Secured Payment Solution Market Outlook - 2027
The secured payment solution is a type of organization, which helps the banking institutions & consumers to safely conduct any digital transaction. The secured payment solution is integrated into the banking system, which aims at protecting the data while transferring the money from one remote location to another. Furthermore, securing of the digital payments via secured payment solution allows the businesses to enable & reduce the dependency on traditional method. Moreover, secured payment solutions such as advanced encryption standards (AES), homomorphic encryption, and others can protect the sensitive data & monetary theft to be initiated. Therefore, surge in demand for high safety & security methods during digital payments from one location to another is expected to boost the secured payment solution market growth.
The global secured payment solution market size is segmented on the basis of payment method, application and region. Based on Payment Method, the Secured Payment Solution Market is divided into Credit Card, Debit Card, E-Wallet and Others. On the basis of Application, the market is categorized into Hospitality, Healthcare, Retail, Telecom & Utility, E-commerce, 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 Secured Payment Solutions industry include Tokenex LLC, TNS Inc., Signifyd Inc. , Sisa Information Security, Shift4 Corporation, Geobridge Corporation, and Intelligent. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
COVID-19 scenario analysis
- During the COVID-19 outbreak, a majority of companies have witnessed a devastating decline in the market, however, the secured payment solution industry had a positive impact, as the government declared lockdowns in the affected countries, which, in turn, enforced consumers to adopt usage of online payment.
- The secured payment solution market share is expected to grow significantly during COVID-19 crisis, as consumers are preferring cashless means such as contactless cards, Google Pay, and other measures for initiating a financial transaction. This is attributed to the global fear of virus and to avoid any physical contact with individuals, which help in preventing the transmission of coronavirus.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Stringent government policies for the adoption of secured payment solution, rise in demand for easy & convenient payment methods, and increase in adoption of secured payment solution for enhanced data security are driving the growth of the market. However, budgetary constraints pertaining to secured payment solution is expected to hamper the growth of the market. Contrarily, rise in demand for integrated data protection solutions is expected to provide lucrative opportunities to the market in the upcoming years.
The global secured payment solution market trends are as follows:
Stringent government policies for the adoption of secured payment solution:
Early adoption of secured payment solution and the positive approach of the government by making stringent regulatory standards towards secured payment solution are helping the consumers to safely use the digital means for the transaction. For instance, in November 2018, the ministry of Venice passed a charter for strengthening confidential communication which made the secured payment solution applicable for of all sensitive & confidential monetary data in the country. Furthermore, the introduction of digital banking and advanced online wallets has promoted the usage of secured payment solution for transaction conducted online. Therefore, the stringent government policies for the adoption of secured payment solution, will foster the growth for the global secured payment solution market during the forecast period.
Increased adoption for the secured payment solution for enhanced data security:
The secured payment solution has been largely accepted, due to the mitigating financial risks and securing the enterprise internet protocol which are associated with the theft or loss of sensitive & confidential monetary data. Furthermore, the secured payment solution has emerged as a practical & convenient solution for the ensuring of compliance with the money security regulations. For instance, in 2019, Signifyd Inc., which is a secured payment solution firm has published the acceptance of the secured payment solution which has witnessed a 7.21% year-on-year growth from 2018, with nearly 43% of global banking firm using the secured payment solution. Moreover, increased importance of the secured payment solution for protecting the banking systems and reducing the cyberattacks are becoming major factors accelerating the adoption for the secured payment solution, which is therefore expected to foster the market growth during the forecast period.
Key benefits of the report:
- This study presents analytical depiction of the global secured payment solution market 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 market share.
- The current market is quantitatively analyzed to highlight the global secured payment solution market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions answered in the secured payment solution market research report:
- Which are the leading players active in the global secured payment solution market forecast?
- What would be the detailed impact of COVID-19 on the global secured payment solution market analysis?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global secured payment solution market?
- What are the projections for the future that would help in taking further strategic steps?
Secured Payment Solution Market Report Highlights
| Aspects | Details |
 By Payment Method |
|
 By Application |
|
 By Region |
|
 Key Market Players | Cybersource Corporation, Geobridge Corporation, Intelligent Payments, TNS Inc., Shift4 Corporation, Signifyd Inc., Elavon Index, Tokenex LLC, Ingenico Epayments, Sisa Information Security |
Loading Table Of Content...
