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

DUBLIN–(BUSINESS WIRE)–The “Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Method (Cards, Digital Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare Healthcare, BFSI, IT & Telecom, Media), Organization Size & Geography – Global Forecast to 2028″ report has been added to from ResearchAndMarkets.com offer.

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 2021-2028.

The growth of this market is attributed to the growing adoption of digital payment methods, the growing need to comply with PCI DSS guidelines, and the increase in cyberattacks against digital payments.

Furthermore, the growing demand for advanced payment security solutions for digital e-commerce and the growing use of payment applications across different verticals offer significant opportunities for the growth of the digital payments market. However, the lack of trust in online banking is hampering the growth of this market to some extent.

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

Additionally, there is a growing demand for payment security solutions as they enable organizations to comply with PCI DSS regulatory compliances. Moreover, the growing number of data breaches and the financial losses due to such data breaches are the major factors contributing to the growth of the payment security solutions market.

Based on payment method, digital wallet segment held the largest share in 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 effect of social media, 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 transactions based on digital wallets increased by 7% globally in 2020 and predicts that digital wallets will represent more than half of all e-commerce payments worldwide by 2024, as consumers move from card-based transactions to account-based transactions and QR codes. Similarly, WorldPay’s 2020 Global Payments Report predicts that by 2023, 52.2% of e-commerce transactions and 29.5% of all point-of-sale transactions will be conducted through digital wallets. Thus, the increasing shift to digital wallets is driving the growth of this segment.

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

Based on organization size, the large enterprise segment held the largest share in the global payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The increase in high-value transactions in large enterprises is forcing these companies to opt for premium payment security solutions.

Companies cited

  • Bluefin Payment Systems LLC (USA)

  • Braintree (USA)

  • Cybersource (US)

  • Elavon (USA)

  • Ingenico (France)

  • Broadcom Inc. (USA)

  • Thales Group (France)

  • Shift4 Payments LLC (USA)

  • Meant (US)

  • TNS Inc. (USA)

  • Tokenex (USA)

  • SISA Information Security Pvt. ltd. (India)

  • Stripe (US)

  • Geobridge Corporation (USA)

  • Mastercard (USA)

  • Verifone Systems Inc. (USA).

Answers to key questions in the report:

  • What are the high-growth market segments in terms of offering, platform, payment method, industry vertical, organization size, and country?

  • What is the historical payment security market in the world?

  • What are the market forecasts and estimates from 2021 to 2028?

  • What are the key drivers, restraints and opportunities in the global payment security market?

  • Who are the major players in the global payment security market and what market shares do they hold?

  • Who are the main players in the different countries and what market shares do they hold?

  • How is the competitive landscape?

  • What are the recent developments in the global payment security market?

  • What are the various strategies adopted by the major players in the global payment security market?

  • What are the geographic trends and high growth countries?

  • Who are the local emerging players in the global payment security market and how do they compete with other players?

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

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