According to a new market research report titled, “Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, IT & Telecom, Media), Organization Size, and Region – Global Forecast to 2028″, the payment security market is expected to grow at a CAGR of 16.5% from 2021 to 2028 to reach $54.1 billion by 2028.
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Online payment security solutions are used to frame and regulate rules, regulations, and security measures to protect customers’ privacy, data, and the money involved during any form of the online transaction. Secure payment processing facilitates the hassle-free and safe transfer of online payments, client data, and other sensitive information and protects against fraud and other security issues. As payments through electronic mediums are becoming common among consumers, the threats to online payment confidentiality and integrity have also escalated.
Increased adoption of digital payment approaches, the need to adhere to PCI DSS guidelines, and the rise in fraudulent activities in e-commerce are the major factors driving the growth of this market. In addition, the increasing use of payment applications across different industry verticals is expected to offer prominent growth opportunities for the growth of this market. However, the lack of trust in online banking is expected to restrain the growth of this market.
The Impact of COVID-19 on the Payment Security Market
The outbreak of the COVID-19 pandemic resulted in increased usage of digital payment modes, leading to a significant increase in the growth of the payment security market. According to ACI Worldwide Inc., a payment systems company, real-time payments are expected to witness exponential growth due to the COVID-19 pandemic, with more than half a trillion transactions and a compound annual growth rate of almost 23% between 2019 and 2024.
Digital payment firms such as PhonePe, Paytm, and Amazon Pay witnessed a nearly 50% spike in transactions through their digital wallets since the COVID-19 pandemic, particularly in India. The sudden increase in digital adoption dramatically advanced the digital transformation agendas for numerous banks, with banking leaders recognizing online banking services as a critical means for increasing customer retention and growing revenue streams through personalized services. The impact of the COVID-19 pandemic accelerated the adoption of a broad range of digital banking offerings and shifted consumers of all ages away from traditional banking branches and ATMs at an unprecedented pace.
The COVID-19 pandemic accelerated consumer interest in adopting digital banking and payments interactions. For example, Americans set a record with 1.2 billion transactions on the instant payment network Zelle in 2020, a 62% increase from the previous year. Meanwhile, in October 202, more than 53% of consumers who had access to a smartphone and a bank account stated that there had been an increase in the utilization of banking apps compared to the pre-COVID-19 pandemic scenario (Source: MasterCard).
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The increased usage of digital transactions increased cyber-crime attacks. There has been a gradual increase in payment fraud activities at organizations. Nearly 75% of organizations were targets of payment fraud attacks in 2020 (Source: JP Morgan). Thus, increasing payment-related frauds are expected to propel the growth of the payment security market in the coming years.
To arrive at the most precise impact assessment for the payment security market, Meticulous Research® applied different scenarios to estimate the market size. As the demand for payment security solutions increased among end users from various sectors, including healthcare, pharmaceuticals, e-commerce, and manufacturing, significant developments were observed in the payment security market post-COVID-19. Market forecasting was performed by assessing the impact of COVID-19 on individual payment modes, and the revenue growth patterns of key players from each payment mode segment were considered for market estimation.
Increased adoption of digital payment modes is expected to drive the payment security market growth
In the past few years, major advances in technology, massive shifts in consumer buying behavior, government policies and regulations, sharp e-commerce growth, and the global proliferation of connected devices have driven significant changes in digital payments.
The adoption of digital payment modes, such as internet banking, mobile money, and card payments, has rapidly increased in recent years and is a cornerstone for financial inclusion initiatives in various countries. Payments are becoming increasingly cashless, and the industry’s role in fostering inclusion has become a significant priority. Rising government initiatives for the adoption of digital payments, the proliferation of smartphones, increasing e-commerce sales, and rising internet penetration are driving the adoption of various digital payment modes worldwide.
According to a report by FIS (U.S.), a financial services technology group, the use of digital-wallet-based transactions grew globally by 7% in 2020 and predicts that digital wallets will account for more than half of all e-commerce payments worldwide by 2024, as consumers shift from card-based to account and QR code-based transactions.
In addition, due to the COVID-19 pandemic, the adoption of contactless payment methods increased worldwide as consumers preferred low- or no-touch interactions. Digital wallets are becoming the mainstay of in-store payment choices, with contactless cards, kiosk payments, and QR codes increasing in popularity for a safer commerce experience. According to Visa’s Back to Business Study, 63% of consumers indicated switching to a business offering contactless payment options.
Furthermore, the sudden increase in digital adoption has dramatically advanced the digital transformation agendas for many banks, with banking leaders recognizing online banking services as a critical means for increasing customer retention and growing revenue streams through personalized services.
