The global Payment Security Market size was valued at USD 17.64 billion in 2022 and is expected to reach USD 60.56 billion by 2030, at a CAGR of 13.2% from 2022 to 2030.
Payment Security Market Overview
Payment security is defined as payment merchants applying security protocols to reduce the risk of payment fraud. Without proper security protocols in place, payment merchants put themselves and their customers at risk of payment fraud. To prevent fraud, payment security solutions are essential as digital transactions continue to grow. Payment security software is a system that helps eliminate several risks associated with online transactions. Risks such as identity theft, payment fraud, and more can arise from a variety of sources including PIN theft, financial uncertainty, and various payment security applications. Due to the lockdown restrictions, individuals and businesses are adopting e-payments and other online digital platforms. Online digital payment methods such as mobile payments, online transactions, digital applications, and mobile/digital currency wallets are widely adopted by individuals, government departments, and businesses. E-wallet usage increased by 40% during the lockdown. As the use of digital transactions increased, cybercriminal attacks also increased by 86%.
The Payment Security Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Payment Security market.
Some of the key players profiled in the study are:
Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players: Braintree, Cyber Source, Eleven, TokenEx, Ingenico ePayments, and others.
In July 2022, cloud tokenization and payment optimization provider TokenEx partnered with global digital payment provider Visa to become a Visa-authorized cloud-based network tokenization partner. As part of its partnership with Visa, TokenEx selected Token ID, which supports regional payment systems, banks, merchants, clearinghouses and other payment participants.
What are the major Applications, Types, and Regions for the Payment Security Market?
- Fraud Detection & Prevention
By Enterprise size
- Large Enterprises
- Small and Medium Enterprises
By Industry Verticals
- Government & Utilities
- IT & Telecom
- Retail & E-Commerce
- Media & Entertainment
- Travel & Hospitality
Payment Security Market Regional Insights:
North America holds the highest position in the global Payment Security market share in 2021. Due to the rapid growth of real-time payments in North America, with significant year-over-year growth, the number of payment frauds has increased, and thus the demand for payments has increased. Security solutions are on the rise. In North America, the digital payment penetration rate will reach 78.2% in 2020, and more than half of consumers will switch from physical store shopping to online shopping due to the impact of the epidemic. This has led to an increase in digital payment transactions, which increases the risk of payment fraud.
Asia Pacific is expected to grow at an impressive CAGR during the forecast period. The increasing adoption of online digital payments by consumers in APAC is boosting market growth. For example, around 60.3% of the APAC population is turning to online digital payment options. According to Kaspersky's Digital Payments Report, digital payments are growing at over 30% per year. Additionally, the rapid adoption and adoption of digital payments across multiple industries, such as retail and hospitality, has also surged the need for payment security. According to the Kaspersky Digital Payments Report 2021, more than 46.0% of the 1.8 billion internet users in the Asia-Pacific region regularly use e-wallets. Several online platforms such as Kakao, Paytm, Grab, Line, Gojek, Apple Pay, Stocard, and Samsung Pay are used in the region.
Furthermore, some leading European players are expanding and developing security solutions to remain competitive. The increasing use of contactless payments is also driving the European market. For example, according to Elavon, around 49% of Britons say they have started using contactless payment methods or are using them more frequently because of the pandemic. For example, Aldi, the large supermarket chain in the region, is testing an app that allows shoppers to pay through automated checkouts. The overall use of digital payments in Europe is estimated to grow by 71% between 2020 and 2025.
Geographically, the global Payment Security market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region is dominating this market in the upcoming future.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Payment Security Market Report Scope:
CAGR of 13.2% from 2022 to 2030.
Integration services, Support services, Consulting services
Retail, Travel and hospitality, Healthcare, IT and telecom, Education, Media and entertainment, Automotive, Financial services, Manufacturing
Braintree, Cyber Source, Eleven, TokenEx, Ingenico ePayments
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
Frequently Asked Questions (FAQ) about the Payment Security market:
What is the CAGR of the global Payment Security market?
The Payment Security Market is growing at a CAGR of 13.2% during the forecast period.
Which region would offer high growth for vendors in the Payment Security market?
North America holds the highest position in the global Payment Security market share in 2021.
Which Is the Most potential market segment?
By Types- Integration services, Support services, Consulting services
By Applications - Retail, Travel and hospitality, Healthcare, IT and telecom, Education, Media and entertainment, Automotive, Financial Services, Manufacturing
Which are the top industry players in the Payment Security market?
Braintree, Cyber Source, Eleven, TokenEx, Ingenico ePayments
All of our reports are custom to your company's needs to some extent and we offer 5 hours of free consultation time with each report purchase, which will allow you to request any additional data to custom the report to your needs.