Tokenization Market to Attain $14.3 Billion by 2029

Redding California, February 16, 2024 - Meticulous Research®, a distinguished global market research company, has unveiled its latest research report titled 'Tokenization Market.' This comprehensive analysis explores the market landscape, encompassing Offering (Solutions, Services), Application (Payment Security, User Authentication, Compliance Management), Vertical (BFSI, Retail, Travel, Healthcare, Others), Organization Size, and Geography-Global Forecasts to 2029.

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According to Meticulous Research®, the global tokenization market is poised to exhibit a robust CAGR of 17.3% from 2022 to 2029, reaching a substantial valuation of $14.3 billion by 2029. The market's growth is driven by the escalating adoption of digital payment modes, the imperative need for adherence to stringent PCI DSS guidelines, and the surge in fraudulent activities within the global e-commerce sector. Additionally, the increasing use of payment applications across diverse industry verticals presents significant growth opportunities. However, the market growth is somewhat restrained by the lingering concerns and lack of trust in online transactions.

Key Highlights:
1. Offering Segment: In 2022, the solution segment is anticipated to dominate the global tokenization market, both in terms of market share and projected growth. This dominance is attributed to the escalating demand for advanced payment security solutions in digital e-commerce, coupled with an increased application across diverse industry verticals.

2. Application Segment: In the same year, the payment security segment is projected to hold the largest market share. This growth is fueled by the rising need for compliance with payment security guidelines and the imperative to maintain fraud prevention levels amid escalating financial crimes. Notably, the user authentication segment is expected to witness the highest CAGR during the forecasted period.

3. Vertical Segment: The BFSI segment is anticipated to account for the lion's share of the market in 2022. This growth is propelled by the increasing implementation of regulatory security compliance, a surging demand for cloud-based security solutions, and the growing cyber threats against BFSI infrastructure.

4. Organization Size Segment: In 2022, large enterprises are expected to be the major adopters of tokenization solutions, holding the largest market share. The integration of digital payment solutions into existing landscapes and the rising concern for creating a secure environment for customer payment transactions drive this adoption among large enterprises.

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Geographic Review:
In 2022, North America is poised to lead the global tokenization market, driven by factors such as the widespread use of smartphones, enhanced internet speed and reliability, a growing user base of tech-savvy millennials, and continuous innovations in the payments landscape. However, Asia-Pacific is projected to witness the highest CAGR during the forecast period, primarily due to the increasing adoption of advanced payment technologies within organizations.

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Key Players:
The key players influencing the global tokenization market include Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Cybersource (U.S.), Elavon (U.S.), Ingenico (France), Broadcom, Inc. (U.S.), Thales Group (France), Shift4 Payments, LLC (U.S.), Signifyd (U.S.), TNS, Inc. (U.S.), Tokenex (U.S.), SISA Information Security Pvt. Ltd. (India), Stripe (U.S.), Geobridge Corporation (U.S.), MasterCard (U.S.), Verifone Systems Inc. (U.S.), Fiserv, Inc. (U.S.), Micro Focus (U.K.), and American Express (U.S.).

Mr. Khushal Bombe
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This release was published on openPR.