Growth in adoption of digital payment modes and retail & e-commerce industry are fuelling the demand of payment security market.
The global payment security market was valued at USD 18.15 billion in 2020, and it is expected to reach USD 50.06 billion by 2027, with a CAGR of 16.1%, during the forecast period.
The growing consumer preference for adoption of digital and mobile wallets are boosting the growth of the payment security market. Furthermore, the smartphone's increasing penetration across the world drives the digital payment, as consumers prefer to link their cards in the phone apps rather than carrying it physically, thus, providing convenience and security from lost/theft of cards. Emerging countries, like India, are witnessing prominent digital payment growth, with the introduction of Unified Payment Interface (UPI), which is likely to boost the growth of the payment security market.
On the basis of platform, the mobile-based segment held the largest market share in 2020, while the web-based segment accounted for 38.1% market share in the same year followed by the other platforms segment.
On the basis of organization size, the large enterprises segment held the largest market share in 2020, while the small & medium enterprises segment accounted for 41.6% market share in the same year.
The ongoing pandemic situation is expected to considerably impact the payment security market and is anticipated to grow significantly from mid-2021. The market is expected to maintain its dominance in the upcoming years due to increased usage of digital payment services. The reliance on technology has increased exponentially due to rapidly changing scenarios and a dynamic ecosystem.
Moreover, the pandemic is transforming the payment habits of the consumers to adapt to digital payment systems as it is contactless and restrict access to places such as Bank, ATMs, among others, for withdrawal of cash where there is a potential threat to get infected with the virus.
Among the European countries, Germany, France and U.K. have the highest market share. The market in Europe is analyzed across the UK, Germany, France, Spain, Italy, and rest of Europe. The usage of digital wallets, such as PayPal and Alipay is higher among the shoppers in Europe. The other popular payment modes include domestic bank credit and debit cards, Visa and Mastercard.
Asia-Pacific is considered as a dominant market and is expected to occupy the major market share in the upcoming years. China, India, and Singapore are some of the major countries that drive the growth of the payment security market in the region. It is considered as the fastest-growing region globally, owing to extensive adoption of digital wallet and growing consumer preference to buying from e-commerce platforms in the region. For instance, in India the mobile wallet transactions is projected to reach 260 billion by 2022. The major payment solutions for online transactions in India are PayTM, Google Pay, PhonePe, etc.
Bluefin Payment Systems, Braintree Payment Solutions, LLC, CyberSource Corporation (Visa, Inc.), Elavon, Index, GEOBRIDGE Corporation, SecurionPay, Broadcom, Inc., Transaction Network Services (TNS), Inc., TokenEx LLC, among others are the major players in the global Payment Security market.
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