Payment Security Market
The Payment Security Market is on track to achieve $87.4 billion by 2031, growing at an impressive CAGR of 17.3% over the period from 2024 to 2031.n
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What Factors Are Driving the Payment Security Market to Be Worth $87.4 Billion by 2031?
Payment SecurityMarket2024-2031 According to a recent market research report titled Global Payment Security Market by Offering (Solutions, Services), Payment Mode (Banking Cards, Internet Banking, PoS, Digital Wallets, Others), Organization Size, End User (BFSI, Retail & E-commerce, Healthcare, Others) & Geography Forecast to 2031, the payment security market is set to reach $87.4 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 17.3% from 2024 to 2031. Request For Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5237? Drivers of Market Growth The expansion of the payment security market is primarily driven by several factors: Increased Adoption of Digital Payments: As more transactions move online, the demand for robust payment security solutions has surged. Need to Adhere to PCI DSS Guidelines: Compliance with Payment Card Industry Data Security Standards (PCI DSS) is becoming crucial for businesses. Growth in Peer-to-Peer Payment Transactions: The rise in peer-to-peer (P2P) payment systems has spurred demand for enhanced security measures. Challenges and Restraints Despite the growth, there are challenges: Lack of Trust in Online Banking: Many consumers remain wary of online banking, which hampers market growth. Opportunities and Trends The market also presents several growth opportunities: Rise in Payment Fraud: Increasing instances of payment fraud are driving the need for advanced security solutions. Use of Mobile Wallets and Contactless Payments: The growing adoption of these payment methods opens new avenues for market expansion. Segmentation Analysis Offering: The market is segmented into solutions and services. Solutions, including encryption, tokenization, and fraud detection, are expected to dominate, accounting for over 74.0% of the market in 2024. This is due to widespread adoption across various industries and significant investments in cybersecurity. Payment Mode: The segment is divided into banking cards, digital wallets, internet banking, point-of-sales (PoS), and other modes. Banking cards are forecasted to hold over 32.0% of the market share in 2024, driven by increased card transactions and the need for PCI DSS compliance. Organization Size: The market is divided between large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are projected to hold over 70.0% of the market share due to their higher transaction volumes and larger customer bases. Page 1 of 3 Meticulous Research| sales@meticulousresearch.com
Payment SecurityMarket2024-2031 End-Use Industry: Segmented into BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecom, media & entertainment, and others. BFSI is expected to dominate with over 29.0% of the market share in 2024 due to high data breach incidences and stringent data security requirements. Geography: The global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to lead with over 36.0% of the market share, owing to high digital payment adoption and significant investments in cybersecurity. Key Players: Some of the key players operating in the payment security market are Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Elavon Inc. (U.S.), TokenEx, Inc. (U.S.), Shift4 Payments, Inc. (U.S.), Cybersource (U.S.), Ingenico (France), Broadcom Inc. (U.S.), Signifyd, Inc. (U.S.), TNS Inc. (U.S.), Stripe, Inc. (U.S.), Mastercard Incorporated (U.S.), VeriFone, Inc. (U.S.), Utimaco Management Services GmbH (Germany), and SISA Information Security Pvt. Ltd. (India). 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
