Report Overview
The Global Payment Security Market was valued at US$ 18.5 Bn in 2020 and is expected to reach US$ 50.06 Bn by 2027, expanding at a CAGR of 16.1% during the forecast period.
The increasing number of digital payments, such as credit/debit payments, mobile wallets, and online payments, is expected to boost the payment security market over the forecast period. The growing number of data breaches is also one of the primary factors contributing to the payment security market's growth.
Apart from the development of the fintech industry, especially in high-growth regions of the world, the growth in the number of transactions using various methods has made the market unscalable to regulate. Additionally, technological innovations to ease the payment process have increased the need for heightened security protocols.
Moreover, rapidly increasing loyalty programs in the mobile wallet domain coupled with rising usage of e-wallet to make payments or send money by consumers are further enhancing the growth of mobile payments globally.
The research report analyses the ecosystem of the Payment Security market and categorizes the Payment Security Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
By Platform, the Mobile-based is expected to witness a high growth rate during the forecast period
Based on platform, the global payment security market is segmented into mobile-based, web-based, and other platforms.
The mobile-based segment accounted for the largest market share in 2020, followed by web-based. The web-based market is expected to maintain its dominance throughout the analysis period (2017-2027) and is expected to grow at a high CAGR of 16.4% during the forecast period (2021-2027).
A major push towards the adoption of mobile payment is driven by the vendor's acceptance, as more and more businesses across the world are increasingly accepting mobile payment methods as one of the primary methods of payment.
Net banking and web-based transactions command significant share by the value of transactions; bank transfers are preferred in case of transactions involving large payments and cross border transactions as governments across the globe have various regulations and restrictions when it comes to cross border transactions.
By end user industry, the retail & e-commerce is estimated to be a larger application segment in the Payment security market in 2020
Retail & Ecommerce segment accounted for the largest market share in 2020, followed by healthcare. Retail & Ecommerce is expected to maintain its dominance throughout the analysis period (2017-2027) and is expected to grow at the CAGR of 15.9% during the forecast period (2021-2027).
The massive growth of the retail sector globally, predominantly the e-commerce sector, has led to an increasing number of online shoppers worldwide. Also, the adoption of digital solutions across the sector has led to increased POS terminals' adoption across retail outlets.
Furthermore, with the COVID-19 pandemic, 35% of the consumers are expected to be more likely to make their purchases online in 2021 in comparison to past few years, due to lockdown restrictions across the globe. Also, several eCommerce websites have mandated digital payment solutions, during the pandemic, as a safety measure to prevent the transmission of the virus. Hence, such trends are expected to boost the demand for payment security solutions globally.
By Region, the Asia Pacific is expected to grow with the highest CAGR during the forecast period.
The Asia-Pacific region, such as China and India, are adopting the digital mode of payment using the digital and mobile wallet. Emerging Asia (32%) made a significant contribution to record growth in non-cash transaction volume. The widespread adoption of a digital wallet, the increased success of the e-commerce platform, and innovation in mobile payments are driving the growth of payment security market. The adoption of QR code-based payments has accelerated the cashless revolution in the Asian market.
Competitive Landscape
The key players operating in the global payment security market includes Bluefin Payment Systems, Braintree Payment Solutions, LLC, CyberSource Corporation (Visa, Inc.), Elavon, Index, GEOBRIDGE Corporation, SecurionPay, Broadcom, Inc., Transaction Network Services (TNS), Inc., TokenEx LLC among others. The market dominance of these companies is characterized by their product portfolio, high investment in R&D activities, revenue, capital expenditure, employee strength, and geographical presence of companies.
The report also provides an in-depth analysis of market dynamics such as drivers, restraints opportunities, and challenges
Drivers
Restraints
Opportunities
The report also provides in-depth analysis of key market trends :
| Trends | Impact | |
| 1 | Increase in e-commerce activities across globe | Positive |
| 2 | Increasing consumer preference to digital payments | Positive |
| 3 | Increased spending by payment security provers in research and development (R&D) | Positive |
The report also provides in-depth analysis of recent News and Developments
The unique insights provided by this report also includes the following:
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