According to a recent report by Meticulous Research®, the global payment security market is set to experience significant growth, projected to reach $87.4 billion by 2031, expanding at a robust CAGR of 17.3% from 2024 to 2031. The growing adoption of digital payments, increasing necessity for adherence to PCI DSS guidelines, and the rise in peer-to-peer transactions are the primary factors driving this market’s expansion. However, challenges such as limited trust in online banking could potentially slow growth.
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Opportunities & Challenges
With the surge in payment fraud cases and the increased adoption of mobile wallets and contactless payments, new growth opportunities for stakeholders are expected to arise. Nonetheless, low awareness of digital payment options, particularly in rural areas, remains a barrier. Additionally, advancements in biometric authentication and the integration of AI and blockchain in payment security are highlighted trends shaping the market.
Solution Segment’s Dominance and Forecasted Growth
The global payment security market is segmented into two primary categories: solutions and services. The solutions segment is projected to hold a commanding share, surpassing 74.0% of the market in 2024. This growth can be attributed to heightened investment in cybersecurity across industries like retail, hospitality, and healthcare, along with the integration of AI to strengthen fraud detection in banking. Businesses are increasingly prioritizing payment security, pushing for more sophisticated solutions in the market.
Rising Popularity of Banking Cards and Digital Wallets
The market also segments by payment mode, including banking cards, digital wallets, internet banking, PoS, and others. In 2024, banking cards are expected to represent a substantial share, exceeding 32.0%. This segment’s popularity is driven by the need for businesses to optimize in-store experiences, increased card transactions, and the crucial compliance with PCI DSS standards. However, digital wallets are anticipated to grow at the highest rate during the forecast period, fueled by the increasing use of multi-factor authentication and QR code-based payment methods.
Large Enterprises Lead in Payment Security Adoption
The report divides the market by organization size into large enterprises and small and medium-sized enterprises (SMEs). In 2024, large enterprises are expected to contribute a significant portion, more than 70.0%, of the market share. Large organizations prioritize the protection of customer data and handle high transaction volumes, prompting them to invest heavily in payment security. This segment is also forecasted to grow rapidly over the period.
BFSI Segment Accounts for Largest Share, Retail & E-commerce Shows Fastest Growth
By end-use industry, the payment security market is segmented into BFSI, retail & e-commerce, healthcare, and others. The BFSI sector is expected to dominate, accounting for over 29.0% of the market in 2024. High transaction volumes and stringent security regulations are key factors in the BFSI sector’s investment in payment security. However, the retail & e-commerce sector is poised for rapid growth, supported by increased smartphone use, e-commerce spending, and omnichannel strategies.
Regional Insights: North America and Asia-Pacific
Regionally, North America is expected to hold the largest share of over 36.0% in 2024, primarily due to the region's high digital payment adoption and investments in cybersecurity. Meanwhile, the Asia-Pacific region is forecasted to register the fastest growth with a CAGR of 18.9%, attributed to the rise in mobile payments, increased e-commerce activity, and accelerated digitalization across industries.
Key Market Players
Leading players in this market include Bluefin Payment Systems LLC, Braintree, Elavon Inc., TokenEx, Inc., Shift4 Payments, Inc., Cybersource, Ingenico, Broadcom Inc., Signifyd, Inc., TNS Inc., Stripe, Inc., Mastercard Incorporated, VeriFone, Inc., Utimaco Management Services GmbH, and SISA Information Security Pvt. Ltd.
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