Payment Security Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.44 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Payment Security Market Analysis
The Payment Security Market size is expected to grow from USD 23.48 billion in 2023 to USD 48.14 billion by 2028, at a CAGR of 15.44% during the forecast period (2023-2028).
Secure payment processing facilitates the efficient transfer of online payments, client data, and other sensitive information. It protects payment data against fraud and other security issues.
- Payment security solutions are in high demand due to several important factors, including the quick shift to online shopping and transactions, the rise in sophisticated data thefts and payment frauds, and the rising awareness of payment security and Payment Card Industry Data Security Standard (PCI DSS) compliance programs.
- Due to the rise in digital payments, such as credit/debit payments, mobile wallets, and internet payments, it is also projected that the market for payment security would expand globally over the course of the projection period.
- Demand for payment services is increasing due to the TPP's increased risk of payment fraud for online shops. Security measures Another factor is implementing security technologies, such as the Secure Sockets Layer (SSL) protocol, which ensures the confidentiality of transmitted data due to the encryption algorithm.
- Moreover, growing flaws in payment security models provide worms, Trojan horses, phishing, viruses, denial of service attacks, transaction poisoning, and spammers with new attack platforms, increasing the risk of unauthorized access, theft, and fraud.
- The COVID-19 pandemic is anticipated to favorably affect the growth rate of the payment security market since more people are using online payment services globally, and more industries need high-security transaction processing systems.
Payment Security Market Trends
Retail Sector to Witness High Growth
- The market for payment security is growing as mobile payments are increasingly used in retail, particularly in the e-commerce sector. The security of mobile banking and payments has become a significant area of concern for consumers and financial service providers, giving the market for mobile payment security software room to grow. Major economies like the United States and China have significantly increased retail e-commerce sales.
- Government support, rising smartphone penetration, and application usage all contribute to the rapid expansion of retail e-commerce sales. The prospect of an improved shopping experience is likely to accelerate this trend.
- E-commerce has created new opportunities for the retail industry. Online channels are now an essential element of the customer experience for retailers as they help significantly lower operational expenses and sales fluctuations in physical locations.
- Since the retail industry is a frequent target of cyberattacks, there is an increasing need for solid payment security solutions, which are anticipated to support segment revenue growth in the future.
- The market is predicted to continue to expand due to the continued growth of mobile technologies, which are supported by the complementary technologies of cloud, analytics, and social, mobile payments.
North America occupies the Largest Market Share
- The robust financial standing of North America allows it to make significant investments in cutting-edge products and technologies, giving the businesses operating here a competitive edge in the market.
- Also, the existence of multiple payment security vendors in the region among them CyberSource Corporation, Elavon Inc., Geobridge Corporation, and TNS Inc. is one of the factors influencing the industry in this area.
- The rise in businesses using online payment processors, the quick adoption of end-to-end encrypted payment security technologies, and the development of reliable platforms with automated fraud detection and user-friendly payment interfaces are all factors that have contributed to the region's market's revenue growth.
- Moreover, The key reason for the increase in demand for a quick payment solution, which in turn fuels the need for the payment security industry, is the changing retail market and rising E-commerce sales in this region.
- The average customer uses multiple cards concurrently, and online payments are growing four times faster than retail payments. These factors, combined with the booming credit card market, present a market opportunity for payment security.
- The region is seeing a rise in the use of digital payments due to consumer acceptance of mobile payments. One of the main factors for the growth drivers for the local economy is the thriving retail sector.
Payment Security Industry Overview
The payment security market is highly competitive due to the presence of numerous players conducting business both domestically and internationally. Technology advancements and mergers & acquisitions are the main methods used by the leading competitors in the industry, which appears to be moderately concentrated. CyberSource Corporation, Braintree Payment Solutions, LLC, Ingenico Group, and Elavon Inc. are a few of the market's key participants.
- November 2022 - Bluefin Payment Systems LLC announced the acquisition of TECS Payment Systems, Bluefin and TECS will work together to support 34,000 linked merchants and around 300 international partners across 55 countries. The strategic alliance broadens both organizations' global reach. The company's existing payment and data security suite will be integrated with omnichannel payments and smartPOS capabilities for Bluefin and its clients.
