Tokenization Market is expected to reach US$ 6823.7million by 2027

According to our latest market study on “TokenizationMarket to 2027-- COVID- Impact and Global Analysis  – by Component (Solution and Services), Deployment (Cloud and On-premise), Enterprise Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, and Others); and Geography,” the market was valued at US$ 1378.8 million in 2020 and is projected to reach US$ 6,823.7million 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 COVID-19 on TokenizationMarket

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 populationendures 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.

Tokenization Market — Geographic Breakdown, 2019

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Tokenization Market Scope, Size & Global Forecasts to 2027

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Tokenization Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Component (Solution and Services), Deployment (Cloud and On-premise), Enterprise Size (SMEs, and Large Enterprises), Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, and Others), and Geography

The Report Segments the Global Tokenization Market as Follows:

By Component

• Solution
• Services

By Deployment

• Cloud
• On-Premise

By Enterprise Size

• SMEs
• Large Enterprises

By Industry

• BFSI
• Retail
• IT and Telecom
• Healthcare
• Government
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East and Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM

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