Meticulous Research® has published a comprehensive report titled ‘ Payment Security Market by Offering, Payment Mode, Organization Size, End User, and Geography – Global Forecast to 2031’. According to this research, the payment security market is anticipated to grow at a remarkable CAGR of 17.3%, potentially reaching $87.4 billion by 2031. Factors such as rising digital payment adoption, PCI DSS compliance requirements, and increased peer-to-peer transactions drive this expansion.

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Key Growth Drivers and Restraints

The surge in digital payments and the imperative need for data protection are pivotal to market growth. The popularity of peer-to-peer transactions and compliance with PCI DSS guidelines have made payment security essential. Despite these drivers, challenges exist; for example, a lack of consumer trust in online banking may hinder market growth.

Emerging Opportunities and Market Challenges

Increasing incidents of payment fraud have encouraged companies to adopt robust security solutions. The widespread use of mobile wallets and contactless systems further creates growth avenues, though limited digital payment awareness in rural regions poses a hurdle. Prominent trends include biometric authentication and the integration of AI and blockchain into payment security solutions.

Segmentation by Offering: Solutions and Services

The payment security market is divided into solutions and services, with solutions expected to dominate in 2024, holding over 74.0% market share. This segment’s dominance is due to high digital payment adoption across retail, healthcare, and hospitality sectors, increased cybersecurity investments, and a business emphasis on fraud detection.

Expected Growth in Solutions Segment

The solutions segment is also predicted to witness the fastest growth due to the rise of PoS payments, integration of secure payment APIs, regulatory compliance demands, and increased use of contactless payment methods.

Payment Modes: Banking Cards, Digital Wallets, Internet Banking, and More

In 2024, banking cards are set to lead, with a 32.0% market share, driven by increased point-of-sale adoption, a growing e-commerce sector, and compliance needs. However, digital wallets are forecasted to grow the fastest, thanks to multi-factor authentication, mobile wallet adoption, and QR code-based payments.

Organizational Focus: Large Enterprises Lead

The market is divided into large enterprises and small and medium-sized enterprises, with large enterprises expected to control above 70.0% of the market in 2024. Large businesses require enhanced security measures due to higher transaction volumes and extensive customer bases. Additionally, they are likely to register the highest growth rate during the forecast period.

End-Use Industry Segmentation: BFSI Sector Leads

Among industries, BFSI (Banking, Financial Services, and Insurance) is expected to command the largest market share at 29.0% in 2024 due to frequent data breaches, fraud prevention needs, and transaction volumes. Nevertheless, the retail and e-commerce segment is predicted to grow the fastest due to smartphone adoption for payments and growth in contactless payments.

Geographical Market Insights

Geographically, North America is forecasted to retain the largest market share, over 36.0%, due to high digital payment adoption, cybersecurity investments, and card payment use. Meanwhile, Asia-Pacific is projected to grow the fastest at 18.9%, fueled by e-commerce growth, digitalization, and increased mobile payment adoption.

Major Market Players

The report identifies key players in the payment security market, including 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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