Payment Security Market aims at estimating the market size and growth potential of this market across different segments, such as solutions and services, organization size, verticals, and regions.
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The report covers the Payment Security Market offered across different regions. Furthermore, the report also includes an in-depth competitive analysis of the key market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The payment security ecosystem includes major vendors such as 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).
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The key target audience of the payment security market report is given below:
- Government agencies
- Payment security vendors
- Network solution providers
- Independent software vendors
- Consulting firms
- System integrators
- Managed Security Service Providers (MSSPs)
The payment security market size is expected to grow from $ 11.39 billion in 2017 to $ 24.63 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7%.The growth of the payment security market is driven by various factors, such as increased adoption of digital payment modes, need to adhere to PCI guidelines, and rise in fraudulent activities on eCommerce. However, lack of trust in online banking may restrict the growth of the payment security market.
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The popularity of online shopping is increasing in the retail industry. Retail merchants regularly face a challenge in managing consumer's sensitive data related to payment cards and complying with the regulations.
This vertical is one of the most targeted verticals by cyber-attackers because of the potential payouts and huge number of monetary transactions made via VISA, MasterCard, and other payment processing networks. This necessitates substantial investments in payment security solutions by this vertical, making it the highest contributor in the payment security market.
APAC includes emerging economies such as China, Australia, Singapore, and India, which are rapidly deploying payment security solutions. It is expected to grow at the highest CAGR during the forecast period.
This is mainly due to the rise in fraudulent activities on eCommerce in many industry verticals, such as retail, Information Technology (IT) and telecom, travel and hospitality, healthcare, and education. Furthermore, North America is estimated to have the largest market size in 2017.
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