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Global Payment Security Market, By Component (Solutions, Services), By Organization Sizes (Small Scale Organization, Large Scale Organizations), By End-Users (BFSI, Healthcare, IT and telecom, Travel and hospitality) - Forecast 2030

ID: MRFR/ICT/2670-HCR | 100 Pages | Author: Ankit Gupta| April 2024

Payment Security Market Overview

The present population heavily depends on digital applications for almost everything. Today, digital payments are also gaining ground. Moreover, people prefer to go cashless because of the convenience of digital payments. Carrying cash is a hassle today because people have to consistently withdraw money. Moreover, they have to increasingly depend on banks and withdrawal machines for the same. On the other hand, cashless payments in digital mode are safe and easy. Therefore, people prefer making digital payments today. However, there is always a question of foolproof security for payment gateways.

A reason behind concerns over payment security is the advancement of hacking technologies and increased cybersecurity threats. Payments security is the primary area of concern and development for payment platforms. Digital payments are so normal today that there are numerous payment apps and platforms in use today. However, every new platform needs to emphasize payment security from the start. Therefore, Payment Security Market is advancing along with the market for digital payment solutions. The Payment Security Market projects healthy growth in the future as digital contactless payments come to the forefront. This is understandable as payment security is a central feature of any payment gateway.

Payment Security Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Payment Security is a multilayer security approach by definition. The approach incorporates data analytics, multiple security checks for the security of payments. Digital payments involve a lot of sensitive information that needs an advanced level of protection. Therefore, payment security invites a lot of research and development. In fact, the Payment Security Market has received many investments and capital. This trend of the market is due to the fact that digital payments are the future of transactions. Cashless payments will continue to dominate banking and transactions. Thus, this is a positive factor of growth for the payment security industry.

COVID 19 Analysis

The COVID 19 pandemic is a blessing in disguise for technology applications, including payment security. There is a demand for contactless technology replacements for different tasks today. Contactless payments also fall in the group because people make payments almost every day. The COVID 19 lockdown imposes restrictions on physical payments. Physical payments can also be a reason for COVID 19 infections, as cash can be a carrier for the virus. Thus, people all around the world tend to go for digital payments. With millions of payments happening digitally, the responsibility falls on the Payment Security Market to create secure gateways of payment that are fraud-proof and crash-proof.

The COVID 19 pandemic, therefore itself, is a growth driver of the Payment Security Market. There was a global surge of digital real-time payments during the COVID 19 lockdown in countries. The demand for secure payment platforms is at an all-time high in the immediate aftermath of COVID 19. People are more comfortable at making digital payments with one touch. Cashless payments help in better management of financial resources and work around mobility restrictions. Thus, COVID 19 pandemic has pushed the Payment Security Market towards opportunities for further growth.

Market Dynamics

The key drivers of the market

Payment Security Market growth is driven by an equally increasing demand for digital payment platforms. The Payment Security Market also progresses from the concern regarding payment data security. Advanced payment security reduces the security risks attached to digital payment gateways. Companies need to work to minimize security risks for 0. Thus, the research and development of advanced secure payment platforms is a key driver of the Payment Security Market. The increased awareness among the public towards secure payment gateways is also a key driver of the Payment Security Market.  Moreover, government initiatives aimed at increasing data security awareness and new data security guidelines are also key drivers of the market.

The Significant Opportunities of market growth

The market for Payment Security has many growth opportunities currently. The key players of the Payment Security Market have to act on the opportunities in a timely manner for further growth of the market. The primary opportunity of Payment security industry growth is the increase in the number of digital payment platforms in general. Today, nearly every app has its own payment interface. People have multiple payment apps on their phones. The key players of the Payment Security Market can use this opportunity to strengthen payment security technology and the industry as a whole. The growth of the E-commerce segment in the COVID 19 era is also an opportunity to explore the Payment Security Market. With every website today transforming into the digital market interface, the Global Payment security industry has multiple opportunities for expansion

Market Restraints

The Global Payment Security Market has many market restraints, just like any other major industry in operations. Today, organizations are adapting to digital payment platforms. However, the rate of adaptation to the new age technology is not fast enough. This is an obvious market restraint for the Payment security industry. The inability of organizations to examine security glitches and acting towards strengthening the platform is also a hindrance for the Payment security industry. While government guidelines support research and growth in the Payment security industry, stricter rules also act as a restraint in most cases.

Market Challenges

There are certain challenges in the Payment Security Business that the Payment Security Market Players need to overcome for consistent growth in the sector. For example, even though the Payment Security Market has progressed highly recently, data breaches and frauds still happen. Hackers and cybercriminals are inventing new ways to commit fraud on payment platforms. This poses a challenge to the market Players. The market players need to create more secure payment gateways to resolve such challenges. Other challenges include the need for more investment in research and development. Market experts expect these challenges to resolve with time and interest.

