Payment Security Market Size - By Component (Solution [Encryption Tokenization, Fraud Detection & Prevention, Biometric Authentication], Services), Organization Size (SMEs, Large Organization), End-user, Regional Outlook & Global Forecast, 2024 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationPayment Security Market Size - By Component (Solution [Encryption Tokenization, Fraud Detection & Prevention, Biometric Authentication], Services), Organization Size (SMEs, Large Organization), End-user, Regional Outlook & Global Forecast, 2024 - 2032
Payment Security Market Size
The safe payments market is exploding, hitting a record $23.4 billion in 2023. And it's projected to continue growing at a rate of 15% annually through 2032. Why? Because the world of finance technology is evolving at lightning speed. New entrants to the industry are innovating advanced security technologies such as biometrics, tokenization, and methods for detecting and preventing fraud. These organizations are agile and aware of much of the cyber world, and hence they are able to come up with effective security solutions that are capable of responding to emerging threats. For instance, Trustmi launched a good solution in July 2023. It protects businesses' money by preventing cyberattacks, insider fraud, and human errors, ensuring payments reach the correct parties.
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Cloud-based organization sizes are driving the payment security market growth. They provide scalable & affordable solutions for data storage, processing, and security. Cloud services allow real-time threat monitoring, data encryption, and quick response to evolving risks. For example, in October 2023, Discover Global Network, the payments brand of Discover, introduced a cloud-based network tokenization company size to offer businesses a flexible & scalable tokenization solution, which supports the elevating of the security & efficiency of payment processes. It is a good example of how businesses adopt cloud technologies to enhance their payment security measures, thus responding to changing threats and consumer expectations.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Payment Security Market Size in 2023 | USD 23.4 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 15% |
| 2032 Value Projection | USD 78.5 Billion |
| Historical Data for | 2018 - 2023 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 279 |
| Segments covered | Component, Organization Size, and End User |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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High-profile data breaches pose a large problem in the network security market. The breaches not only involve sensitive data but also consumer confidence. In retaliation, organizations have mounting pressure to spend on good security practices. The escalating level of sophistication and frequency of cyberattacks impose incredible pressure on security professionals to keep one step ahead of attackers. It is a never-ending cycle to protect networks, which renders data breaches a constant threat in the continuously evolving network security market.
COVID-19 Impact
The COVID-19 pandemic had a profound effect on the payment security market. With an increase in online transactions and work-from-home, there has been a rise in cyber threats and fraud activities. This has driven the use of payment security solutions, as companies and financial institutions focus on protecting sensitive information. The pandemic also highlighted the need for contactless and digital payment methods, further stressing the need for secure payment technologies.
Payment Security Market Trends
Contactless payments are a growing trend in the payment security space. Consumers will be able to make payments with just a tap of their card or mobile, eliminating the physical contact aspect. With the world moving towards a more digital & touchless landscape, contactless payments will be increasingly adopted. This increasing adoption will give powerful protection against emerging threats, safeguarding transactions and consumer trust.
For example, in June 2023, the Netherlands reached a major milestone with the countrywide introduction of OVpay, a contactless public transportation payment system. This innovation enables commuters to make use of their debit cards, credit cards, or digital wallets for tap-in & tap-out processes.
Biometric authentication is a new trend in the payment security industry, offering greater security and convenience. This technology relies on distinct physical or behavioral features, including fingerprints, facial features, or iris patterns, to authenticate a user's identity. Biometrics will provide an enhanced more secure way of transaction verification as cyber threats are developing. The use of biometric authentication is increasingly being adopted since it facilitates secure payments, prevents fraud, and eases the user experience, making it a central trend in the industry.
Payment Security Market Analysis
Find out more about the leading segments influencing this market
Security solutions dominated the market with a staggering 60% market share in 2023. Why? Cyber threats are becoming increasingly wild, and how we pay for things is becoming increasingly complex. So, companies are spending more money on security to protect their customers' money. A major example is Mastercard's ALT ID, which was released in August 2023. It's an online shopping security blanket, particularly when you're not signed in when you check out. It's just one of a larger movementtokenization, encryption, secure authentication, and fraud prevention. As individuals use more digital methods of paying, they will require means to secure their information. Therefore, anticipate the market for security solutions to continue to expand.
Discover more about the key segments influencing this market
On the basis of organization size, the SMEs segment had 40% of the payment security market share in 2023. Small and medium-sized enterprises are embracing digital payment methods and online trade more and more, becoming good targets for cyber attacks. To protect their transactions as well as customer information, SMEs are spending money on cost-saving & easy-to-use security solutions specific to their needs. As an increasing number of SMEs appreciate the value of payment security, this market will grow, offering prospects for security providers to address the changing needs of smaller companies.
North America payment security market captured approximately 30% of the revenue share in 2023. Growing adoption of digital payment channels, increasing awareness about cybersecurity, and stringent regulatory requirements are fueling demand for advanced security solutions within the region. For example, in October 2023, Orum, an API solution provider, released Verify, a service that uses the Federal Reserve's instant payment rail, FedNow. Verify is developed with the purpose of verifying consumer & business bank account status in the U.S., thus confirming their legitimacy prior to payment initiation.
Since businesses and consumers are increasingly dependent on electronic payments, the demand for secure measures is high. Hence, the North American market is likely to experience significant growth, offering significant opportunities for security vendors and technology firms.
Payment Security Market Share
Ingenico Group, (Apollo Funds) and Cybersource, (Visa Inc.) dominate the market due to their well-established reputation, extensive global networks, and comprehensive offerings. Ingenico Group offers robust portfolio of payment solutions, including secure point-of-sale (POS) systems and payment processing services, earning the trust of businesses and financial institutions. Cybersource leverages its industry stature and expertise to provide cutting-edge fraud prevention and payment security solutions. Both companies benefit from strong brand recognition, a wide customer base, and a commitment to innovation, positioning them as market leaders in the industry.
Payment Security Market Companies
Major companies operating in the payment security industry are
- Ingenico Group (Apollo Funds)
- Cybersource (Visa Inc.)
- Braintree (Paypal.)
- Elavon Inc. (U.S. Bancorp)
- Mastercard
- Fiserv Inc
- Thales Group
Payment Security Industry News
- In July 2023, TAC Security launched the ESOF PCI ASV Tool. The innovative Payment Card Industry-Approved Scanning Vendor (PCI ASV) tool is integrated with the existing ESOF solution. This advancement is set to bolster the capabilities in safeguarding payment information and ensuring compliance with the industry standards, further strengthening the online payment security measures.
The payment security market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Component
- Solution
- Encryption
- Tokenization
- Fraud detection & prevention
- Biometric authentication
- Services
Payment Security Market, By Organization Size, 2018 – 2032
- SMEs
- Large organization
Payment Security Market, By End-user, 2018 – 2032
- BFSI
- IT & telecom
- Retail & e-commerce
- Healthcare
- Government
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- ANZ
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- Saudi Arabia
- South Africa
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