Payment Security Market Forecast and Growth 2031

Coverage: Payment Security Market covers analysis By Solution (Encryption, Tokenization, Fraud Detection & Prevention); Organization Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises); Application (Retail & E-commerce, Travel & Hospitality, Healthcare, Telecom & IT, Education, Media & Entertainment, and Others); and Geography

  • Report Code : TIPRE00005819
  • Category : Banking, Financial Services, and Insurance
  • Status : Upcoming
  • No. of Pages : 150
Buy Now

The payment security market is expected to register a CAGR of 14.1% in 2023–2031. Expansion of contactless and biometric payments and cloud-based payment security solutions for scalability, flexibility, and cost-effectiveness are likely to remain key payment security market trends.

Payment Security Market Analysis

A few of the major factors driving the payment security market include the surge in number of  cyberattacks, stringent government regulations such as GDPR and PCI DSS, and the shift towards online and mobile payments. Advancements in technologies such as AI, machine learning, and blockchain, and the booming e-commerce industry are expected to offer lucrative opportunities for market growth during the forecast period. Furthermore, the expansion of contactless and biometric payments and cloud-based payment security solutions for scalability, flexibility, and cost-effectiveness are likely to remain key payment security market trends in coming years.

Payment Security Market Overview

The payment security refers to safeguarding financial resources. Payment security refers to the systems, processes, and measures employed to protect financial transactions from unauthorized access, data breaches, and fraud. Ensuring payment security is crucial for both offline and online organizations to avoid financial losses, keep customers' trust, and adhere to industry norms and regulations. Businesses can use a variety of payment security technologies and procedures to safeguard consumer information and financial transactions. Among the most typical are encryption, tokenization, and fraud detection & prevention.

REGIONAL FRAMEWORK

Payment Security Market Drivers and Opportunities                         

Increasing Number Of Cyber Threats to Favor Market

The rise in cyber threats is fueling the growth of the payment security market as businesses prioritize protecting sensitive financial data. According to the 2021 Cyber Threat Intelligence Index by IBM Security, there was a 6% increase in cyberattacks globally compared to the previous year, highlighting the escalating threat landscape. These threats include data breaches, ransomware attacks, and phishing scams, which pose significant risks to businesses and consumers alike. With the proliferation of digital transactions, the need for robust payment security measures has never been greater. Moreover, according to the 2022 Payments Fraud and Control Report by J.P. Morgan, 71% of businesses reported that they were targeted by payment fraud in 2021. And payment fraud in the US cost ~ US$ 9.44 million. Businesses are investing in advanced payment security solutions to safeguard against cyber threats and prevent financial losses. These solutions encompass technologies such as encryption, tokenization, and fraud detection systems to protect payment data and ensure secure transactions. Thus, the increasing number of cyber threats drives the payment security market growth.

Growing E-commerce Sector- An Opportunity in the Payment Security Market

The booming e-commerce sector presents a significant opportunity for the growth of the payment security market. With the continuous expansion of online shopping, consumers are increasingly relying on digital payment methods to make purchases. As more businesses venture into e-commerce, the need to secure online transactions becomes paramount. Payment security solutions play a crucial role in building trust and confidence among online shoppers by safeguarding their sensitive financial information from cyber threats such as data breaches and fraud. To capitalize on the growing e-commerce market, businesses need to invest in advanced payment security technologies such as encryption, tokenization, and multi-factor authentication. Thus, the booming e-commerce sector is anticipated to offer opportunities for the payment security market growth during the forecast period.

Payment Security Market Report Segmentation Analysis

Key segments that contributed to the derivation of the payment security market analysis are the solution, organization size, and application.

  • Based on the solution, the payment security market is bifurcated into encryption, tokenization, and fraud detection & prevention. The fraud detection & prevention segment held a larger market share in 2023.
  • Based on organization size, the payment security market is bifurcated into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment dominated the market in 2023.
  • Based on application, the payment security market is segmented into retail & e-commerce, travel & hospitality, healthcare, telecom & IT, education, media & entertainment, and others.

