Global Payment Security Market Report 2022: A $47.7 Billion Market by 2027 - Industry Trends, Share, Size, Growth, Opportunity and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Payment Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global payment security market reached a value of US$ 20.5 billion in 2021. Looking forward, the market is projected to reach a value of US$ 47.7 billion by 2027, exhibiting a CAGR of 14.40% during 2022-2027.

Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use sectors. These insights are included in the report as a major market contributor.

Payment security refers to a system of security solutions and services that is designed to prevent monetary frauds, unauthorized transactions and mitigate the risk of data breaches. It also secures all forms of online financial transactions using data encryption, firewalls and data loss prevention (DLP) protocols.

It consists of identity and access management, anti-malware, endpoint security, risk and compliance management and intrusion detection. This, in turn, assists in creating a trustworthy platform, minimizing loss of financial data through regular monitoring of malicious activities and provides protection against continuous threats of cyber security breaches.

As a result, payment security solutions are widely used across the information technology (IT), healthcare, banking, financial services, and insurance (BFSI) industries.

Payment Security Market Trends

Significant growth in the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Payment security assists banks in streamlining and automating finance management processes, increasing operational efficacy, and ensuring accurate records across recurring processes, such as invoicing and reconciliation.

Additionally, the increasing adoption of digital payment modes and utilization of wireless networks in computing devices for facilitating payments is favoring the market growth. Furthermore, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), machine learning (ML) and artificial intelligence (AI) solutions, are providing an impetus to the market growth.

These technologies aid in monitoring transactions, tracking the location of the financial crime, improving accuracy, securing data, mitigating risks, detecting frauds and managing regulatory compliance. In line with this, increasing incidences of payment frauds, cyber-attacks, cyber-crimes, and rising concerns regarding confidential and sensitive data are positively impacting the market growth.

Other factors, including rapid digitization, along with the widespread product adoption to fulfill the regulatory requirements of the payment card industry and data security standard (PCI DSS) compliances across the globe, are anticipated to drive the market toward growth.

Key Questions Answered in This Report

• How has the global payment security market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global payment security market?
• What are the key regional markets?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the platform?
• What is the breakup of the market based on the enterprise size?
• What is the breakup of the market based on the End-user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global payment security market and who are the key players?
• What is the degree of competition in the industry?

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• Bluefin Payment Systems LLC
• 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

Key Market Segmentation

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

For more information about this report visit https://www.researchandmarkets.com/r/jwldqg