Global Payment Security Market 2022 to 2031 – Players Include CyberSource, Elavon, Bluefin Payment Systems and Ingenico – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Payment Security Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global payment security market.

The global payment security market is expected to grow from $21.47 billion in 2021 to $24.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.83%. The payment security market is expected to grow to $43.13 billion in 2026 at a compound annual growth rate (CAGR) of 15.01%.

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Major players in the payment security market are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd, Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc, GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc, Mastercard and SecurionPay.

The payment security market consists of sales of payment security solutions and services by entities (organizations, sole traders, and partnerships) that are used to provide the customer with data security and to avoid unauthorized transactions and data breaches.

It refers to rules, regulations, and security mechanisms in place to safeguard the privacy, data, and transactions of a customer or partner. Payment security aims to prevent money laundering, fraudulent transactions, and data breaches. Payment security can be executed by various methods including tokenization, 3D security, AVS (address verification service), fraud screening tools and others.

The main types of solution provided in payment security market are encryption, tokenization and fraud detection and prevention. The encryption is a technique for security and fraud prevention that automatically breaks apart and reorders data before it is transferred over telephone lines or the internet.

Encryption is used to protect data in transit and data at rest. The services offered by payment security are integration services, support services and consulting services to the large enterprises and small and medium-sized enterprises (SMES). The industries using payment security include retail, travel and hospitality, healthcare, it and telecom, education, media and entertainment, others (automotive, financial services, and manufacturing).

North America was the largest region in the payment security market in 2021. The regions covered in the payment security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing adoption of digital payment modes is expected to propel the growth of the payment security market. Digital payments offer a quick, safe, and convenient method to buy goods and services. Consumer trust and concerns about fraud and security in digital payment are critical for future use of digital payment cards. Payment security measures ensure to prevent any fraud and concerns regarding payments.

The increasing adoption of digital payment modes will create significant demand for payment security solutions as these are essential for secured payment transactions. For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21.

Technological advancement is a key trend gaining popularity in the payment security market. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases.

This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to more easily share and analyze intelligence about the authenticity of a purchase. Key players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their position in the market while enhancing their services.

The countries covered in the payment security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

For more information about this report visit https://www.researchandmarkets.com/r/dlegmv