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Payment Security Software Market : Digital Transformation in Payment Methods to Fuel Demand for Payment Security Software

Global Payment Security Software Market: Overview

Online payment offers a fast and cheaper medium of carrying out online transaction and online transfer. The adoption of payment security software in financial services sector has gained traction. Banking sector is willing to explore opportunities which would make the banking transactions easier to process. Increased penetration of digital technology in the banking and other sectors has resulted in the development of easy to use online platforms and applications. This drives the need to carry out the online transactions in a secure manner. Payment security software offers a secure medium to carry out online transactions and can help eliminate the frauds due to errors and identity theft to a large extent. Hence, the payment security sector has made tremendous investments in exploring the technology along with the wide scale deployment of the security software and systems. This technology can benefit several by offering easy, safe and secure access and exchange of money over the Internet.

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The demand for payment security software is expected to increase in the coming years owing to the investments in payment security software technologies, partnership between payment security software providers and financial organization, FinTech investments, and digitization across various industries globally. The payment security software market is compressive of a large number of private and public companies. The growth of payment security software startups was aided by huge venture capital investments during the period from 2013 to 2015. The market is expected to be hit by a huge wave of mergers and acquisitions in the coming years.

Global Payment Security Software Market: Segmentation

This research report provides an in-depth analysis of the global payment security software market based on solution, mode of payment, end-use, and geography. The global payment security software market is categorized based on solution into software and services. The software segment is further classified into firewalls, anti-virus/anti-malware, intrusion detection and prevention (IDS/IPS), data encryption, tokenization, multi-factor authentication, Security Information and Event Management, Data Loss Prevention, and Others.

The payment security market has been segmented in mobile payment security software, Point-of-Sale (PoS) systems and security, and online payment security software on the basis of mode of payment. The end-use segment consists of BFSI, retail, healthcare, government, and others. The report analyzes each of these segments for the various geographies considered under the scope of the study.

Digital Transformation in Payment Methods to Fuel Demand for Payment Security Software

“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.

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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.

Stringent Government Regulations to Act as Hindrance

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 next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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