LONDON--(BUSINESS WIRE)--The global payment security software market is expected to post a CAGR of close to 16% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is digital transformation of payment methods. With global payment landscape transforming due to rapid technological advances, increasing number of consumers are adopting devices connected to the internet for online transactions. Online transactions are gaining prominence as they are efficient and convenient when compared with traditional methods of financial transactions. Moreover, digital payments have become an integral part of e-commerce. Several e-commerce companies are adopting an omnichannel retailing strategy, which allows consumers to switch between channels such as stores and the internet to purchase products and services. Hence, the digital transformation of payment methods will drive the growth of the global payment security software market.
This market research report on the global payment security software market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing adoption of multifactor authentication (MFA) as one of the key emerging trends in the global payment security software market:
Global payment security software market: increasing adoption of MFA
The increasing demand for payment security solutions has encouraged vendors to focus on innovative solutions such as anti-fraud tools and firewalls. Multifactor authentication is a verification that uses two or more authentication methods to identify the user. It has an additional security layer that prevents unauthorized access to the financial data of customers. Currently, there are several methods of MFA. However, the most commonly employed method is short message service (SMS) and web-based verification.
According to a senior analyst at Technavio for ICT research, “The increasing number of fraudulent activities in the e-commerce industry due to the high volume of trade has led to several vendors adopting various methods to prevent online fraud. Presently, many e-commerce companies provide their customers with a personal account, which contains personal information and financial data. The implementation of such solutions is not only protecting customers from fraud but also driving the overall growth of the global payment security software market.”
Global payment security software market: Segmentation analysis
This market research report segments the global payment security software market by end-user (BFSI, government, retail, healthcare, and others) and geographical regions (the Americas, EMEA, and APAC).
In terms of geography, the Americas led the market in 2017, with a market share of close to 43% followed by EMEA and APAC respectively. However, the overall growth of the Americas is declining, while APAC is expected to show positive incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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