Global Payment Security Market Segmentation by Solution (Encryption, Tokenization, Fraud Detection, Prevention) by Service (Integration, Support, Consulting), Organization Size (Large Enterprises and SMEs) and by Region (North America, APAC, Europe, MEA and Africa and Latin America).
The major growth drivers of the payment security market include increased adoption of digital payment modes, need to adhere to PCI DSS guidelines, and rise in fraudulent activities on e-commerce. Increase in smartphone usage and availability of internet throughout the globe is increasing the demand for Payment security software.
However, factors such as Low level of awareness of online payments in rural areas and high costs of advanced payment security solutions are restraining the market growth over forecast period.
Global Payment Security Market is segmented by Solution, Services and by Region. By Services Support Services segments held 46.54% of market share in 2019 and is expected to keep its dominance over forecast period. All the business local or international started using support services for online payment gateways for receiving payments for the product or service they are offering. By Solution market segmented into Encryption, Tokenization, Fraud Detection, and Prevention. Encryption segment is expected to hold highest market share over forecast period.
By geography, North America region held 34.65% of market share in 2019 and is expected to keep its dominance over forecast period. Well developed economies such as United States and Canada are focusing on high focus on innovations obtained from Research and Development (R&D) and payment security technologies. Asia-Pacific is expected to hold 23.76% of market share over forecast period driven by increasing non-cash transactions and mobile payments. Mature APAC countries such as Australia, Japan and Singapore are increasing the market share by growing at double-digit rate.
Report covers key development and company profiles of market leaders, potential players and new entrants. Some of the major key players covered in this market are Braintree (Illinois, US), CyberSource Corporation (California, US), Elavon (Georgia, US), Index (Nevada, US), Ingenico ePayments (Hoofddorp, Netherlands), Intelligent Payments (Gibraltar), GEOBRIDGE Corporation (Virginia, US), Shift4 Corporation (Nevada, US), Transaction Network Services (TNS) Inc.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Payment Security Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Payment Security Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Payment Security Market positioning of competitors.
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