The impacts of the COVID-pandemic accelerated the adoption of a broader range of digital banking offerings and shifted consumers of all ages away from traditional banking branches at an unprecedented pace. Thus, the rising adoption of different payment modes has accelerated the demand for payment security 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.
To provide efficient analysis, Meticulous Research® has segmented this market based Offering (Solution (Encryption, Tokenization, Fraud Detection & Prevention) & Services (Integration Services, Support Services & Consulting Services)), Platform (Web Platform & PoS Platform), Payment Mode (Banking Cards, Digital Wallets, Internet Banking, Point of Sales and Others), Industry Vertical (Retail, Travel and Hospitality, Healthcare, IT and Telecom, Education, Media and Entertainment), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises) and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
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Based on offering, the payment security market is segmented into solutions and services. In 2021, the solution segment commanded the largest share of the overall payment security market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. The rising demand for advanced payment security solutions, particularly from the e-commerce sector, and the surge in the usage of payment applications across different industry verticals are driving the growth of this market.
With the enforcement of the PCI DSS regulatory compliances by local governing bodies, digital payments have become a secure mode of payments, and hence, digital payments are gaining popularity amongst consumers. In addition, the growing number of data breaches and financial losses associated with digital transactions is also one of the primary factors contributing to the growth of the payment security solutions market.
Based on platform, the payment security market is broadly segmented into web and PoS. In 2021, the web platforms segment commanded the largest share of the overall payment security market. The large share of this segment is attributed to the increasing adoption of digital payment platforms worldwide. Furthermore, the increasing demand for secure and integrated ways to pay for any service or product is expected to drive the growth of this segment.
However, the PoS platforms segment is expected to grow at the highest CAGR during the forecast period. The positive encouragement by the government for the adoption of PoS technology, the rising demand for easy & convenient payment methods, and security & privacy concerns associated with PoS terminals are expected to drive the growth of this segment.
Based on payment mode, the payment security market is segmented into banking cards, digital wallets, internet banking, point of sales, and other payment modes. In 2021, the digital wallets segment commanded the largest share of the overall payment security market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. The emergence of multiple smartphone-enabled payment platforms, the availability of real-time payment solutions, social media influencing digital wallets promotion, and the increasing shift towards QR code-based transactions are some of the major factors driving the growth of this segment.
Based on industry vertical, the payment security market is segmented into retail, travel and hospitality, healthcare, IT and telecom, education, media and entertainment, and other industry verticals. In 2021, the BFSI segment commanded the largest share of the overall payment security market. The growth of this segment is attributed to the positive surge in the implementation of regulatory security compliance, the rising demand for cloud-based security solutions, and the increasing risks of cyber threats against BFSI infrastructure. However, the retail segment is expected to grow at the highest CAGR during the forecast period. The increasing usage of mobile payments in the retail industry, primarily in the e-commerce sector, and proportionally rising associated frauds are boosting the payment security market.
Based on organization size, the payment security market is broadly segmented into large enterprises and small and medium-sized enterprises. In 2021, the large enterprises segment commanded the largest share of the overall payment security market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. The increasing number of high valuations transactions in large enterprises is compelling these enterprises to opt for premium payment security solutions. In addition, the growing necessity to create a safe environment for payment transactions of customers is expected to drive payment security adoption among large enterprises.
Based on geography, the payment security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). In 2021, North America accounted for the largest share of the overall payment security market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The high penetration of smartphones, the increase in internet speed and reliability, and a growing user base of tech-savvy millennials in North America provide prominent opportunities for payment security market growth and integration. In addition, the increasing shift in consumers towards online payments mode due to the conveniences offered is driving the growth of this market.
However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The market growth in this region is driven by the increasing adoption of advanced payment technologies within organizations to perform business transactions. In addition, the positive encouragement by the governments for the adoption of digital payments and the growing number of fraudulent activities associated with digital payments is promoting market growth in Asia-Pacific.
The key players operating in the global payment security 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.), and Verifone Systems Inc. (U.S.).
Browse in-depth TOC on “Payment Security Market – Global Opportunity Analysis And Industry Forecast (2021-2028)”
239 – Tables
41 – Figures
236 – Pages
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Scope of the Report
Payment Security Market, by Offering
- Solutions
- Encryption
- Tokenization
- Fraud Detection and Prevention
- Services
- Integration Services
- Support Services
- Consulting Services
Payment Security Market, by Platform
- Web
- PoS
Payment Security Market, by Transportation Mode
- Banking Cards
- Digital Wallets
- Internet Banking
- Point of Sales
- Others
Payment Security Market, by Industry Vertical
- Retail
- Travel and Hospitality
- Healthcare
- IT and Telecom
- Education
- Media and Entertainment
- Others
Payment Security Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Payment Security Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Singapore
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of MEA
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