Cumulative Growth Analysis of the market

Overall, the Payment Security Market will see a period of high growth in the forecast period. Payment Security Market Analysis reveals that the market size will grow at a rate of 14.20% by 2030. Therefore, the market will grow at a healthy double-digit rate in the forecast period. Payment Security Market Analysis also puts the future market valuation at 60.43 billion USD. The payment security industry finds support in the market growth opportunities and key drivers. There are challenges that should be resolved. The key players in the market are working on the areas of concern. Furthermore, the growth in the number of startups invested in the development of secure payment platforms is also a positive sign of Payment Security Market Growth.

Segment Overview 

Based on different criteria, there are different Payment Security Market Segments today. The primary criteria for segmentation are components and organization size. Here is the division of the industry by Payment Security Market Segments-

By Components

The Payment Security Market divides into solutions and services based on components. The solution segment further divides into encryption, tokenization, and fraud prevention Payment Security Market Segments. By services, the segments are consulting, support and integration.

By organization size

The payment security business further divides into small enterprises, large-scale enterprises, and others.

By End Users

The payment security business divides into BFSI, Healthcare and telecommunication industry, etc.

Regional overview 

The Payment Security Market disperses over different regions of the globe. The major regional markets of the payment security industry are North America, Asia Pacific, and Europe. The minor regional markets cluster into the Rest of the World. The Payment Security Market analysis indicates that North America is the biggest market for payment security solutions. The North American region will dominate in the forecast period. The European region will also see high growth potential. However, the highest growth rate emerges from the Asia Pacific region.

Competitive Landscape

The competitive landscape of the Payment Security Market is dotted with numerous key players. The different key players of the market are:

The competitive landscape analysis of the market points that the key players disperse over the globe. However, the majority of the key players belong to the USA. Therefore, it is clear that the North American region is a leader in the creation and application of payment security solutions.

Recent Developments

On Jan.17, 2023, MagicCube, the company that developed the Software Defined Trust (SDT) category and i-Accept, the soft POS payment solution, announced that it has become a PCI Security Standards Council (PCI SSC) principal participating organization to drive global payment security. Last year, the firm became the first independent SoftPos/Tap-to-Phone vendor to join the PCI Security Standards Council's Board of Advisors.

The company will be able to help drive the security of global payment experiences in the future with strategic leadership, participation, and influence within the Council and the ecosystem. PCI SSC promotes increased payment security by providing flexible and effective data security standards & programs to support new wider inclusion and adoption experiences.

The Council's Participating Organizations program brings together industry leaders to strategize how to protect payment data from emerging threats and anticipate the needs of an ever-changing payment ecosystem.

On Jan.23, 2023, Tata Motors (India), a leading electric bus maker, announced that it is seeking an innovative payment security solution. The move came after the company won around two-thirds of the previous tenders to supply 3600 electric buses. Payment security solutions are essential in providing interest-free capital in payment default cases.

On Jan.10, 2023, CLOWD9, a leading provider of cloud-native and decentralized payments processing platforms, announced a partnership with Netcetera, a payment security firm, to help the former secure its payments. Under the partnership, CLOWD9 will use its 3D secure issuer service for transaction authentication and Access Control Server (ACS).

Netcetera operates a multi-client capable 3D secure issuer service with a futuristic ACS as a core component, used by most banks and card issuers worldwide. Its 3D secure issuer service is an EMVCo-approved product compliant with EMV 3DS protocols. The 3D secure server is designed for frictionless and reliable payment processing. The solution reduces risks in non-authenticated transactions, associated refunds, and lost revenue while enabling a frictionless cardholder experience.

Report Overview 

The global Payment Security Market outlook or overview is as follows:

  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments

The above report on the global Payment Security Market explains the major growth trends of the market. Secondly, the report keeps the present situation of the payment security industry in view while predicting the forecast period. Thirdly, it throws light on the market dynamics of the segment in the discussion. Moreover, this report also covers the basic segmentation of the market and its regional analysis. The report emphasizes the competitive landscape of the market and its recent developments. The above report is a comprehensive report that considers different associated factors before arriving at a conclusion about the market scenario. 

Report Attribute/Metric Details
  Market Size   USD 60.43 Billion (2030)
  CAGR   14.20% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, By Organization Sizes
 Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Ingenico ePayments (Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (US), Braintree (US), Elavon (US), Index (US), Shift4 Corporation (US), Transaction Network Services (TNS) Inc. (US), TokenEx, LLC (US) and CyberSource Corporation (US)
  Key Market Opportunities   The market for Payment Security has many growth opportunities currently.The key players of the Payment Security Market have to act on the opportunities in a timely manner for further growth of the market.  
  Key Market Drivers   Payment Security Market growth is driven by an equally increasing demand for digital payment platforms.The Payment Security Market also progresses from the concern regarding payment data security.  

Frequently Asked Questions (FAQ) :

The factors such as payment security has boosted the market as it functions without handling payments data, lessens the security risk posed by payment data.

The market will be expanding at a valuation of USD 60.43 Billion by 2030.

The market will be expanding at 14.20% of CAGR during the forecast period.

North America region is leading the global payment security market at the latest.

Asia Pacific will be reaching to gain the highest CAGR in the payment security market.

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