Payment Security Market Expanding at a CAGR 16.1% by 2027

The payment security market is forecasted to grow at a high rate owing to the accelerating adoption of digital payment mode coupled with growing retail and e-commerce industry

The Global Payment Security Market was valued at USD 18.1 Bn in 2020 and is expected to reach USD 50.06 Bn by 2027, with a growing CAGR of 16.1% during the forecast period.

The global payment security market is estimated to grow at a significant rate during the forecast period owing to increased penetration and adoption of mobile wallets in both developing and developed nations. For instance, in June 2019, in Malaysia, the leading global lifestyle brand for gamers along with Visa, a leading digital payment company, announced a strategic partnership to bring revolution to the gaming industry by merging the scale and reach of Visa’s global network to RazerPay e-wallet users. The facility is anticipated to be availed in the Southeast Asia region at the beginning with business expansion plans for the rest of the world.

The outbreak of the covid-19 pandemic is further anticipated to accelerate the adoption of digital payment options such as online payments, credit/debit card payments, and mobile wallets which in turn is expected to propel the market growth for the global payment security market throughout the forecast period. According to a report issued by ACI, in April 2020, states that real-time payments were expected to expand during the situation of COVID-19 pandemic with more than half of a trillion transactions and a composite annual growth of 23% by 2019-2024.

The emergence of Internet of Things (IoT) technology is leading to numerous connected devices and wearables being supported with varied payment capabilities. For instance, in March 2021, Paytm, a leading digital payment, e-commerce, and finance company had launched a new IoT-based payment device named Soundbox 2.0. The Soundbox 2.0 is powered by Paytm’s all-in-one reconciliation and payments technology. Increased adoption of IoT-based payment devices drives the market for payment security market during the forecast period.

Global Payment Security Market by Region Outlook (Revenue, USD Billion, 2021-2027)

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

In terms of geography, the North American region held the largest market share in the year 2020 and is anticipated to grow at a significant rate during the forecast period. North American region is highly developed and possess strong financial position in the world. Extensive presence of market key players such as Elavon Inc., TNS Inc., CyberSource Corporation, and Bluefin in the region is expected to boost the market growth. These companies contribute in market development with various strategic mergers, acquisitions and launches. For instance, in April 2018, the MasterCard, an American-based multinational financial services corporation partnered with the International Finance Corporation (IFC), to drive financial inclusion, by updating USD 250 million global risk-sharing facilities to extend access to electronic payments in emerging markets in the North American region.

Asia Pacific region on the other hand is attributed to witness a fastest growth rate majorly owing to growing startups in the retail and consumer goods in the developed and developing region such as India, Japan, and China. Increasing adoption of digital payments and mobile payments by the consumers is further propelling the market growth.

The Global Payment Security Market Segmentation:

  1. Global Payment Security Market by Platform Outlook (Revenue, USD Billion, 2021-2027)
  • Web Based
  • Mobile Based
  • POS Based
  • Global Payment Security Market by Component Outlook (Revenue, USD Billion, 2021-2027)
    • Service
      • Support services
      • Integration services
      • Consulting services
    • Solution
      • Fraud Detection & Prevention
      • Tokenization
      • Encryption
  • Global Payment Security Market by Organization Size Outlook (Revenue, USD Billion, 2021-2027)
    • Small & Medium Enterprises
    • Large Enterprises
  • Global Payment Security Market by End-User Industry Outlook (Revenue, USD Billion, 2021-2027)
    • Retail & Ecommerce
    • Entertainment
    • Healthcare
    • Travel & Hospitality
    • Education
    • Telecom & IT
    • Others

Key Findings:

  • Based on the platform, the mobile based platform segment held the largest market share in 2020
  • Based on component, the support service sector accounted for the largest market share in 2020
  • Small & medium enterprises segment based on organization size is anticipated to grow at a fastest rate during the forecast period
  • Retail and E-commerce end user industry is accounted to dominate the global payment security market
  • Based on regions, the North America region is anticipated to hold the largest market share in the year 2027 in the payment security market analysis

Company Profiles and Competitive Intelligence

The key players operating in the global payment security market are:

  1. Bluefin Payment Systems LLC
  2. Braintree Payment Solutions, LLC
  3. CyberSource Corporation (Visa, Inc.)
  4. Elavon Inc.
  5. Index Systems, Inc.
  6. GEOBRIDGE Corporation
  7. SecurionPay
  8. Broadcom, Inc.
  9. Transaction Network Services (TNS), Inc.
  10. TokenEx LLC
  11. Ingenico Group
  12. Shift4 Corporation
  13. Intelligent Payments
  14. MasterCard
  15. Signifyd Inc. 
  16. U.S. Bancorp Elavon
  17. Gemalto NV
  18. Sisa Information Security
  19. Acculynk
  20. Thales E-security Inc.
  21. Pay Safe Group
  22. Norse Corporation
  23. BAE systems
  24. Futurex
  25. Paymetric Inc.
  26. Ciphercloud
  27. Squirrel System
  28. Global payment Inc.

Recent News:

  • In August 2021, Bluefin Payment Systems LLC announced the launch of a new payment and data security brand to reflect the company’s market position and dual-focus on innovative security solutions for both payments and sensitive consumer and company data. The new brand is aimed to utilize Protected Health Information (PHI), Personally Identifiable Information (PII), and banking account data for the security purpose.
  • In November 2019, Elavon, a subsidiary company of U.S. Bancorp has successfully acquired Sage Pay, an established payment gateway business in the United Kingdom and Ireland. The acquisition is aimed to benefit Elavon with the increase in its business customer with digitalization of the global economy.

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