Tokenization Market : Emergence of Advanced Technologies and Global Industry Analysis
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Cyber crime is a rising threat currently. Data of financial institutions, aviation industry, space and military information are regarded sensitive data and these have higher danger of being hacked. These sensitive data require strong and authenticated tokenization security.
With advancement in tokenization systems, there is higher possibility of transforming sensitive data to non-sensitive data and then reverting back the non-sensitive data to sensitive data. This technological advancement drives the global tokenization market to a great extent. Large scale occurrence of data hacking is also a driving factor for the tokenization market in recent years.
On the basis of application, the tokenization market is segmented into payment security, user authentication, and compliance management. Tokenization market for payment security held the leading market share and this segment is expected to expand at the highest CAGR (compound annual growth rate) during the forecast period. Owing to growing chances of breaching data agreements, banks, financial institutions, retail shops, and small businesses incorporate these systems in their organizations.
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Based on deployment model, the global tokenization market is segregated into on-premises and cloud based. Cloud based services held the largest market share in the global tokenization market and this segment is likely to be the fastest growing. Cloud based tokenization systems help organizations to provide 24/7 services and improve management capabilities, thus broadening the scope of the tokenization market over the forecast period.
The global tokenization market is divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the dominant share in the global tokenization market. North America experiences growing challenges for tokenization market as this region faces greater challenges for payment security and this region meets compliance regulation to a greater extent thus broadening the market scope of tokenization market.
Asia Pacific is likely to be the fastest growing regional segment in the tokenization market as larger number of organizations are deploying this system and projecting high growth trajectory for the market during the forecast period.
Some of the key players in the global tokenization market include Symantec Corporation, Hewlett-Packard Enterprises, First Data Corporation, 3Delta Systems, and others.
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