Payment Security Market To Reach USD 60.43 Billion, Expanding at 14.20% CAGR by 2030 – Report by Market Research Future (MRFR)

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New York, US, Jan. 24, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Payment Security Market Analysis By Component, By Organization Sizes, By End-Users – Forecast 2030” valuation is poised to reach USD 60.43 Billion by 2030, registering a 14.20% CAGR throughout the forecast period (2022–2030).

Market Drivers

Various Technological Advancements to Boost Market Growth

The market is growing as a result of numerous technical developments, including the incorporation of linked devices with the Internet of Things, machine learning, and artificial intelligence (AI) solutions. These technologies help manage regulatory compliance, monitor transactions, trace the location of financial crime, increase accuracy, secure data, reduce risks, and monitor financial crime.

Opportunities

Rise in Payment Frauds to offer Robust Opportunities

Growing instances of financial fraud, cyber-crimes, cyber-attacks, and worries over sensitive and confidential data are all having a beneficial impact on market expansion. The total money lost due to data breaches climbs along with the number of breaches. As a result, there is a rising need for payment security solutions.

Restraints and Challenges

Increasing Frequency of Data Breaches to act as Market Restraint

The increasing frequency of data breaches, lack of understanding, and lack of proper security protocols & trust especially in banks may act as market restraints over the forecast period. 

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Market Competitive Analysis

Dominant Key Players in Payment Security Market Covered are:

  • Ingenico ePayments (Netherlands)
  • Intelligent Payments (Gibraltar)
  • GEOBRIDGE Corporation (US)
  • Braintree (US)
  • Elavon (US)
  • Index (US
  • Shift4 Corporation (US)
  • Transaction Network Services (TNS) Inc. (US)
  • TokenEx, LLC (US)
  • CyberSource Corporation (US)

Payment Security Market Report Scope:

Report Metric Details
  The revenue forecast in 2030   USD 60.43 Billion
  Growth Rate   CAGR of 14.20% from 2022 to 2030
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Key Market Driver Payment Security Market growth is driven by an equally increasing demand for digital payment platforms.

The Payment Security Market also progresses from the concern regarding payment data security.

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Market Segmentation

The global payment security market is bifurcated based on component, organization size, and end user. 

By component, solutions will lead the market over the forecast period due to a rise in the usage of payment processing solutions across a number of industries, including media & entertainment, manufacturing, retail, and government.

By organization sizes, small scale organization will dominate the market in the assessment period as these are increasingly accepting ways including tokenization and encryption. 

By end-users, the payment security market is segmented into travel and hospitality, IT and telecom, healthcare, and BFSI. 

COVID-19 Analysis

For technological applications, such as payment security, the COVID 19 epidemic is a blessing in disguise. Today, replacements using contactless technology are needed for a variety of functions. Because consumers make payments nearly every day, contactless payment also falls under this category. Physical payments are subject to restrictions under the COVID 19 shutdown. Physical payments may potentially cause COVID 19 infections because the virus can be carried by currency. Consequently, individuals choose digital payments in every country on earth. With millions of transactions taking place digitally, it is the role of the Payment Security Market to develop secure payment gateways that are both fraud- and crash-proof.

Therefore, the COVID 19 epidemic itself is a growth catalyst for the payment security market. Global real-time digital payments surged during the COVID 19 country lockdown. In the immediate wake of COVID 19, demand for secure payment platforms is at an all-time high. People feel more at ease using just one touch to make digital payments. Cashless transactions allow better manage financial resources and get around physical limitations. As a result, the COVID 19 epidemic has driven chances for future growth in the Payment Security Market.

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Regional Analysis 

North America to Lead Payment Security Market

In terms of market share, the North American area dominates the market for payment security. Due to the payment security system’s continued maintenance of the log file until it is no longer feasible, this market is expanding in this area. Additionally, the region’s increasing payment fraud rate would increase demand for security solutions. These elements might accelerate the development of the sector there. The market for North America is expanding most rapidly in the United States. The area will remain dominant over the projected horizon due to the headquarters of certain major market companies, including PayPal, Braintree, Bluefin, and Elavon. Along with others, the key companies in the market are present in the area.

APAC to Have Admirable Growth in the Payment Security Market

The payment security market in Asia-Pacific will expand at the greatest CAGR in the forecast period. The increased use of sophisticated payment technology for conducting business transactions within organizations is the main driver of growth in this region. Consumers in the area are choosing digital payments over cash in greater and greater numbers. According to a Visa survey, 91% of customers in Asia-Pacific now pay using cards or mobile applications rather than cash in order to avoid unnecessary contact during the COVID-19 outbreak, and 75% of these users want to keep using digital payment methods even after the pandemic is finished. The markets in this area are mostly being driven by nations like China, Japan, India, and South Korea.

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However, the introduction of real-time payment systems has led to an increase in fraudulent operations in the region, and financial institutions there anticipate this threat to grow in the years to come. Additionally, this market’s expansion is anticipated to be fueled by the developing e-commerce sector and changing retail environment. The growing use of online digital payments in Asia Pacific is anticipated to increase demand for payment security solutions. Additionally, the region’s business is projected to advance more quickly as smartphone penetration rises. Consumer acceptance of mobile payments is leading to a rise in the use of digital payments throughout the region. One of the key drivers of the regional market’s growth is China’s booming retail sector.

Industry Updates

January 2023- To help the former protect its payments, CLOWD9, a cloud-native and decentralized payments processing platform, has teamed with payment security company Netcetera. As per CLOWD9, it will use Access Control Server and its 3D secure issuer service for transaction authentication (ACS).

Related Reports:

Online Payment Gateway Market Research Report, By Type, By Application – Forecast till 2030

Real-Time Payment Market Research, By Solution, By Service, By Verticals — Forecast till 2030

Payment as a Service Market Information By Service, By Vertical and by Region —Forecast till 2030

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