Tokenization Market to Reach $13.23 billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., Jan. 23, 2023 /PRNewswire/ -- According to a new market research report titled, 'Tokenization Market by Offering (Solutions and Services), Application (Payment Security, User Authentication, Compliance Management), Organization Size, End-use Industry (Retail, Healthcare, BFSI, Others), and Geography - Global Forecast to 2030', the tokenization market is expected to reach $13.23 billion by 2030, at a CAGR of 19.7% from 2023 to 2030.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5317

Tokenization is the process of exchanging sensitive data such as PANs, PHI, and PII with some surrogate values or tokens. The token is a unique identifier that retains all the relevant information about the data without compromising its security. Tokenization helps improve enterprises' operational efficiency and enhances productivity.

The growth of this market is attributed to the proliferation of digital payment methods, stringent PCI DSS regulations, and increasing financial fraud in e-commerce. In addition, the growing inclination toward using payment applications across various industries is expected to offer significant opportunities for the growth of this market. However, tokenization implementation adds a layer of complexity to the IT structure, which restrains the growth of this market. Furthermore, the low awareness of online payments in rural areas challenges the market's growth. Additionally, the rising adoption of cloud-based tokenization solutions and services is a major market trend.

The proliferation of digital payment methods is expected to drive tokenization market growth

Digital payments were on the rise before COVID-19, but worldwide lockdowns catapulted a massive shift in consumer buying behavior and government policies & regulations and led to a rise in eCommerce. All these factors have driven the adoption of digital payments across various industries and created the need for measures to protect online payments. According to McKinsey & Company (U.S.), in October 2021, more than 82% of Americans used digital payments and demanded faster, easier, and safer payments. The rise of contactless payments poses several challenges, especially security. To safeguard against security breaches due to the high volume of contactless payments, business institutions such as retail, restaurants, and banking & insurance rely on tokenization as a security measure to replace sensitive information within a unique code called a token.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5317

As security breaches and threats have become more common in digital payments, businesses and consumers look for solutions to limit the exposure of risk and improve compliance obligations. Additionally, the decline in payment cards is increasing due to fraud and inaccurate or outdated information, resulting in loss of sales and poor customer experience. Thus, businesses are adopting network tokenization as one of the optimal payment solutions to overcome such barriers. Tokenization replaces the customer's primary account numbers (PANs) and other card details with a token and directly communicates with the issuing bank to verify the card's legitimacy, preventing card declines. According to Visa (U.S.), in November 2022, payment transactions using network tokens can reduce fraud by nearly 26% and have an average authorization rate increase of 2.2%. Thus, the rising adoption of different payment modes has accelerated the demand for tokenization solutions as secure payment processing facilitates the transfer of online payments, client data, and other sensitive information and protects against fraud and other security issues.

Based on offering, the tokenization market is segmented into solutions and services. In 2023, the solution segment is estimated to account for the largest share of the tokenization market. The large market share of this segment is attributed to the increasing ensure compliance with payment security guidelines and the growing need to ensure continuous customer experience and maintain fraud prevention levels due to increased financial crimes. Moreover, growing consumer interest in contactless payments and rising demand for cloud-based tokenization solutions are expected to offer lucrative opportunities for the market's growth. However, the services segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need for visibility among organizations for diagnosing and troubleshooting problems before they impact operations or end-user experiences.

Based on application, the tokenization market is segmented into payment security, user authentication, and compliance management. In 2023, the payment security segment is estimated to account for the largest share of the tokenization market. However, the user authentication segment is expected to register the highest CAGR during the forecast period due to enhanced payment security processes, the need to prevent unauthorized users from accessing a device or network, the rise in cyberattacks on fintech institutes, and the increasing need to protect user payment transaction data.

Quick Buy – Tokenization Market Research Report: https://www.meticulousresearch.com/Checkout/71686720

Based on organization size, the tokenization market is segmented into large enterprises, and small and medium-sized enterprises. In 2023, the large enterprises segment is estimated to account for the largest share of the tokenization market. However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period due to the rising adoption of payment security solutions among SMEs to modernize their businesses and provide customers with seamless & secure digital solutions.

Based on end-use industry, the tokenization market is segmented into BFSI, retail, travel & hospitality, healthcare, IT & telecom, media & entertainment, and other end-use industries. In 2023, the BFSI segment is estimated to accounte for the largest share of the tokenization market. This segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to increasing data breaches in the BFSI sector and the rising adoption of payment security solutions to prevent fraud.

Based on geography, the tokenization market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is estimated to account for the largest share of the tokenization market. North America's major market share is attributed to the rising adoption of online payment modes for transactions. Furthermore, the presence of major market players that provide payment networks for online transactions drives the growth of this regional market.

Some of the key players operating in the tokenization market are Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Cybersource (U.S.), Elavon (U.S.), Ingenico (France), Broadcom, Inc. (U.S.), Thales Group (France), Shift4 Payments, LLC (U.S.), Signifyd (U.S.), TNS, Inc. (U.S.), Tokenex (U.S.), SISA Information Security Pvt. Ltd. (India), Stripe (U.S.), Geobridge Corporation (U.S.), MasterCard (U.S.), Verifone Systems Inc. (U.S.), Fiserv, Inc. (U.S.), Micro Focus (U.K.), and American Express (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/tokenization-market-5317

Scope of the report:

Tokenization Market, by Offering                               

• Solutions              
• Services 
• Integration Services
• Support Services 
• Consulting Services

Tokenization Market, by Application

• Payment Security
• User Authentication
• Compliance Management

Tokenization Market, by Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Tokenization Market, by End-use Industry

• BFSI                              
• Retail                            
• Travel & Hospitality  
• Healthcare
•  IT & Telecom
• Media & Entertainment
• Other End-use Industries           

Tokenization Market, by Geography

• North America
•  U.S.
• Canada
• Europe
• U.K.
• Germany 
• France
• Italy 
• Spain
• Sweden 
• Denmark 
• Rest of Europe
• Asia-Pacific
• Japan
• China 
• India 
• Singapore
• Malaysia
• Indonesia 
• Rest of Asia-Pacific
• Latin America
• Brazil 
• Mexico 
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel 
• Rest of the Middle East & Africa

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5317

Related Report:

Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, BFSI, IT & Telecom, Media), Organization Size, and Geography - Global Forecast to 2028

https://www.meticulousresearch.com/product/payment-security-market-5237

Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography - Global Forecasts to 2029

https://www.meticulousresearch.com/product/digital-payment-market-5410

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding, 
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com 
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Blog: https://meticulousblog.org/top-10-companies-in-the-tokenization-market/
Content Source: https://www.meticulousresearch.com/pressrelease/664/tokenization-market-2030

Logo - https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg