Global Payment Security market, to witness a 15.3% CAGR during the forecast period: Prominent Market Research

Prominent Market Research

Woodridge, 2018 May (Press Release) – Global Payment Security Market was valued at USD 10.28 Billion in the year 2017. Global Payment Security Market is further estimated to grow at a CAGR of 15.03% from 2018 to reach USD 27.39 Billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At country level, developed markets like The U.S. as well the emerging markets like China with highest population base holds the notable market share in 2017 and it is projected to grow at a gradual pace in the coming years.

CyberSource Corporation (U.S.), Elavon (U.S.), Index (U.S.), Ingenico ePayments (Netherlands), Transaction Network Services (TNS) Inc. (U.S.), and TokenEx, LLC (U.S.) are some of the key players in the Payment Security Market with CyberSource Corporation holding the substantial market share because of its better technological advancements and global reach. Technological upgradation to cater changing demand of end users, similarly growth strategies such as acquisition & merger were few techniques adopted by most of the top players in last 5 years.

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Drivers:

Increasing use of digital modes of payment

Restraints:

Lack of trust on online transactions

Opportunities:

Increasing use of different payment methods across various industry sectors

Challenges:

Lack of awareness among potential customers

Between Hospitality, Telecom and IT, Education, Healthcare, Retail, Media & Entertainment; Retail segment because of the growing popularity and availability is expected to hold the highest market share during the forecast period.

The Educational segment is also expected to grow at the highest CAGR during year 2018-2023.

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Key Benefits for Stakeholders

  • Payment Security Solutions & Service Providers
  • Managed Security Service Providers (MSSPs)
  • System integrators & network solutions providers
  • Regulatory bodies, policy actors and consumers

By Industry Sector

  • Hospitality
  • Telecom and IT
  • Education
  • Healthcare
  • Retail
  • Media & Entertainment

By Component

  • Solutions
  • Fraud Detection
  • Encryption
  • Tokenization
  • Services
  • Consulting Services
  • Support Services

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By Region

  • North America
  • Europe
  • Asia-Pacific
  • ROW

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