Global Payment Security Market Size, Share, Growth Analysis, By Solution Type(Encryption, Tokenization), By Payment Mode(Card-based payments, Mobile payments), By Organization Size(Small and medium-sized enterprises (SMEs), Large enterprisesSegmentVerticalSub-SegmentsBanking) - Industry Forecast 2024-2031

Q: What is the global market size of Payment Security Market?

Global Payment Security Market size was valued at USD 19.02 billion in 2021 and is poised to grow from USD 24.11 billion in 2022 to USD 59.81 billion by 2030, at a CAGR of 12.02% during the forecast period (2023-2030).

Report ID: SQMIG20I2192 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 95 | Figures: 76

Global Payment Security Market News

In March 2023, Paytech Ingenico announced the acquisition of software-based POS solutions provider Phos, extending its offering for merchant payment acceptance via smartphone, payment security is mainly focused. As per the information detailed in the press release, the strategic purchase of Phos marks an additional step in Ingenico’s evolution towards software-driven services.

In October 2022, Payments giant PayPal announced the launch of passkeys to offer an easy and safe login method to its account holders. The technology that operated through cryptographic key pairs was developed by FIDO Alliance and the World Wide Web Consortium.

Global Payment Security Market Report Snapshots

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Payment Security Market size was valued at USD 19.02 billion in 2021 and is poised to grow from USD 24.11 billion in 2022 to USD 59.81 billion by 2030, at a CAGR of 12.02% during the forecast period (2023-2030).

The Global Payment Security Market is highly competitive, with several players vying for a significant market share. The leading companies in the industrial, information technology, consumer safety market are investing heavily in research and development to stay ahead of the competition and offer innovative solutions to their customers. Some of the major players in the market have a global presence. They are also focused on expanding their product portfolio and enhancing their distribution networks to better serve their customers. 'Symantec Corporation (US)', 'Fiserv, Inc. (US)', 'Cisco Systems, Inc. (US)', 'Mastercard Incorporated (US)', 'Visa Inc. (US)', 'PayPal Holdings, Inc. (US)', 'Broadcom Inc. (US)', 'Ingenico Group (France)', 'CyberSource Corporation (US)', 'FIS Global (US)', 'Verifone Systems, Inc. (US)', 'Adyen N.V. (Netherlands)', 'Thales Group (France)', 'Gemalto N.V. (Netherlands)', 'Splunk Inc. (US)', 'ACI Worldwide, Inc. (US)', 'IBM Corporation (US)', 'Oracle Corporation (US)', 'SISA Information Security (India)', 'Shift4 Payments, Inc. (US)'

The rise in payment fraud incidents is a significant driver for the global payment security market. As digital payment methods become more prevalent, cybercriminals are finding new ways to exploit vulnerabilities in payment systems. This drives the demand for robust payment security solutions to safeguard sensitive financial information and protect against fraudulent activities.

The key market trend in the global payment security market is the increasing adoption of biometric authentication methods. Biometric authentication, such as fingerprint recognition, facial recognition, and iris scanning, offers enhanced security and convenience for payment transactions. Biometric data is unique to individuals, making it difficult for fraudsters to replicate or bypass. Biometric authentication provides an additional layer of security beyond traditional password-based or PIN-based authentication methods, reducing the risk of unauthorized access and fraudulent activities. The advancement in biometric technology, coupled with the widespread availability of biometric-enabled devices such as smartphones, has paved the way for the integration of biometric authentication into payment security systems.

The largest region in the global payment security market is North America. North America has traditionally dominated the market due to its strong presence of key market players, advanced technological infrastructure, and stringent regulations regarding data security and privacy. The region encompasses major economies such as the US and Canada, where the adoption of digital payment systems is widespread across various industries. The North American market benefits from the high demand for secure payment solutions in sectors such as banking, financial services, and e-commerce.

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Global Payment Security Market News

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