The market research report “Global Payment Security Market by Offering, Payment Mode, Organization Size, End User, and Geography—Forecast to 2031” reveals that the payment security market is set to achieve $87.4 billion by 2031, growing at a CAGR of 17.3% from 2024 to 2031.
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Market Drivers
Key factors driving market growth include the increased adoption of digital payment methods, the imperative to comply with PCI DSS regulations, and the expansion of peer-to-peer payment systems. Despite this, challenges such as a lack of trust in online banking hinder market growth.
Growth Opportunities
Opportunities for growth include rising instances of payment fraud and the increased use of mobile wallets and contactless payments. However, the challenge of low digital payment awareness in rural regions needs addressing.
Market Trends
Trends such as the adoption of biometric authentication and the integration of AI and blockchain technology are shaping the future of payment security.
Segmentation Insights
1. Offering: The market is segmented into solutions (encryption, tokenization, fraud detection) and services (support, integration, consulting). Solutions are expected to dominate with over 74% of the market share in 2024, driven by increased digital payment adoption and cybersecurity investments.
2. Payment Mode: Segmented into banking cards, digital wallets, internet banking, PoS, and other modes. Banking cards are forecasted to lead with over 32% market share in 2024, supported by growth in card transactions and compliance with PCI DSS guidelines.
3. Organization Size: Large enterprises are expected to capture over 70% of the market share in 2024 due to their larger customer base and transaction volumes.
4. End-Use Industry: Includes BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecom, media & entertainment, and others. BFSI is expected to hold over 29% of the market share in 2024, driven by data security needs and transaction volumes.
Regional Overview
The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to lead with over 36% of the market share in 2024, attributed to high digital payment adoption and increased cybersecurity investments.
Key Market Players
Leading players include Bluefin Payment Systems LLC, Braintree, Elavon Inc., TokenEx, Shift4 Payments, Cybersource, Ingenico, Broadcom Inc., Signifyd, TNS Inc., Stripe, Mastercard Incorporated, VeriFone, Utimaco Management Services GmbH, and SISA Information Security Pvt. Ltd.
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