Payment Security Market Outlook – 2030
The global payment security market size was valued at $17.64 billion in 2020, and is projected to reach $60.56 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030. The payment security software is a type of information protection technology that reveals vulnerabilities, threats, and risks in a payment transaction system and prevents malicious attacks from intruders.
In addition, it also helps banks to streamline and automate finance management processes, ensuring accurate records and increasing operational efficiency across recurring processes such as invoicing and reconciliation. Furthermore, surge in use of credit card technology requiring higher secure endpoint protection and enterprises implementing security measures to prevent financial losses is accelerating the growth of the payment security market across the globe.
Increase in adoption of digital payment modes among the customers and the need to adhere to payment card industry data security standard (PCI DSS) guidelines are some of the important factors that boost the growth of the market across the globe. In addition, rise in fraudulent activities in e-commerce payment system is having positive impact on growth of the payment security market. However, lack of trust on online banking is hampering the payment security market growth. On the contrary, increase in demand for advanced payment security solutions for digital ecommerce and rise in use of payment applications across different industry verticals is expected to offer remunerative opportunities for expansion of the market during the forecast period.
By component, the solution segment garnered the largest payment security market share in 2020, and is expected to maintain its dominance in the upcoming years, owing to increase in adoption of payment procession solution among several industries such as retail, manufacturing and media & entertainment. However, the service segment is expected to provide lucrative opportunity to boost the growth of the market during the upcoming years, owing to rise in investment by banks and financial institutions in the digital technology.
By Component
Service Safes segment will grow at a highest CAGR of 14.3% during 2021 - 2030.
Region wise, the payment security market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to adoption of huge number of digital payments such as credit/debit payments, mobile wallets and retail payments in the region. However, Asia-Pacific is contributing the largest market share during the upcoming years owing to increase in adoption of digital technology in the banks across China, Japan and India.
The report focuses on growth prospects, restraints, and trends of the global payment security market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global payment security market share.
Segment Review
The global payment security market is segmented on the basis of component, platform, enterprise size, industry vertical and region. By component, the market is bifurcated into solutions and service. By platform, the market is divided into web-based and POS-based. By enterprise size, it is categorized into large enterprises and small & medium enterprises. By industry vertical the market is divided into retail, travel & hospitality, healthcare, IT & telecom, education, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Enterprise Size
Large Enterprises is projected as one of the most lucrative segments.
Competitive Analysis
The key players profiled in the payment security market analysis are Bluefin Payment Systems, Cybersource, Elavon Inc., Ingenico, Intelligent Payment Solutions Pvt Ltd., Paypal, Shift4 Payments, LLC, SISA, Signifyd, and Tokenex. These players have adopted various strategies to increase their market penetration and strengthen their position in the payment security industry.
COVID-19 Impact Analysis
The payment security market is projected to prosper in the COVID-19 situation, owing to rapid adoption of digital payment service among the people across globe. In addition, various banks and financial institutions are adopting payment security software for improving the loss suffered, owing to the pandemic situation and to improve their market share. In addition, there is a significant increase in cyber-crime and data breaches in banking sector during the lockdown which propels the growth of the market. In addition, different financial institution adopted payment security software due to rise in number of data breaches and lack of security within the organization to prevent unauthorized access to payment information. As a result, rise in number of data and security breaches during the COVID-19 pandemic in payment drives the market growth.
By Platform
POS-based is projected as one of the most lucrative segments.
Top Impacting Factors
Increased Adoption of Digital Payment Modes
Rise in demand for adoption of digital payment modes among the consumers and increase in craze of mobile payment and online payment among the youth of developing nations is driving the growth of the market. In addition, COVID-19 pandemic has also brought a drastic change in the work culture in every banking industry, which drives the growth of the market.
