Allied Market Research
Loading...
0

Payment Security Market Expected to Reach $60.56 Billion By 2030

 

Report Code : A10025

quote The retail & e-commerce segment is expected to experience significant growth in the coming years, owing to high adoption of online payment services in the retail & e-commerce industries. This in turn increases demand for payment security software to protect customer’s information at the fund transaction time. quote

Pramod Borasi
Research Analyst at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, Payment Security Market by Component, Platform, Enterprise Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” 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.

Payment security software is used to protect the customer’s confidential data from different types of vulnerabilities. Payment security software companies are increasingly designing next-generation solutions for consumer and enterprise-oriented services. In addition, government agencies are also demanding for a need to shift toward modern payment processing tools and techniques.

Furthermore, payment security software is adopted in various banking and insurance organizations in their production units to identify the threats in the payment system and measure its potential vulnerabilities Furthermore, 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 factor that boost the growth of the market across the globe.

In addition, rising in fraudulent activities in e-commerce payment system positively impacts the 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 are expected to offer remunerative opportunities for expansion of the market during the forecast period.

Depending on enterprise size, large enterprise is dominated the payment security market share in 2020, and is expected to continue this trend in the upcoming years, owing to increase in adoption of digital technology among the banks to collect customers personal information. However, SMEs segment is expected to provide lucrative opportunity to boost the growth of the market during upcoming years, due to increase in need of data protection technology for improving banking efficiencies, streamlining payment processes, and managing delegated policies.

Region wise, the payment security market was dominated by North America in 2020, and is expected to maintain this trend during the forecast period. This is attributed to increased demand for innovative payment security software among banks & financial institutions and surge in utilization of e-wallet payment, which offers relevant rewards & incentives among customers. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, due to high investments for digitalized payment platforms, adoption of new technologies such as artificial intelligence, analytics, big data, and rapid expansion of domestic business.

COVID-19 Impact Analysis

The outbreak of COVID-19 is anticipated to have a positive impact on growth of payment security market trends. This is attributed to increase in demand for online banking and adoption of cashless transaction caused due to pandemic. However, the pandemic has led to increase in the number of cybercrimes, which increased the adoption of payment security software.

In addition, increase in the adoption of e-commerce has also increased the online payment method, which increases the demand for payment security software across the globe.  Furthermore, the FinTech & banking industry is increasingly adopting & investing in digitalized payments solutions, which is technology-driven transformation in payments industry to deal with the new directives & regulations of governments. This, as a result is accelerating the demand for payment security software globally.

Key Findings Of The Study

  • By component, the solution segment accounted for the largest banking as a service market share in 2020.
  • Region wise, North America generated highest revenue in 2020.
  • Depending on enterprise size, large enterprise generated the highest revenue in 2020.

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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Payment Security Market By Component (Solution and Service), Platform (Web-based and POS-based), Enterprise size (Large Enterprises and Small & Medium Enterprises) and Industry Vertical (BFSI, Government & Utilities, IT & Telecom, Healthcare, Retail & E-Commerce, Media & Entertainment, Travel & Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,045 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Payment Security Market"
Purchase Enquiry