Payment security is a set of security solutions that enable secured transaction between a client merchant and its customer through any of the various digital payment modes, such as the web, mobile, credit/debit card, and POS machine. Adoption of payment security solutions such as, encryption, tokenization, and fraud detection and prevention, enable organizations to minimize theburden of PCI compliance on the client merchant. The global Payment Security Market is expected to grow from USD 11.39 billion in 2017 to USD 24.63billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7%.The global payment market growth is driven by various factors,increased adoption of digital payment modes, need to adhere to PCI guidelines, and rise in fraudulent activities on eCommerce.
Globally, the adoption of payment security solutions is rising due to the increasing need to secure the online business transactions. As the sophistication levels in cyberattacks are increasing, payment security vendors are trying to develop better platforms to provide proactive and holistic security to the cardholder’s data.The payment security has gained much popularity, as it is helping organizations to comply with the PCI DSS regulatory compliances.
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In the solution segment, fraud detection and prevention solution segment is estimated to have the largest market sizeduring the forecast period, as organizations are adopting fraud detection and prevention solutions to provide comprehensive security to their business sensitive data.The encryption solution segment is expected to grow at the highest during the forecast period. Payment frauds have become more complex and sophisticated which create the demandfor payment security solutions.
The payment securityservices includeintegration services, support services, and consulting services.The services in the payment security market are the support offered by vendors to assist their customers in the efficient use of payment security solution and to maintain it.The support services segment is expected to dominate the service segment with the highest market size and is projected to grow at the highest CAGR during the forecast period. Consulting services are also expected to witness a high growth in the coming years.
The educationvertical is expected to grow at the highest CAGR during the forecast period, as the adoption of payment security solutions is increasing in this sector.Educational institutions these days use the web and mobile applications to access information online. These networks can be hacked to gain access to protected information. Educational institutes are using advanced payment security solutions for the purpose of the law enforcement and mitigating critical vulnerabilities in networks by ensuring proper compliance audits.
The payment security market is expecting a rapid growth in various regions across the globe. Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period, as organizations in this region are using digital technologies for payment transactions. This leads to various payment security concerns. Therefore, businesses in the APAC region are adopting payment security solutions. North America is expected to contribute the largest market share in the overall payment security market.
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The keypayment securityvendors include Braintree (Illinois, US), CyberSource Corporation (California, US), Elavon (Georgia, US), Index (Nevada, US), Ingenico ePayments (Hoofddorp, Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (Virginia, US), Shift4 Corporation (Nevada, US), Transaction Network Services (TNS) Inc. (Virginia, US), and TokenEx, LLC (Oklahoma, US).Partnerships and new product launches are the key strategies adopted by the market players to offer feature-rich products and services to their customers and penetrate deeperinto untapped regions.
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