Payment Security Market Share Analysis by Geography

  • The payment security market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe, and APAC, respectively.
  • The payment security market in North America has experienced substantial growth. With the region being a hub for technology innovation and home to many major financial institutions, there's an increasing focus on protecting financial transactions. Businesses across various sectors, from retail to finance, are prioritizing payment security to safeguard against cyber threats and ensure compliance with regulatory standards like PCI DSS. Moreover, the increasing adoption of digital payment methods, coupled with the rise in e-commerce transactions, has further fueled the demand for robust payment security solutions in North America.

Payment Security Market Report Analysis

Payment Security Market

  • CAGR (2023 - 2031)
    XX%
  • Market Size 2023
    US$ XX Million
  • Market Size 2031
    US$ XX Million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Bluefin Payment Systems
  • Cybersource
  • Elavon
  • Index
  • Intelligent Payments
  • SecurionPay
  • Shift4 Payments, LLC
  • Sisa Information Security
  • TNS Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Component
  • Solution
  • Service
By Enterprise-Size
  • SMEs
  • Large Enterprise
By Industry Vertical
  • Retail and E-commerce
  • Travel and Hospitality
  • Healthcare
  • Education
  • Media and Entertainment
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Payment Security Market Report Scope

Payment Security Market News and Recent Developments

The payment security market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the payment security market:

  • In April 2024, Cognizant and FICO announced plans to launch a cloud-based real-time payments fraud prevention solution for North American banks and other payment service providers. Their planned joint offering would help banks and other payment service providers protect their customers from fraud at a time when instant payments are gaining popularity,

(Source: Cognizant, Press Release)

  • In August 2023, Mastercard announced the launch ALT ID solution for enhanced online payment security. ALT ID is a custom-made capability developed by Mastercard to create an alternate identifier for the real card numbers provided by cardholders during guest checkout transactions on e-commerce platforms.

(Source: Mastercard, Press Release)

Payment Security Market Report Coverage and Deliverables

The "Payment Security Market Size and Forecast (2022–2030)" provides a detailed analysis of the market covering the areas mentioned below:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter's Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles

Payment Security Market Report Scope

Report Attribute Details
Market size in 2023 US$ XX Million
Market Size by 2031 US$ XX Million
Global CAGR (2023 - 2031) XX%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Component
  • Solution
  • Service
By Enterprise-Size
  • SMEs
  • Large Enterprise
By Industry Vertical
  • Retail and E-commerce
  • Travel and Hospitality
  • Healthcare
  • Education
  • Media and Entertainment
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Bluefin Payment Systems
  • Cybersource
  • Elavon
  • Index
  • Intelligent Payments
  • SecurionPay
  • Shift4 Payments, LLC
  • Sisa Information Security
  • TNS Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What is the growth rate of the global payment security market over the forecast period?

    The global payment security market is expected to grow at a CAGR of 14.1% during 2023 - 2031.

    What are the driving factors impacting the global payment security market?

    The surge in cyberattacks, stringent government regulations such as GDPR and PCI DSS, and the shift towards online and mobile payments are the major factors that propel the global payment security market.

    What are the future trends of the global payment security market?

    The expansion of contactless and biometric payments and cloud-based payment security solutions are anticipated to play a significant role in the global payment security market in the coming years.

    Which are the key players holding the major market share of the payment security market?

    The key players holding majority shares in the global payment security market are Shift4 Payment Inc.; TokenEx, LLC; Paypal Holdings, Inc.; Bluefin Payment Systems; Visa Inc.; and Broadcom.

    Which region is expected to register a high growth rate during the forecast period?

    North America is anticipated to grow with a high growth rate during the forecast period.

    The List of Companies

    1.Bluefin Payment Systems2.Cybersource3.Elavon4.Index5.Intelligent Payments6.SecurionPay7.Shift4 Payments, LLC8.Sisa Information Security9.TNS Inc.10.TokenEx

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

    Trends and growth analysis reports related to Payment Security Market