New York, NY -- (SBWIRE) -- 07/11/2019 -- The rising penetration of smartphones, acceptance of wearable technology, cumulative adoption of m-commerce and e-commerce by banking and financial services, entry of technology companies, and access to diverse payment technology solutions are predicted to drive the industry, regardless of technological, financial and security challenges restraining the ecosystem in several key regions. According to Netscribes, the global payment security market is expected to grow to USD 48.85 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 17.7% during 2018-2023.
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The major players in the Payment Security market are
- Bluefin
- SISA
- Paygilant
- Ingenico ePayments
- ThreatMark
- CyberSource
- Braintree
- Elavon
- Intelligent Payments
- Shift4 Payments
Major Regions play vital role in Payment Security market are:
- North America
- Europe
- China
- Japan
- Middle East & Africa
- India
- South America
- Others
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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In this report, the global payment security market is classified into three segments, based on the subscription model:
o Type - mobile payments, point of sales (POS) payments, and web payments
o Solution - antivirus and firewall, encryption, tokenization, and fraud detection and prevention
o End user - retail, travel and hospitality, healthcare, information technology (IT) and telecom, education, banking, financial services and insurance (BFSI), and others
Key Stakeholders
- Payment Security Manufacturers
- Payment Security Distributors/Traders/Wholesalers
- Payment Security Subcomponent Manufacturers
- Industry Association
- Downstream Vendors
- Available Customizations
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Type segment insights:
The POS payment segment is expected to expand at a CAGR of 18.6% during the 2018-2023 period. This segment is likely to be in the leading position in the market throughout the forecast period. Increasing consumer awareness, and the conveniences of online shopping can be attributed to the growth of POS-based platforms. Payment security providers use artificial intelligence (AI)-based tools for purposes such as fraud detection and customer interaction.
Solution segment insights:
The fraud detection and prevention segment holds the largest market share, and is expected to expand at a CAGR of 14.4% during the 2018-2023 period. The public utilities and government vertical is predicted to hold the largest market share in the fraud detection market. Frauds in the public sector include misappropriation of assets, data theft, bribery and corruption, accounting fraud, and money laundering. To tackle these issues, data integrity is of utmost importance.
End user segment insights:
The retail and BFSI segments are anticipated to expand at a CAGR of 18.5% and 20.6% respectively during the 2018-2023 period. Security plays a vital role in online trade. Data breaches make customers wary and influence them into discontinuing with the affected e-commerce websites. They prefer bank transfers and credit cards for travel payments. North America is the leading market for the payment security software segment. Due to increasing investments in online payment technologies, it is anticipated that this market will retain its position during the forecasted period.
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