DUBLIN--(BUSINESS WIRE)--The "Tokenization Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component, Deployment, Enterprise Size, Industry Vertical, and Geography" report has been added to ResearchAndMarkets.com's offering.
According to the market study, the market was valued at US$ 1,159.5 million in 2019 and is projected to reach US$ 6,823.7 million by 2027; it is expected to grow at a CAGR of 25.7% from 2020 to 2027.
North America is estimated to dominate the tokenization market, followed by Europe. The growing payment security concerns and stringent regulatory compliances are some of the major factors anticipated to fuel the demand for tokenization in North America. Moreover, APAC is expected to witness the highest CAGR during the forecast period.
The tokenization market in APAC is gaining prominence, as the tokenization solution offers proactive security measures to prevent data breaches. Additionally, the rising awareness among SMEs and large enterprises in the APAC region regarding the benefits of the tokenization process has resulted in increased adoption of tokenization to combat cyber frauds and data thefts.
APAC region comprises key economies, such as China, India, Australia, Hong Kong, and Japan, which are rapidly installing the tokenization solution in various industries. Moreover, the growing IT & telecom sector, particularly in developing economies of the region, is likely to propel the growth of the tokenization market. Additionally, the growing trend of online shopping in the MEA region is expected to boost the adoption of tokenization solutions by retailers.
Impact of the COVID-19 Pandemic
The COVID-19 epidemic is changing the functioning of businesses worldwide. The worldwide payment ecosystem has proven strong in the face of the epidemic, as the general population endures to trust payments systems as well as providers. Considering this factor, there were no considerable interruptions of fundamental infrastructure in the payment ecosystem.
Nevertheless, the payment industry is not majorly affected by this crisis. The major changes for payment providers attributed to the epidemic comprise a surge in non-performing loans, a decline in revenues, and greater demand on client service teams. Total payment amounts have contracted owing to the decline in consumption as well as trade.
In the short term, this change is expected to push payment providers to make changes in operating model, likely prioritizing greater flexibility, as well as new short-term goals. However, the long-term impacts of the epidemic on global payments are expected to be even greater.
Some of the major changes that are anticipated to take place include robust thrust towards cashless society, need for innovative fraud protection tools and solutions, strict environment for payments fintechs, digital innovation, and growth for tokenized mobile wallets.
Key Topics Covered
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Tokenization Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia-Pacific
4.2.4 Middle East & Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Tokenization Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Compliance with PCI-DSS Guidelines as well as GDPR
5.1.2 The Growing Need for Secure Payment Gateways
5.2 Market Restraints
5.2.1 Cost Associated with Tokenization
5.3 Market Opportunities
5.3.1 Growing Trend Toward Contactless Payment Solutions
5.4 Future Trends
5.4.1 Increased Implementation for Cloud-based Tokenization Solutions Amongst SMEs
5.1 Impact Analysis of Drivers and Restraints
6. Tokenization - Global Market Analysis
6.1 Tokenization: Global Overview
6.2 Tokenization Market - Revenue and Forecast to 2027 (USD Million)
6.3 Market Positioning - Global Market Players Ranking
7. Tokenization Market Analysis - By Application
7.1 Overview
7.2 Payment Security
7.3 User Authentication
7.4 Compliance Management
8. Tokenization Market Analysis - By Component
8.2 Solution
8.3 Services
9. Tokenization Market Analysis - By Deployment
9.1 Overview
9.2 Tokenization Market Breakdown, by Deployment, 2019 & 2027
9.3 Cloud
9.4 On-premise
10. Tokenization Market Analysis - By Enterprise Size
10.1 Overview
10.2 Tokenization Market Breakdown, by Enterprise Size, 2019 & 2027
10.3 SMEs
10.4 Large Enterprises
11. Tokenization Market Analysis - By Industry Vertical
11.1 Overview
11.2 Tokenization Market Breakdown, by Industry Vertical, 2019 & 2027
11.3 BFSI
11.4 Retail
11.5 Healthcare
11.6 IT & Telecom
11.7 Government
11.8 Others
12. Tokenization Market - Geographic Analysis
12.1 Overview
12.2 North America: Tokenization Market
12.3 Europe: Tokenization Market
12.4 APAC: Tokenization Market
12.5 MEA: Tokenization Market
12.6 SAM: Tokenization Market
13. Impact of COVID-19 Pandemic on Global Tokenization Market
13.1 Overview
13.1.1 North America: Impact Assessment of COVID-19 Pandemic
13.1.2 Europe: Impact Assessment of COVID-19 Pandemic
13.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
13.1.4 MEA: Impact Assessment of COVID-19 Pandemic
13.1.5 SAM: Impact Assessment of COVID-19 Pandemic
14. Industry Landscape
14.1 Market Initiatives
14.2 New Product Developments
14.3 Mergers & Acquisitions
15. Company Profiles
15.1 Broadcom, Inc.
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products & Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 CipherCloud, Inc.
15.3 Futurex
15.4 Fiserv, Inc.
15.5 Micro Focus International plc
15.6 OpenText Corporation
15.7 Sequent Software Inc.
15.8 TokenEx
15.9 Thales Group
15.10 Visa, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5zqxxl
