Tokenization solutions are often used for credit card processing. The payment card industry (PCI) council defines tokenization as a process wherein the primary account number (PAN) is replaced with an alternate/surrogate value known as a token. The key factor attributed to the growth of the global tokenization market is the growing data security concerns in all the data-sensitive organizations across the world. The tokenization market is anticipated to witness a noteworthy growth owing to a huge number of financial firms choosing for rising security in payment processing systems. Also, with rising incidences of credit card fraudulent activities, there is an increase in the demand for payment security.
The scope of study involves understanding the factors contributing to the growth of the tokenization market; it also includes estimation and forecast of the revenues as well as conducting the market size analysis, along with spotting significant market players and their key developments.
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Impact of COVID-19 Pandemic on Tokenization Market
The COVID-19 epidemic is changing the functioning of businesses worldwide. The worldwide payments ecosystem has proven strong in the face of the epidemic, as the general population endures to trust payments systems as well as providers. Considering this factor, there were no considerable interruptions of fundamental infrastructure in the payment ecosystem. Nevertheless the payment industry is far from unaffected to the impacts of the crisis.The major changes for payments providers attributed to the epidemic comprise a surge in non-performing loans, a decline in revenues and greater demand on client service teams. Total payment amounts have contracted owing to the decline in consumption as well as trade.
In the tokenization market, the product development strategy is commonly adopted by companies to expand their footprint worldwide by meeting the growing demand for their offerings. A few of the recent product developments in the tokenization market are listed below:
2020: Futurex launched the Post-Quantum Hybrid certificate authority solution, which incorporates certificate lifecycle management in a FIPS 140-2 Level 3-validated hardware security module (HSM). This module is a secure solution for businesses. Whether it is public key infrastructure and vaultless tokenization, the company’s KMES brings full-spectrum key management into a single device.
2019: Micro Focus announced the release of its Voltage SecureData z/Protect 8.1.0. The new release has added support for second-gen Format-Preserving Encryption, second-gen Secure Stateless Tokenization, as well as Format-Preserving Hash.
2018:TokenEx has launched multi-variant tokenization, a proprietary technology, which is designed to optimize how businesses run and interact with sensitive data. It enables a company’s sensitive data to be identified and secured as it moves across several environments, providing security.
Several tokenization solution providers in the region are developing new products to gain a huge customer base and mark its position in the global market. For instance, CipherCloud, a US-based provider, uncovers an advanced tokenization cloud-based solution, which protects the personal data of the users. The launched solution amalgamates robust data protection with natural language search. Additionally, it provides multi-cloud tokenization for various industry giants, such as ServiceNow, Salesforce, and DocuSign. The solution was introduced at the Europe security conference as it is a custom-made solution for the EU’s tougher regulatory environment for the cloud; hence, it also helps the company to expand its tokenization business in the Europe market.
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