Payment Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Payment Security Market is segmented by Platform (Mobile-based, Web-based), End-user Industry (BFSI, Retail, IT and Telecom, Travel and Hospitality), and Geography.

Market Snapshot

Payment Security Market Summary
Study Period: 2018 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 15.88 %
Payment Security Market Major Players

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Market Overview

The payment security market was valued at USD 17.98 billion in 2020 and is expected to reach USD 42.91 billion by 2026, with a CAGR of 15.88% during the forecast period (2021 - 2026). With the rising number of digital payments, such as credit/debit payments, mobile wallets, and online payments, it is expected to boost the payment security market globally over the forecast period.

  • The growing number of data breaches is also one of the primary factors contributing to the growth of payment security market. These growing data breach cases are also increasing the financial losses due to it. Hence, thriving the demand for payment security solutions.
  • The growing popularity of payment security solutions can also be attributed to the requirements of Payment Card Industry Data Security Standard (PCI DSS) guidelines, increasing awareness among the end-user towards payment security and government initiatives towards promoting the cashless mode of payments.
  • Moreover, recent technological innovations in the mobile commerce have enabled users to conduct digital transactions from their smartphones, such as purchasing goods and applications over wireless networks, redeeming coupons and tickets, banking, processing point-of-sale payments.
  • The demand for mobile payment security software solutions has increased owing to the growing usage of wireless networks among individual consumers. The augmented utilization of wireless networks in mobile devices for payment in retail stores has increased the need for mobile payment security software.
  • With the recent outbreak of COVID-19, the payment security market is expected to witness significant growth, owing to an increased usage of digital payment services.A report issued by the ACI in April 2020 shows that real-time payments were expected to surge amid the Covid-19 situation, with more than half a trillion transactions and a compound annual growth rate of 23% between 2019 and 2024.

Scope of the Report

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.

Platform
Mobile Based
Mobile Based
Other Platforms
End-user Industry
Mobile Based
Retail
Healthcare
IT and Telecom
Travel and Hospitality
Other End-user Industry
Geography
North America
Europe
Asia-Pacific
Latin America
Middle-East and Africa

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Key Market Trends

Retail Sector to Witness High Growth

  • With the increasing usage of mobile payments in the retail industry primarily in the e-commerce sector is boosting the payment security market. The major economies such as the United States, China have witnessed a considerable rise in retail e-commerce sales which has now become a key area of concern for consumers and financial service providers due to the security of mobile banking and payments, which provides the mobile payment security software market scope to grow.
  • Retail e-commerce sales are rapidly increasing owing to a combination of government support, increased smartphone penetration, and applications usage, and the promise of better shopping experience is likely to boost the market growth forward.
  • Mobile technologies, powered by the complementary technologies of cloud, analytics, and social mobile payments are expected to grow further, which will drive the market further.
Payment Security Market : Retail E-Commerce Sales, in USD million, United States, 2013-2018

North America occupies the Largest Market Share

  • North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided the organizations in this region a competitive edge in the market.
  • Moreover, the region has the presence of several payment security vendors, such as CyberSource Corporation, Elavon Inc., Geobridge Corporation, and TNS Inc. among various others which is one of the factors driving the market in this region.
  • With the changing retail market and growing E-commerce sales in this region, it is the primary factor that is raising the demand for a fast payment solution, which, in turn, drives the need for the payment security market.
  • Moreover, with an average consumer using more than one card at a time and also online payments growing four times faster than retail payments, the credit card market is booming, hence, creating an opportunity for the payment security market.
Payment Security Market : Growth Rate by Region (2020-2025)

Competitive Landscape

The payment security market is highly competitive owing to the presence of many players running their business in domestic as well as international locations. The market appears to be moderately concentrated and the key strategies adopted by the major players are technological innovations and mergers and acquisitions. Some of the major players in the market are CyberSource Corporation, Braintree Payment Solutions, LLC, Ingenico Group, Elavon Inc. among others.

  • April 2020 - Bluefin Payment Systems LLC partnered with Payway to provide Bluefin’s PCI-validated Point-to-Point Encryption (P2PE) solution to clients utilizing the Payway platform. Payway offers a cloud-based SaaS payment solution designed to give organizations total transparency into their card-not-present transactions.

Major Players

  1. CyberSource Corporation

  2. Braintree Payment Solutions, LLC

  3. Bluefin Payment Systems LLC

  4. Elavon Inc.

  5. SecurionPay

Payment Security Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Market Drivers

      1. 4.4.1 Growing Adoption of Digital Payment Modes

      2. 4.4.2 Increase in Fraudulent Activities in E-commerce

    5. 4.5 Market Restraints

      1. 4.5.1 Lack of Trust in Online Payment Modes

    6. 4.6 Impact of covid-19 on the industry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Platform

      1. 5.1.1 Mobile Based

      2. 5.1.2 Mobile Based

      3. 5.1.3 Other Platforms

    2. 5.2 End-user Industry

      1. 5.2.1 Mobile Based

      2. 5.2.2 Retail

      3. 5.2.3 Healthcare

      4. 5.2.4 IT and Telecom

      5. 5.2.5 Travel and Hospitality

      6. 5.2.6 Other End-user Industry

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 Latin America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 CyberSource Corporation (Visa Inc.)

      2. 6.1.2 Bluefin Payment Systems LLC

      3. 6.1.3 Braintree Payment Solutions LLC

      4. 6.1.4 Elavon Inc.

      5. 6.1.5 SecurionPay

      6. 6.1.6 Broadcom Inc.

      7. 6.1.7 Signified Inc.

      8. 6.1.8 TokenEx Inc.

      9. 6.1.9 TNS Inc.

      10. 6.1.10 Shift4 Corporation

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNTIES AND FUTURE TRENDS

**Subject to Availability
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Frequently Asked Questions

The Payment Security Market market is studied from 2018 - 2026.

The Payment Security Market is growing at a CAGR of 15.88% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

CyberSource Corporation, Braintree Payment Solutions, LLC, Bluefin Payment Systems LLC , Elavon Inc. , SecurionPay are the major companies operating in Payment Security Market.

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