A recent market research report titled “Global Payment Security Market by Offering, Payment Mode, Organization Size, End User, and Geography—Forecast to 2031” projects 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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Drivers and Restraints

The market's growth is fueled by the growing shift towards digital payments, adherence to PCI DSS standards, and increased peer-to-peer payment activities. Nonetheless, distrust in online banking systems is a significant barrier.

Opportunities arise from rising payment fraud and the adoption of mobile wallets and contactless payment methods. However, low digital payment awareness in rural areas remains a major hurdle.

Trends Shaping the Market

Notable trends include the rise of biometric authentication and the utilization of AI and blockchain technology to enhance payment security. These advancements are expected to drive future market developments.

Market Segmentation

1. Offering : The market is divided into solutions (encryption, tokenization, fraud detection, and prevention) and services (support, integration, consulting). The solutions segment is anticipated to dominate, holding over 74% of the market in 2024 due to the growing emphasis on cybersecurity.
2. Payment Mode : Segmented into banking cards, digital wallets, internet banking, PoS, and other modes. The banking cards segment is expected to hold more than 32% of the market share in 2024, driven by the increased adoption of card-based transactions.
3. Organization Size : Divided into large enterprises and SMEs. Large enterprises are predicted to account for over 70% of the market due to their extensive customer base and transaction volumes.
4. End-Use Industry : Includes BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecom, media & entertainment, and others. BFSI is expected to be the largest segment with over 29% of the market share in 2024, driven by the need for stringent data security.

Geographical Analysis

The market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to lead with over 36% market share in 2024, due to high digital payment adoption and increased spending on cybersecurity.

Major Players

Key players in the payment security market include Bluefin Payment Systems LLC, Braintree, Elavon Inc., TokenEx, Shift4 Payments, Cybersource, Ingenico, Broadcom Inc., Signifyd, TNS Inc., Stripe, Mastercard Incorporated, VeriFone, Utimaco Management Services GmbH, and SISA Information Security Pvt. Ltd.

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