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Research report explores the payment security market that is poised to reach approximately USD 24.63 billion by 2022

Research report explores the payment security market that is poised to reach approximately USD 24.63 billion by 2022

“Payment Security Market by Solution (Encryption, Tokenization, and Fraud Detection and Prevention), Service (Integration, Support, and Consulting), Organization Size (Large Enterprises and SMEs), Industry Vertical, and Region - Global Forecast to 2022”

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Increased adoption of digital payment modes is expected to drive the growth of the payment security market.

The payment security market size is expected to grow from USD 11.39 billion in 2017 to USD 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.

Encryption solution segment is expected to grow at a higher CAGR during the forecast period.

Encryption transforms consumer financial information into non-readable form called cipher text using mathematical algorithms.

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The encrypted data is not readable by anyone, which secures cardholder details. Thus, encryption solution helps to reduce the vulnerability of the data, which ultimately reduces a merchant business risks.

The solution also fulfills the regulatory requirements of PCI DSS compliance. Therefore, it is expected to witness high growth rates in the near future.

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The retail vertical is expected to dominate the payment security market.

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.

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