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Global Payment Security Market to 2028 – by Offering, Platform, Payment Mode, Vertical, Organization Size and Geography – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, BFSI, IT & Telecom, Media), Organization Size, and Geography – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global payment security market is expected to reach $54.1 billion by 2028, growing at a CAGR of 16.5% during the forecast period of 2021-2028.

The growth of this market is attributed to the increasing adoption of digital payment modes, the rising need to adhere to PCI DSS guidelines, and increasing cyber-attacks on digital payments.

In addition, the rising demand for advanced payment security solutions for digital e-commerce and the increasing use of payment applications across different industry verticals offers significant opportunities for the growth of the digital payment market. However, the lack of trust in online banking restrains the growth of this market to a certain extend.

Based on offering, the solution segment commanded the largest share of the global payment security market in 2021 and is expected to grow at the fastest CAGR during the forecast period. The rising demand for advanced payment security solutions for digital e-commerce and the increasing use of payment applications across different industry verticals is driving the growth of this segment.

In addition, there is a growing demand for payment security solutions as it enables organizations to comply with the PCI DSS regulatory compliances. Further, the growing number of data breaches and financial losses due to data these breaches are the major factors contributing to the growth of the payment security solutions market.

Based on payment mode, the digital wallet segment commanded the largest share of the overall payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The emergence of payment-enabled mobile phones, connected and real-time marketing, the social media effect, and the increasing shift to QR code-based transactions are major factors impacting the growth of this segment.

According to a report by FIS, a financial services technology group, the use of digital-wallet-based transactions grew globally by 7% in 2020 and predicts that digital wallets will account for more than half of all e-commerce payments worldwide by 2024, as consumers shift from card-based to account- and QR code-based transactions. Similarly, WorldPay’s 2020 Global Payments report predicts that, by 2023, 52.2% of e-commerce transactions and 29.5% of all POS transactions will be done through digital wallets. Thus, the increasing shift towards digital wallets is driving the growth of this segment.

Based on Industry Vertical, the BFSI segment commanded the largest share of the overall payment security market in 2021. The large market share of this segment is attributed to the rising implementation of regulatory security compliance, rising demand for cloud-based security solutions, and the increasing risk of cyber threats against BFSI infrastructure.

Based on Organization Size, the large enterprise segment commanded the largest share of the global payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. Increasing transactions of high valuations in large enterprises are compelling these enterprises to opt for premium payment security solutions.

Companies Mentioned

  • Bluefin Payment Systems LLC (U.S.)
  • Braintree (U.S.)
  • Cybersource (U.S.)
  • Elavon (U.S.)
  • Ingenico (France)
  • Broadcom Inc. (U.S.)
  • Thales Group (France)
  • Shift4 Payments LLC (U.S.)
  • Signifyd (U.S.)
  • TNS Inc. (U.S.)
  • Tokenex (U.S.)
  • SISA Information Security Pvt. Ltd. (India)
  • Stripe (U.S.)
  • Geobridge Corporation (U.S.)
  • MasterCard (U.S.)
  • Verifone Systems Inc. (U.S.).

Key questions answered in the report:

  • Which are the high growth market segments in terms of offering, platform, payment mode, industry vertical, organization size, and countries?
  • What is the historical market for payment security across the globe?
  • What are the market forecasts and estimates from 2021-2028?
  • What are the major drivers, restraints, and opportunities in the global payment security market?
  • Who are the major players in the global payment security market, and what shares of the market do they hold?
  • Who are the major players in various countries, and what shares of the market do they hold?
  • How is the competitive landscape?
  • What are the recent developments in the global payment security market?
  • What are the different strategies adopted by the major players in the global payment security market?
  • What are the geographical trends and high growth countries?
  • Who are the local emerging players in the global payment security market and how do they compete with the other players?

For more information about this report visit https://www.researchandmarkets.com/r/rsvrr0

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