Payment Security Software Market : An Array of Graphics and Analysis of Major Industry Segments
The leading vendors of payment security software, such as Symantec, Intel, Cisco Systems, HCL Technologies, and Thales e-Security, are engaging into mergers, acquisitions, and partnerships increasingly in a bid to strengthen their presence across the world.
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Currently, security information and event management (SIEM) software reports a greater demand from end users and this trend is projected to continue over the next few years. Among end users, the banking, financial services, and insurance (BFSI) sector is registering a high adoption of this software. Mobile payments have surfaced as the most preferred mode of payment for cashless transaction, which is reflected on demand for payment security software in this segment.
Thanks to the increased uptake of online payment methods, North America has emerged as the leading regional market for payment security software. With the rising investment in online payment technology, this market is anticipated to retain its position over the period of the forecast, states the research report.
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“The increasing number of cashless transactions is the main factor behind the rising demand for payment security software across the world,” says a TMR analyst. With the ongoing digital transformation, the payment market is witnessing a significant change in the pattern of financial transactions, which is shifting towards cashless increasingly.
The digitization across industries is leading to high investments in the development and the deployment of new technologies, encouraging them to come up with technical competence that ensure fast, secure, and easy financial transaction and exchange of information over the Internet. As online payment is susceptible to a number of security threats, the need for payment security software is increasing constantly to prevent the losses incurred due to frauds and data breaches.
Although the global market for payment security software is anticipated to witness a thriving future over the forthcoming years, it may face several roadblock on the way. The stringent regulations governing the introduction and implementation of innovative security systems and solutions may pose a challenge to this market in the years to come.
The increasing apprehension of consumer towards online payments, triggered by the surge in cyber-attacks and cases related to fraud, is also projected to hamper the market’s growth over the forthcoming years. However, technological advancements in payment security systems are expected to reduce the impact of these factors in the near future, states the research report.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
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