Market Size of Payment Security Industry
| 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.
