Payment Security Market

What Are the Key Drivers Behind the Payment Security Market to be Worth $54.1 Billion by 2028?

Payment SecurityMarket2024-2031 Meticulous Research has recently published a comprehensive report titled "Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, IT & Telecom, Media), Organization Size, and Geography Global Forecasts to 2028". According to this report, the global payment security market is projected to grow at a compound annual growth rate (CAGR) of 16.5% from 2021 to 2028, reaching $54.1 billion by 2028. This robust growth is primarily driven by the increasing adoption of digital payment methods, stringent PCI DSS regulations, and a rise in fraudulent activities within the global e-commerce sector. Request For Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5237? Key Growth Drivers One of the significant factors fueling the growth of the payment security market is the widespread adoption of digital payment methods. The need to comply with rigorous PCI DSS guidelines and the rise in cybercrime across e-commerce platforms are major drivers. Additionally, the expanding use of payment applications across various industries is expected to provide substantial growth opportunities. Despite these positive factors, the lack of trust in online transactions poses a challenge to market expansion. Market Segmentation Insights The market is segmented by offering, platform, payment mode, industry vertical, and organization size. In 2021, the solution segment led the market, and it is anticipated to grow at the highest CAGR during the forecast period. This is due to the increasing demand for advanced payment security solutions and the necessity for organizations to adhere to PCI DSS compliance. Digital Wallet Dominance In terms of payment modes, the digital wallet segment held the largest share of the market in 2021 and is expected to continue its dominance. Factors contributing to this trend include the proliferation of payment-enabled mobile devices, the impact of social media, and the shift towards QR code transactions. According to a report by FIS, digital wallet transactions grew globally by 7% in 2020, with predictions that digital wallets will dominate e-commerce payments by 2024. Sector-Specific Trends Among industry verticals, the BFSI sector commanded the largest market share in 2021 due to stringent regulatory compliance requirements and rising cybersecurity threats. However, the retail sector is projected to experience the highest CAGR, driven by the increasing use of mobile payments and online payment frauds. Large Enterprises and Market Dynamics For organization size, large enterprises held the largest share in 2021 and are expected to maintain the highest CAGR. This growth is attributed to the high-value transactions and the need for advanced security solutions. Large organizations often integrate digital payment solutions with their existing systems to safeguard payment data and avoid potential penalties. Page 1 of 3 Meticulous Research| sales@meticulousresearch.com

Payment SecurityMarket2024-2031 Geographical Insights North America led the global payment security market in 2021, driven by its strong financial infrastructure and high investment in advanced technologies. The region benefits from high smartphone penetration and a tech-savvy consumer base. Conversely, the Asia-Pacific region is anticipated to grow at the highest CAGR due to the increasing adoption of advanced payment technologies and a significant shift towards digital payments. Despite this growth, the region faces challenges with rising fraud rates linked to real-time payments. Key Market Players The report highlights key players in the payment security market, including Bluefin Payment Systems LLC, Braintree, Cybersource, Elavon, Ingenico, Broadcom, Thales Group, Shift4 Payments, Signifyd, TNS, Tokenex, SISA Information Security Pvt. Ltd., Stripe, Geobridge Corporation, MasterCard, and Verifone Systems Inc. Buy Now: https://www.meticulousresearch.com/Checkout/30768240? About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 3 Meticulous Research| sales@meticulousresearch.com