The global payment security market is projected to have a significant CAGR of around 14% during the forecast period. The major factors propelling the market growth of the market include- increasing digitalization across the globe, growing demand for mobile and internet banking, and rising payment security solutions in the BFSI industry coupled with internet penetration. Rising internet penetration is primarily encouraging the banks to adopt advanced payment platforms to attract customers towards their banks. For instance, as per Asia-Pacific Economic Co-Operation (APEC), there was 55.8% internet penetration in China which equals to 772 million internet users in 2018. Moreover, there were 209 million Internet users in rural areas (27.0% of total Internet users) in China in 2018.
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The growing payment transactions in the retail industry is backing the growth of the global payment security market. For instance, Alibaba and Tencent are leading the mobile payment sector in China and have branched out to other parts of the financial services supply chain. As per the International Monetary Fund (IMF), the value of China’s consumption-related mobile payments by individuals totaled $790 billion in 2016. Additionally, rising venture capital funding in China for key digitalization technologies, such as AI and VR is further anticipated to offer significant opportunity for the advent of advanced technologies that tend to increase reliability and safety in banking transaction. This, in turn, will drive the growth of the payment security industry.
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Market Segmentation
Global Payment Security Market by Solution
- Encryption
- Tokenization
- Fraud detection and Prevention
Global Payment Security Market by Industry
- Retail and Commercial
- Travel and Hospitality
- BFSI
- IT and Telecom
- Media and Entertainment
- Others (Healthcare, Education)
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- 2Checkout
- Acculynk, Inc.
- Adyen
- Bluefin Payment Systems LLC
- BluePay Processing, LLC
- CA Technologies (A Broadcom Company)
- CipherCloud
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