- September 2022 - Elavon Inc has launched talech Register for North American small business owners, where talech Register is the next-generation, all-in-one payments and business analytics platform that empowers small business owners to better manage their operations, through register company amis to tackle all the complex payments, banking and operational needs of bussiness.
Payment Security Market Leaders
Braintree Payment Solutions, LLC
Bluefin Payment Systems LLC
Elavon Inc.
SecurionPay
CyberSource Corporation (Visa Inc.)
*Disclaimer: Major Players sorted in no particular order
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Payment Security Market News
- September 2022 - Bluefin Payment Systems LLC has announced an industry partnership with commercial hardware manufacturer Sunmi.Through the partnership, Bluefin will work to certify Sunmi's smart payment terminal line, including the P2, P2 PRO, P2 MINI, and the P2 smart pad, and by Adding Sunmi's flexible payment terminals to our listing of P2PE devices will enable Bluefin to meet the demand for next-generation payment acceptance.
- September 2022 - Elavon Inc. has launched an expanded suite of Oracle-integrated payments solutions for hospitality businesses in the United States and Canada, where the Oracle Cloud Marketplace, the integration of payments acceptance combines Elavon's processing capabilities with Oracle's industry-focused point-of-sale technology to provide a simple, unified hospitality payments experience, while expanded offering strengthens the payments acceptance capabilities for industry businesses, like Large hotels and resorts with multiple restaurants and front desk stations Large hotels and resorts with numerous restaurants and front desk stations.
Payment Security Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Market Drivers
4.4.1 Growing Adoption of Digital Payment Modes
4.4.2 Increase in Fraudulent Activities in E-commerce
4.5 Market Challenges
4.5.1 Lack of Trust in Online Payment Modes
4.6 Impact of COVID-19 on the industry
5. MARKET SEGMENTATION
5.1 Platform
5.1.1 Mobile Based
5.1.2 Web Based
5.1.3 Other Platforms
5.2 End-user Industry
5.2.1 Retail
5.2.2 Healthcare
5.2.3 IT and Telecom
5.2.4 Travel and Hospitality
5.2.5 Other End-user Industry
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 France
5.3.2.3 United Kingdom
5.3.2.4 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of Asia Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CyberSource Corporation (Visa Inc.)
6.1.2 Bluefin Payment Systems LLC
6.1.3 Braintree Payment Solutions LLC
6.1.4 Elavon Inc.
6.1.5 SecurionPay
6.1.6 Broadcom Inc.
6.1.7 Signified Inc.
6.1.8 TokenEx Inc.
6.1.9 TNS Inc.
6.1.10 Shift4 Corporation
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Payment Security Industry Segmentation
The payment security is defined as the implementation of security protocol done by payment merchants to avoid the risk of payment fraud. Without the existence and implementation of proper security protocols, payment merchants put themselves and also their customers at risk for payment fraud. With the rapidly increasing digital transactions, a payment security solution is a must to prevent frauds. The market is segmented by various platforms used for payments across the end-user industries among various geographies.
The Payment Security Market is segmented Platform (Mobile-based, Web-based), End-user Industry (Mobile Based, Healthcare, Retail, IT and Telecom, Travel and Hospitality), and Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| Platform | |
| Mobile Based | |
| Web Based | |
| Other Platforms |
| End-user Industry | |
| Retail | |
| Healthcare | |
| IT and Telecom | |
| Travel and Hospitality | |
| Other End-user Industry |
| Geography | ||||||
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| Rest of the World |
Payment Security Market Research FAQs
What is the current Payment Security Market size?
The Payment Security Market is projected to register a CAGR of 15.44% during the forecast period (2024-2029)
Who are the key players in Payment Security Market?
Braintree Payment Solutions, LLC, Bluefin Payment Systems LLC , Elavon Inc. , SecurionPay and CyberSource Corporation (Visa Inc.) are the major companies operating in the Payment Security Market.
Which is the fastest growing region in Payment Security Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Payment Security Market?
In 2024, the North America accounts for the largest market share in Payment Security Market.
What years does this Payment Security Market cover?
The report covers the Payment Security Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Payment Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Payment Security Industry Report
Statistics for the 2023 Payment Security market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Payment Security analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
