Payment Security Market Worth $54.1 Billion by 2028

Global Payment Security Market – 2021-2028 © Meticulous Research| [email protected] Page 1 of 3 According to this latest publication from Meticulous Research®, the global payment security market is expected to grow at a CAGR of 16.5% from 2021–2028 to reach $54.1 billion by 2028. Significant rise in the adoption of digital payment modes, the necessity to adhere to stringent PCI DSS guidelines, and the rise in fraudulent activities across global e-commerce sectors 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 significant growth opportunities for the growth of this market. However, the lack of trust in online transactions restrains the growth of this market up to a certain extent. The global payment security market is segmented based on offering, platform, payment mode, industry vertical, and organization size. The study also evaluates industry competitors and analyses the market at the country level. Based on offering, the solution segment commanded the largest share of the global payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. The rise in demand for advanced payment security solutions for digital ecommerce and the increasing use of payment applications across different industry verticals is driving the market growth. In addition, payment security solutions have gained popularity, as it enables organizations to adhere to the PCI DSS regulatory compliances. Moreover, the growing number of >[email protected] Page 2 of 3 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 ecommerce sector, and rising online payment frauds boost the payment security market. Based on Organization Size, the large enterprise segment commanded the largest share of the global payment security market in 2021 and is expected to grow at the highest CAGR during the forecast period. Increasing transactions of high valuations in large enterprises are compelling them to opt for premium payment security solutions. In addition, the integration of digital payments solutions with the existing payment landscape of large organizations is essential for large enterprises. Business owners may not be cyber security experts and do not have the time to stay updated on the latest protections needed to safeguard their payment data. Current rules, regulations, and certain state laws place additional responsibility for protecting cardholder data on businesses. Failure to meet industry, card brand, and regulatory data security standards can result in potential penalties, additional fees, loss of income, and negative brand perception. Thus, rising concern to create a safe environment for customer payment transactions is expected to drive payment security adoption among large enterprises. Download Free Sample PDF Copy Here: https://www.meticulousresearch.com/download-samplereport/cp_id=5237 Geographic Review: In 2021, North America commanded the largest share of the global payment security market. 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. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration. In addition, the rising consumer shift towards online payments mode is driving the growth of this market. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The growth of this region is driven by the increasing adoption of advanced payment technologies within organizations to perform business transactions. Consumers in the region are increasingly choosing digital payments over cash. In addition, the desire to minimize contact during the COVID-19 outbreak has pushed 91% of consumers in Asia-Pacific to pay with cards or mobile apps instead of cash. Moreover, 75% of the users plan to retain their digital payment habits after the pandemic is over, according to a Visa study.

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