DUBLIN–(Business WIRE)–The “Payment Security Market place past Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Cyberbanking, PoS), Vertical (Retail, Travel, Healthcare, BFSI, IT & Telecom, Media), Organization Size, and Geography – Global Forecast to 2028” written report has been added to
The global payment security market place is expected to accomplish $54.one billion by 2028, growing at a CAGR of 16.five% during the forecast menstruation 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. Still, the lack of trust in online banking restrains the growth of this market place to a sure extend.
Based on offer, the solution segment commanded the largest share of the global payment security market in 2021 and is expected to abound at the fastest CAGR during the forecast period. The rising demand for advanced payment security solutions for digital east-commerce and the increasing use of payment applications beyond unlike industry verticals is driving the growth of this segment.
In add-on, 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, continued and real-time marketing, the social media effect, and the increasing shift to QR lawmaking-based transactions are major factors impacting the growth of this segment.
According to a report by FIS, a financial services technology grouping, the employ of digital-wallet-based transactions grew globally by 7% in 2020 and predicts that digital wallets will account for more than than half of all due east-commerce payments worldwide by 2024, equally consumers shift from bill of fare-based to account- and QR code-based transactions. Similarly, WorldPay’south 2020 Global Payments report predicts that, by 2023, 52.ii% of east-commerce transactions and 29.five% 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 Manufacture 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, ascent demand for cloud-based security solutions, and the increasing risk of cyber threats against BFSI infrastructure.
Based on Organization Size, the large enterprise segment allowable the largest share of the global payment security market place in 2021 and is expected to grow at the highest CAGR during the forecast menses. Increasing transactions of high valuations in big enterprises are compelling these enterprises to opt for premium payment security solutions.
- Bluefin Payment Systems LLC (U.S.)
- Braintree (U.S.)
- Cybersource (U.Southward.)
- Elavon (U.S.)
- Ingenico (France)
- Broadcom Inc. (U.South.)
- Thales Group (French republic)
- Shift4 Payments LLC (U.Southward.)
- Signifyd (U.S.)
- TNS Inc. (U.S.)
- Tokenex (U.S.)
- SISA Information Security Pvt. Ltd. (Republic of india)
- Stripe (U.S.)
- Geobridge Corporation (U.S.)
- MasterCard (U.Southward.)
- Verifone Systems Inc. (U.S.).
Key questions answered in the report:
- Which are the high growth marketplace segments in terms of offering, platform, payment mode, manufacture vertical, organization size, and countries?
- What is the historical market for payment security across the globe?
- What are the marketplace 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 diverse countries, and what shares of the market practise they hold?
- How is the competitive landscape?
- What are the contempo developments in the global payment security marketplace?
- What are the different strategies adopted by the major players in the global payment security market place?
- What are the geographical trends and loftier growth countries?
- Who are the local emerging players in the global payment security market place 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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