A recent study titled Global 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—Forecast to 2031 predicts that the payment security market will reach $87.4 billion by 2031, with a CAGR of 17.3% from 2024 to 2031.

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Growth Drivers

The payment security market is fueled by:

• Rise in Digital Payments : Increased use of digital payment methods enhances security needs.
• PCI DSS Compliance Requirements : Businesses are focusing on compliance to ensure data security.
• Peer-to-Peer Payment Growth : The increase in P2P transactions is driving demand for secure payment solutions.

Market Constraints

Key challenges include:

• Trust Issues with Online Banking : Lack of trust in online banking systems is a significant barrier.

Opportunities and Emerging Trends

Growth prospects include:

• Payment Fraud Incidents : Growing fraud cases push the need for advanced security solutions.
• Expansion of Mobile Wallets and Contactless Payments : These technologies are opening up new market opportunities.

Segment Analysis

Offering : Divided into solutions and services. The solutions segment, which includes encryption, tokenization, and fraud detection, is anticipated to dominate with over 74.0% of the market share in 2024 due to increased digital payment adoption.

Payment Mode : Includes banking cards, digital wallets, internet banking, PoS, and others. Banking cards are projected to hold over 32.0% of the market share in 2024 due to increased card usage and compliance requirements.

Organization Size : Large enterprises and SMEs. Large enterprises are expected to capture over 70.0% of the market share due to their higher transaction volumes and customer base.

End-Use Industry : Segmented into BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecom, media & entertainment, and others. BFSI is forecasted to hold over 29.0% of the market share in 2024 due to high data breach risks and stringent security needs.

Geography : Divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to lead with over 36.0% of the market share due to high digital payment adoption and significant investments in cybersecurity.

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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