According to a recent report by Meticulous Research®, titled " Payment Security Market   by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, IT & Telecom, Media), Organization Size, and Geography — Global Forecasts to 2028", the global payment security market is set to grow at a CAGR of 16.5% from 2021 to 2028, reaching $54.1 billion. The primary drivers of this growth include the rise in digital payment usage, the need to comply with PCI DSS standards, and an increase in fraud within e-commerce.

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Key Drivers of Growth

The surge in digital payment adoption and stringent compliance requirements are significant factors contributing to market growth. The escalating number of fraudulent activities across global e-commerce platforms also supports this upward trend. Additionally, the growing adoption of payment applications across various sectors presents further opportunities for market expansion. However, a lack of confidence in online transactions remains a constraint.

Segment Analysis

The payment security market is segmented into offerings, platforms, payment modes, industry verticals, and organization sizes. The solution segment led the market in 2021 and is expected to witness the highest growth rate during the forecast period, driven by the rising demand for advanced security solutions and compliance with PCI DSS.

Digital Wallets Leading

The digital wallet segment was the largest in the payment mode category in 2021 and is projected to grow at the fastest rate. This growth is driven by the widespread adoption of mobile payment technology, the influence of social media, and the trend towards QR code transactions. FIS reports a 7% global increase in digital wallet transactions in 2020, forecasting that digital wallets will make up a significant portion of e-commerce payments by 2024.

Industry Vertical Trends

The BFSI sector had the largest share in the payment security market in 2021 due to its regulatory compliance demands and increased risk of cyber threats. The retail sector, however, is expected to see the fastest growth, driven by the rising use of mobile payments and online frauds.

Organization Size Dynamics

Large enterprises dominated the market in 2021 and are projected to grow at the highest rate. This is due to the high-value transactions they handle and their need for robust payment security solutions. Integrating digital payments with existing systems is crucial for large organizations to ensure data protection and avoid penalties.

Regional Analysis

In 2021, North America had the largest share of the payment security market, owing to its advanced financial infrastructure and high tech adoption. Asia-Pacific is expected to experience the highest growth rate, driven by the increased adoption of payment technologies and a shift towards digital payments. Despite this, the region is dealing with high fraud rates associated with real-time payments.

Leading Players

Key players in the payment security market include Bluefin Payment Systems LLC, Braintree, Cybersource, Elavon, Ingenico, Broadcom, Thales Group, Shift4 Payments, Signifyd, TNS, Tokenex, SISA Information Security Pvt. Ltd., Stripe, Geobridge Corporation, MasterCard, and Verifone Systems Inc.

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