Furthermore, features such as higher payment security, better customer convenience, minimize the processing costs, lesser risk of theft, and higher transparency is increasing the usage of digital payments that boosts the demand for payment security software among banks and financial institutions. Moreover, mobile point of Sale (mPos), mobile wallet, contactless payments, and real-time payments are some of the important factors boosting the digitalization in the payment processing industry, which require payment security software to protect customers’ information from the cyber-attack.
Untapped Potential of Emerging Economies
Developing economies offer significant opportunities for payment security software providers to expand their offerings as several banks & financial institutions are adopting new business models. In addition, demand for niche, secured, & customized payment processing continue to rise, which therefore accelerates the adoption of payment security software in the market. High investments for digitalized payment platforms, adoption of new technologies such as artificial intelligence, analytics, big data, machine learning, & chatbots, and rapid expansion of domestic business, especially among countries such as Singapore, Hong Kong, China, and South Korea, are expected to create potential for the payment processing solutions providers in the market. As a result, emerging economies across Asia-Pacific are expected to create huge opportunities to the market in upcoming years.
By Region
Asia-Pacific would exhibit the highest CAGR of 15.4% during 2021-2030.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global payment security market forecast along with the current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global payment security market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Payment Security Market Report Highlights
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Analyst Review
In accordance with several interviews that were conducted of the top level CXOs, emergence of advanced technologies such as virtual reality (VR) & artificial intelligence (AI), in the banking sector and increase in number of partnerships & investment in digitalized platforms in the development of new & innovative products are becoming major trends in the payment security software across the globe. In addition, increase in adoption of digital payment technology such as debit card, credit card and digital wallet among the customers is expected to drive the growth of the payment security market across the globe.
Key providers of payment market such as Ingenico, Intelligent Payment Solutions Pvt Ltd., and PayPal, account for a significant share in the market. Several leading payment security providers across the U.S. and Canada, have launched advance data protection technology, which propels the growth of the market. For instance, in October 2021, Bluefin, one the leading payment security technology provider in the U.S., has launched PCI-validated point-to-point encryption (P2PE) solution.
It offers security solution for sensitive consumer data such as personally identifiable information, protected health information (PHI) and others. In addition, the payment service and technology providers across the globe have announced a partnership with payment security software companies to deliver secure money transaction service which boost the growth of the market.
For instance, in February 2021, Planet partnered with Cybersource, one of the leading e-commerce payment technology provider across the globe, to deliver a simplified digital payment experience for merchants. This shows the interest and benefits of adopting the payment security software. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.
Moreover, during the unprecedented COVID-19 health crisis, payment security software are expected to be intact by the economic downturn and the demand for these solutions is expected to remain high during the forecast period. In addition, several merchants & retailers were adaptable toward online payment technologies in their response to the challenges such as increased demand for safer & secured transactions among consumers during the global health crisis. However, a considerable number of companies perceive that they have minimum payment security software exposure. This scenario is changing and 2020 has witnessed an increase in sale of payment processing solutions, owing to stringent government regulations over using cash and promoting digitalized usage of payments, which is therefore boosting the payment security market.
The payment security Market is estimated to grow at a CAGR of 13.2% from 2021 to 2030.
The payment security Market is projected to reach $60.56 billion by 2030.
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Factors such as Increase in adoption of digital payment modes among the customers and the need to adhere to payment card industry data security standard (PCI DSS) guidelines drives the growth of the payment security market
The key players profiled in the report include Bluefin Payment Systems, Cybersource, Elavon Inc., Ingenico, Intelligent Payment Solutions Pvt Ltd., Paypal, Shift4 Payments, LLC, SISA, Signifyd, and Tokenex and many more.
On the basis of top growing big corporations, we select top 10 players.
The payment security Market is segmented on the basis of component, platform, enterprise size, industry vertical and region.
The key growth strategies of payment security market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Service Safes segment will grow at a highest CAGR of 14.3% during 2021 - 2030.
Asia-Pacific would exhibit the highest CAGR of 15.4% during 2021-2030
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