Redding, California - July 3, 2024
Payment Security Market to be Worth $87.4 Billion by 2031
Payment Security Market Size, Share, Forecast, & Trends Analysis By Offering (Solutions, Services), Payment Mode (Banking Cards, Internet Banking, PoS, Digital Wallets, Others), Organization Size, End User (BFSI, Retail & E-commerce, Healthcare, Others) & Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Payment Security Market by Offering (Solutions, Services), Payment Mode (Banking Cards, Internet Banking, PoS, Digital Wallets, Others), Organization Size, End User (BFSI, Retail & E-commerce, Healthcare, Others) & Geography - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the payment security market is projected to reach $87.4 billion by 2031, at a CAGR of 17.3% from 2024 to 2031. The growth of the payment security market is driven by the increased adoption of digital payments, the rising need to adhere to PCI DSS guidelines, and the growth in peer-to-peer payment transactions. However, the lack of trust in online banking may restrain the growth of this market.
Furthermore, the rise in payment fraud and the growing use of mobile wallets and contactless payment systems are expected to generate growth opportunities for the stakeholders in this market. However, the low awareness of digital payments in rural areas poses a major challenge to market growth. Additionally, biometric authentication and the increasing use of AI and blockchain in payment security are prominent trends in the payment security market.
Based on offering, the global payment security market is segmented into solutions and services. In 2024, the solutions segment is expected to account for a larger share of over 74.0% of the global payment security market. The segment’s large market share is mainly attributed to factors such as increased adoption of digital payments across retail & e-commerce, hospitality, and healthcare industries, increasing investment of business in cybersecurity, growing use of AI for fraud detection in the banking sector, and increased business focus and priority on payment security.
Moreover, the solutions segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by an increase in PoS payments across healthcare, retail and hospitality industries, the growing integration of payment processing API for facilitating secure payment, stringent regulatory compliances for payment security, and the surge in contactless payment.
Based on payment mode, the global payment security market is segmented into banking cards, digital wallets, internet banking, point-of-sales, and other payment modes. In 2024, the banking cards are expected to account for the largest share of over 32.0% of the global payment security market. The segment’s large share is mainly attributed to the growing focus of the businesses on enhancing the in-store experience, increased adoption of point-of-sale systems, increased card transactions, growth in the e-commerce sector, and the crucial need for businesses to comply with PCI DSS guidelines.
However, the digital wallets segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the growing adoption of multi-factor authentication in digital wallets, the growing adoption of mobile wallets, and the increasing adoption of QR code-based payment methods.
Based on organization size, the global payment security market is segmented into large enterprises and small and medium-sized enterprises. In 2024, the large enterprises segment is expected to account for a larger share of above 70.0% of the global payment security market. The segment’s large market share is mainly attributed to the crucial need of large-sized businesses to protect customers’ data, and due to their higher transaction volume and large customer base. Moreover, the large enterprises segment is expected to record the highest CAGR during the forecast period.
Based on end-use industry, the global payment security market is segmented into BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecommunications, media & entertainment, and other end-use industries. In 2024, the BFSI is expected to account for the largest share of above 29.0% of the global payment security market. The segment’s large market share is mainly attributed to Increasing data breaches in the BFSI sector, the rising adoption of payment security solutions to prevent fraud, stringent requirements for data security and privacy, and a large number of financial transactions in the BFSI industry.
However, the retail & e-commerce segment is also expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by increasing smartphone usage for payment, increasing spending on e-commerce, growing focus of business on omnichannel presence, rise in point-of-sale data breaches, and growth in contactless payments mode.
Based on geography, the payment security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 36.0% of the global payment security market. The growth of this regional market is attributed to the increased adoption of digital payment, growing spending of businesses on cybersecurity measures, growth in the use of card payment methods, growing adoption of PoS terminals across malls and retail stores, and growth in payment frauds across the region.
However, the Asia-Pacific region is projected to register the highest CAGR of 18.9% during the forecast period. The growth of this region is mainly driven by the growing adoption of advanced payment technologies, growth in e-commerce sales, rise in digitalization across several industries, and increased growth in mobile payments across the region.
Key Players:
Some of the key players operating in the payment security market are Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Elavon Inc. (U.S.), TokenEx, Inc. (U.S.), Shift4 Payments, Inc. (U.S.), Cybersource (U.S.), Ingenico (France), Broadcom Inc. (U.S.), Signifyd, Inc. (U.S.), TNS Inc. (U.S.), Stripe, Inc. (U.S.), Mastercard Incorporated (U.S.), VeriFone, Inc. (U.S.), Utimaco Management Services GmbH (Germany), and SISA Information Security Pvt. Ltd. (India).
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Key questions answered in the report:
- Which are the high-growth market segments based on offering, payment mode, organization size, and endues industry?
- What was the historical market for payment security?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the payment security market?
- Who are the major players, and what shares do they hold in the payment security market?
- How is the competitive landscape in the payment security market?
- What are the recent developments in the payment security market?
- What are the different strategies adopted by the major players in the payment security market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the emerging players in the global payment security market, and how do they compete with the other players?
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