)

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the payment security market.

The Business Research Company's "Global Payment Security Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Payment Security Market Include:
1. Executive Summary
2. Payment Security Market Characteristics
3. Payment Security Market Trends And Strategies
4. Payment Security Market - Macro Economic Scenario
5. Payment Security Market Size And Growth
……………
27. Payment Security Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Payment Security Market
29. Payment Security Market Future Outlook And Potential Analysis
30. Appendix

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