Payment Security Market Expected to Hit $43

LONDON, Sept. 08, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s Payment Security Market research report, the growing adoption of digital payment methods is expected to propel the growth of the payment security market. payments. Digital payments offer a fast, secure and convenient method to purchase goods and services. Consumer trust and concerns about digital payment fraud and security are key to the future use of digital payment cards. Payment security measures are provided to prevent fraud and payment concerns. The increasing adoption of digital payment methods will create a significant demand for payment security solutions, as these are essential for secure payment transactions.

For example, according to India’s Press Information Bureau (PIB), as of March 2022, digital payment transactions have grown exponentially over the past four years, from 3,134 crore (31.34 billion) over from FY 2018-19 to 5,554 crore (55.54 billion) in FY 2020-21. A total of 7,422 (74.22 billion) crore digital transactions have been reported till February 28, 2022, in the current fiscal year 2021-22.

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The size of the global payment security market is expected to grow from $21.47 billion in 2021 to $24.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.83%. The growth of the global payment security market is expected to reach $43.13 billion in 2026 at a compound annual growth rate (CAGR) of 15.01%.

Technological advancements are gaining popularity in payment security market trends. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent enhancement in digital transaction security technology. As the adoption of digital payments increases, technological advancements are increasing to secure transactions on digitized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of protection against fraud for online purchases by credit or debit card. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks and financial institutions, allowing all parties to more easily share and analyze information about the authenticity of a purchase. The major players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their market position while improving their services.

The major players in the payment security industry are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd, Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc, GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc, Mastercard and SecurionPay.

The global payment security market is segmented by solution into encryption, tokenization, fraud detection and prevention; by services in integration services, support services, consulting services; by size of organization into large enterprises, small and medium-sized enterprises (SMEs); by vertical in retail, travel and hospitality, healthcare, IT and telecommunications, education, media and entertainment, and other (automotive, financial services and manufacturing).

North America was the greater region in the Payment Security Market in 2021. Regions covered in the Global Payment Security Market report are Asia-Pacific, Western Europe, Eastern Europe, South America North, South America, the Middle East and Africa.

The Global Payment Security Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide insights into the Payment Security Market, Analyze Payment Security Market and Forecast Market Size and Growth for Overall Market, Payment Security Market Segments & Geographies, Payment Security Market Trends, Security Market Drivers industry, Payment Security market constraints, revenue, profiles and market shares of top Payment Security market competitors in 1,000+ industry reports, covering 2,500+ market segments and 60 geographies.

The report also gives an in-depth analysis of the impact of COVID-19 on the Payment Security market and market strategy. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.

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