Global Payment Security Market Trends, Applications, Analysis, Growth, and Forecast to 2027

Global Payment Security Market Overview

"The Payment Security Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Payment security solutions provide security to users’ personal data and enables secure transaction between a merchants and customers through various digital payment modes such as the web, mobile, and POS machines. Payment security solutions have gained popularity, helping organizations fulfill the regulatory requirements of payment card industry data security standard (PCI DSS) compliances. Payment security solutions help minimize loss of financial data by regularly monitoring malicious activities across various payment modes and platforms.

Rising number of online payment platforms, increasing internet penetration, and increasing number of smartphone users are major factors driving growth of the global payment security market. In addition, increasing incidences of payment frauds, cyber-attacks, and cyber-crimes have further boosted demand for payment security solutions and services in the global market. Increasing number of e-commerce and m-commerce platforms coupled with increasing popularity of online shopping are some other factors driving growth of the global payment security market.

A major factor hampering growth of the global payment security market is problems and limitations while transferring money via different payment systems. However, increasing adoption of multi-factor authentication is current trend in the market which is expected to further fuel growth of the global payment security market during the forecast period.

North America dominates the global payment security market and is expected to maintain its dominance during the forecast period owing to presence of large number of payment security vendors. The market in North America accounts of XX.X% of the global revenue. The market is Asia pacific is expected to witness significant growth during the forecast period.

Market Segmentation

Segmentation based on solution:

• Encryption
• Tokenization
• Fraud detection and prevention

 Segmentation based on service:

• Integration services
• Support services
• Consulting services

Segmentation based on vertical:

• Banking, financial services, and insurance (BFSI)
• Retail
• Travel and hospitality
• Healthcare
• IT and telecom
• Education
• Media and entertainment
• Others (automotive and manufacturing)

Segmentation based on region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa