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The latest report by IMARC, titled “ Payment Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 202 2-2027
” " the global payment security market reached a value of US$ 20.5 Billion in 2021. Payment security represents a range of protocols, regulations, and information protection technologies, which are designed to protect user data by inhibiting unauthorized transactions, monetary frauds, and data breaches. It encompasses anti-malware, endpoint security, risk and compliance management, intrusion detection, and identity and access management as standard approaches.
These practices employ data encryption, firewalls, and data loss prevention (DLP) protocols to ensure secured online monetary transfer, reveal vulnerabilities, and secure entry points of end user devices such as desktops, laptops, and mobile devices. Apart from this, payment security assists in ensuring hassle-free transactions, providing optimal security, mitigating financial data loss, authenticating digital signatures, and offering better customer experiences. Consequently, payment security is extensively used by small and medium enterprises (SMEs) to automate business operations.
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The widespread adoption of payment security solutions across various industrial verticals, especially in the banking financial services and insurance (BFSI) can be attributed to the increasing usage of digital payment approaches and the need for streamlining or automating finance management operations. This is further supported by the extensive utilization of novel security systems to ensure accurate data records management across recurring procedures, including invoicing and reconciliation, and improve functional efficacy. In line with this, the rising security concerns and the growing instances of cyber-attacks and various fraudulent activities, such as hacking, and data breaches has facilitated the large-scale incorporation of payment security solutions in enterprises to ensure optimal transparency. Additionally, the usage of e-commerce platforms, especially during the COVID-19 pandemic has supplemented the product demand, which is acting as another growth-inducing factor.
Moreover, the large-scale integration of artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) to examine data vulnerabilities, mitigate risks, and improve accuracy while adhering to regulatory compliance is impelling the market growth. Other factors, such as the implementation of payment card industry and data security standards and strategic collaborations amongst key players to strengthen security infrastructure are positively stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 47.7 Billion by 2027, growing at a CAGR of 14.40% during 2022-2027.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2022-2027).
Market Summary:
Breakup by Component:
• Solution
• Encryption
• Tokenization
• Fraud Detection and Prevention
• Service
Breakup by Platform:
• Web-based
• POS-based
Breakup by Enterprise Size:
• Small and Medium-sized Enterprises
• Large Enterprises
Breakup by End User:
• BFSI
• Government and Utilities
• IT and Telecom
• Healthcare
• Retail and E-Commerce
• Media and Entertainment
• Travel and Hospitality
• Others
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
Competitive Landscape with Key Players: Broadcom Inc.
Cybersource (Visa Inc.)
Elavon Inc. (U.S. Bancorp)
Ingenico (Worldline)
PayPal Holdings Inc.
SecurionPay
Shift4 Payments
Signifyd
SISA Information Security
TokenEx
• VeriFone Inc. View
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