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Payment security Market Trends, Segmentation, Growth, Analysis and Forecast 2023-2030

09-27-2023 08:29 PM CET | IT, New Media & Software

Press release from: Orion Market Research

Payment security Market Trends, Segmentation, Growth,

The global payment security market is projected to have a significant CAGR of around 14% during the forecast period. The major factors propelling the market growth of the market include- increasing digitalization across the globe, growing demand for mobile and internet banking, and rising payment security solutions in the BFSI industry coupled with internet penetration. Rising internet penetration is primarily encouraging the banks to adopt advanced payment platforms to attract customers towards their banks. For instance, as per Asia-Pacific Economic Co-Operation (APEC), there was 55.8% internet penetration in China which equals to 772 million internet users in 2018. Moreover, there were 209 million Internet users in rural areas (27.0% of total Internet users) in China in 2018.

A full report of Payment security Market is available at: https://www.omrglobal.com/industry-reports/payment-security-market-size

The growing payment transaction in the retail industry is backing the growth of the global payment security market. For instance, Alibaba and Tencent are leading the mobile payment sector in China and have branched out to other parts of the financial services supply chain. As per the International Monetary Fund (IMF), the value of China's consumption-related mobile payments by individuals totaled $790 billion in 2016. Additionally, rising venture capital funding in China for key digitalization technologies, such as AI and VR is further anticipated to offer significant opportunity for the advent of advanced technologies that tend to increase reliability and safety in banking transaction. This, in turn, will drive the growth of the payment security industry.

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Segmental Outlook

The global payment security market is classified on the basis of solution and industry. Based on the solution, the market is further categorized into encryption, tokenization, fraud detection and prevention. There are various industries using payment security solutions and contributing to the growth of the market. The various industries include retail and commercial, travel and hospitality, BFSI, IT and telecom, media and entertainment, and others (healthcare, education). The fraud detection and prevention solutions are anticipated to have significant market growth during the forecast period. The increasing number of fraud-related activities in BFSI and retail industry encouraging the demand for fraud detection and prevention solutions across the globe.

Global Payment Security Market to Be Driven by Retail and Commercial Industry

Retail and commercial segment is projected to have a significant market share during the forecast period. The segmental growth is attributing to rising demand for online shopping and increasing adoption of smartphones coupled with significant internet penetration. For instance, according to the US Census Bureau, the estimate of the US retail e-commerce sales for the second quarter of 2019 was $146.2 billion, an increase of 4.2% from the first quarter of 2019. Mobile devices have a significant role to perform an e-commerce transaction. This, in turn, is contributing significantly to the growth of retail and commercial industry that further contribute to the market share.

Payment security Market Segmentation

By Solution

Encryption
Tokenization
Fraud detection and Prevention

By Industry

Retail and Commercial
Travel and Hospitality
BFSI
IT and Telecom
Media and Entertainment
Others (Healthcare, Education)

Payment security Market - Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Middle East & Africa
Latin America

Company Profiles

2Checkout
Acculynk, Inc.
Adyen
Bluefin Payment Systems LLC
BluePay Processing, LLC
CA Technologies (A Broadcom Company)
CipherCloud
CyberSource Corp. (A Visa Inc. Company)
Elavon Inc.
First Data Corp.
Gemalto NV (A Thales Group Company)
Index Systems, Inc.
Ingenico Group, S.A.
Intelligent Payments Group Ltd.
Paymetric (A Worldpay Company)
PayPal, Inc.
SafeNet, Inc.

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Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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