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2021
Payment Security Market

Payment Security Market By Component (Solutions [Encryption, Tokenization, and Fraud Detection & Prevention] and Services [Integration Services, Support Services, and Consulting Services]), and Industry Vertical (Travel & Hospitality, Retail & Customer Goods, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Payment Security Market Outlook - 2027

The payment security software is a system which is used to eliminate several risks associated with the digital payments. Risks such as identity theft, payment frauds & others, which are can be generated from numerous sourced such as PIN theft, financial uncertainty and other variety of application involved in the payment security. 

Furthermore, it is a type of software which is used by the financial institutions to efficiently & effectively manage several risks associated with the digital payments and avoid the financial loss for the consumers using the online means for the payment. Therefore, the demand for risk management occurring via online or transaction is expected to boost the market growth of payment security in the near future.

The global payment security market is segmented on the basis of component, industry vertical and region. Based on component, the market is divided into solutions and services. The solutions segment is further divided into encryption, tokenization, and fraud detection & prevention. In terms of services, the market is divided into integration services, support services, and consulting services.

On the basis of industry vertical, the market is divided into travel & hospitality, retail & customer goods, media & entertainment, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global payment security industry include Braintree, CyberSource Corporation, Elavon, Index, Ingenico ePayments, Intelligent Payments, GEOBRIDGE Corporation, Shift4 Corporation, Transaction Network Services Inc. and TokenEx LLC. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global payment security market. 

Market Scope and Structure Analysis

                    Report Metric

Details

Market Size Available For Years

2019–2027

Base Year Considered

2019

Forecast Period

2020–2027

Forecast Units

Value ($)

Segments Covered

Component, Industry Vertical, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

Companies Covered

Major players analyzed include Braintree, CyberSource Corporation, Elavon, Index, Ingenico ePayments, Intelligent Payments, GEOBRIDGE Corporation, Shift4 Corporation, Transaction Network Services Inc. and TokenEx LLC.

 

COVID-19 Scenario Analysis

  • The COVID-19 outbreak had a profound impact on financial sector, as majority of companies have witnessed a devasting decline in the market, however, the payment security industry had a positive impact during the crisis. This is attribute to massive lockdowns & shutdowns which is imposed by government, resulting into usage of online banking for day-to-day transaction.
  • Moreover, majority of financial institutions & banks have introduced advanced payment security solutions to support the consumers for the adoption of the digital payment with the supervision of industry. Therefore, these factors accelerate the payment transactions online and becomes secured & convenient for the consumers amid the coronavirus pandemic situation.

Top Impacting Factors

Increase in data & security breaches through the digital transactions, rise in stringent government regulatory compliances, and provision of advanced security to prevent thefts are driving the growth of the market. However, unavailability of skilled cybersecurity employees to secure the transaction is expected to hamper the growth of the market. On the contrary, integration of blockchain-based technologies in payment security is expected to provide an immense opportunity for the market in the upcoming years.

Increase in Data & Security Breaches Through Digital Transaction

The number of digital transactions has been increasing day-by-day and with the rise in online payments, the fraudulent activities during the transaction has witnessed a major upsurge in the market. In addition, online e-commerce businesses largely rely on the digital transactions for the payment of the goods & services which are purchased by the consumers. 

Furthermore, the frauds such as phishing, identity theft and others have been on the rise and payment security is an important challenge associated with the digital payments. Therefore, owing to the security concerns which arise during the online transaction, the payment security is majorly required in the financial sector. Thus, the increase in data & security breaches through digital transaction, will foster the growth for the global payment security market during the forecast period.

Provision of Advanced Security to Prevent Thefts

The payment security system automatically verifies the consumers authenticity by a single scan of the consumer’s biometric such as PIN, fingerprint and others. Moreover, rising concerns towards security over financial transaction are high and has become a risky factor for the banks as well as the consumers in the market. Furthermore, to avoid the frauds & thefts during any digital payment, the financial institutions have started to introduce advanced & innovative technologies such as payment security solutions for the consumer to operate safely. 

Additionally, the payment security encryption becomes difficult to tamper and become difficult to penetrate the technology for the theft. Therefore, the provision of advanced security to prevent thefts is anticipated to boost the market growth of  market during the forecast period.

Key Segments Covered

Segments

Sub-Segments

Component

  • Solution
    • Encryption
    • Tokenization
    • Fraud Detection & Prevention
  • Services
    • Integrated Services
    • Support Services
    • Consulting Services

Industry Vertical

  • Travel & Hospitality
  • Retail & Customer Goods
  • Media & Entertainment
  • Others

 

Key Benefits of the Report

  • This study presents analytical depiction of the global payment security market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the payment security market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global payment security market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed payment security market analysis based on the present and future competitive intensity of the market.

Questions Answered in the Payment Security Market Research Report    

  • Who are the leading market players active in the global payment security market size?
  • What would be the detailed impact of COVID-19 on the global payment security market?
  • What current payment security market trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps? 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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