Payment Security Market to Reach USD 86.26 Billion by 2032 with a CAGR of 15.6% | Rising Mobile Payment Adoption Amplifies Need for Robust Payment Security Solutions, Says Extrapolate

DUBAI, UAE, April 10, 2023 /PRNewswire/ -- As per the recent research report published by Extrapolate, the global Payment Security Market is anticipated to grow at a projected CAGR of 15.6% to reach USD 86.26 billion by 2032 from USD 20.24 billion in 2022.

As per Extrapolate's study, the market growth is driven by the increasing adoption of digital payment methods, the rising number of cyber threats, and the need to comply with data protection regulations across Europe and North America. This is further augmented by the emergence of new technologies such as blockchain, AI, and ML, as they are expected to transform the market and enhance transaction security.

Our researchers have found that key market players are creating a number of AI tools that can offer even better cyber security to address this need. Today, financial institutions and service providers are using these solutions to optimize financial management operations, maintain accurate records, and improve payment processing efficiency. The payment security market is anticipated to maintain its growth trajectory in the future, thanks to continued innovation and rising demand.

Get Sample Copy of Report @ https://www.extrapolate.com/sample/information-technology-communication-iot/payment-security-market/87425

Market Segmentation by Solution:

• Fraud Detection & Prevention
• Encryption
• Tokenization

Fraud Detection and Prevention Segment to Hold Major Market Share with Growing Fraudulent Activities

The payment security market is witnessing significant growth due to the increasing number of fraudulent activities such as credit card fraud, identity theft, and account takeover.  The fraud detection and prevention segment includes various solutions such as big data analytics, fraud analytics, authentication, and monitoring. These solutions help identify and prevent fraudulent transactions in real time, thereby minimizing the risk of financial losses to businesses and consumers.

Furthermore, regulatory authorities also emphasize the need for more robust security measures to protect customer data and prevent fraudulent activities. For instance, the Payment Card Industry Data Security Standard (PCI DSS) requires businesses to implement robust fraud detection and prevention measures to protect customer information.

On average, a company now uses four fraud detection and prevention platforms. The poll of 1,296 CEOs from 53 different nations and regions reveals that fraudsters have also been fast to take advantage of the proliferation of platforms and uncover any security flaws. Wherein small and medium-sized enterprises are more likely to find it challenging to adopt fraud detection and prevention systems due to limited spending capability and cash flow.

Do You Have Any Query? Ask Our Industry Expert @
https://www.extrapolate.com/enquire/information-technology-communication-iot/payment-security-market/87425

Market Segmentation by Form:

• BFSI
• Government & Utilities
• IT & Telecom
• Retail & E-Commerce
• Media & Entertainment
• Travel & Hospitality

Retail and E-Commerce Segment to Dominate Market with Rapid Proliferation of Mobile Payment

The market for payment security is growing as mobile payments are increasingly used in retail, particularly in the e-commerce sector. Mobile banking and payment security have become a significant concern for consumers and financial service providers, giving the market for mobile payment security software room to grow. Major economies like the United States, India, and China have significantly increased retail e-commerce sales.

In the US, there are over 307 million smartphone users, and a significant majority (79%) of them have made online purchases using their mobile devices in the first six months of 2021. During the 2022 holiday season, more than half (50%) of all ecommerce purchases were made through smartphones. It is worth noting that ecommerce revenue accounts for 15% of the overall retail revenue.

Purchase This Comprehensive Research Report for Valuable Market Insights

North America Leads the Market with a Robust Vendor Presence and High Incidence of Fraudulent Payments in the US and Canada

The widespread use of digital payment platforms, which increased by over 70% in 2022, is responsible for North America's supremacy in the payment security market. Wherein the US is contributing heavily to the overall regional market. Almost 50% of consumers choose online payments because of the strong payment security offered by the market's leading players, representing a significant rise in the preference for online payments as a consumer trend.

As per Federal Trade Commission, the Consumer Sentinel Network in the US received 2.4 million fraud reports in 2022, down from 2.9 million in 2021. But the almost $8.8 billion in total reported losses in 2022 surpasses the $6.1 billion figure from 2021; it's up 30% over the year before. Imposter scams and online shopping were the most prominent means of payment fraudulent activities. Losses facilitated via social media platforms totaled $1.2 billion in 2022, although phone scams yielded the highest reported loss per person with a median of $1,400.

As a result, the North American market is experiencing strong competition among the major players for deploying innovative payment security solutions, establishing strategic alliances with e-commerce businesses, and other initiatives to build consumer bases with robust payment security.

Browse Complete Report @ https://www.extrapolate.com/information-technology-communication-iot/payment-security-market/87425

Highly Competitive Market Owing to the Presence of Technologically Advanced Players

Given the large number of firms operating in both domestic and international markets, the payment security market has become highly competitive.

Some of the key players in the landscape include:

•  BLUEFIN PAYMENT SYSTEMS
• Cybersource
• ELAVON INC.
• INGENICO
• Mastercard
• PayU
• TokenEx Inc.
• ValueMentor

Table of Content:

Chapter 1 Executive Summary

Chapter 2 Research Methodology

Chapter 3 Market Outlook

Chapter 4 COVID-19 Impact on Payment Security Market

Chapter 5 Global Payment Security Market Overview, By Solution, 2018 - 2032 (USD Million)

Chapter 6 Global Payment Security Market Overview, By Industry Vertical 2018 - 2032 (USD Million)

Chapter 7 Global Payment Security Market Overview, By Enterprise Size, 2018 - 2032 (USD Million)

Chapter 8 Global Payment Security Market Overview, By Geography, 2018 - 2032 (USD Million)

Chapter 9 North America Payment Security Market Overview, By Countries, 2018 - 2032 (USD Million)

....

Chapter 14 Competitive Landscape

Chapter 15 Key Vendor Analysis

Chapter 16 Sourcing Strategy and Downstream Buyers

...TOC Continued

About Us:

Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.

In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.

Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog
Follow Us: LinkedIn| Facebook | Twitter