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)
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:
Company Profiles and Competitive Intelligence
The key players operating in the global payment security market are: