DUBLIN, Jan. 28, 2019 /PRNewswire/ --
The "Tokenization Market by Component, Application Area (Payment Security, Application Area, and Compliance Management), Tokenization Technique (API-based and Gateway-based), Deployment Mode, Organization Size, Vertical, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The tokenization market size is estimated to grow from USD 983 million in 2018 to USD 2,670 million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.
The factors expected to drive the tokenization market are the growing need to protect cardholders' data by following PCI DSS guidelines and increasing payment frauds that need to be prevented. However, the lack of knowledge about security tokens among end users is still a concern for organizations. Furthermore, organizations' inability to afford the robust tokenization solution is expected to restrain the market growth.
With the increase in digital payments and contactless payments, the demand for tokenization solutions and services would proliferate. Tokenization is one of the important solutions in the PCI for protecting crucial data. It also fulfills the industry standards and government regulations. With online payment gaining popularity, organizations began looking at tokenization solutions, which could protect the sensitive data during the transaction, thus minimizing the risks of attack. Advanced tokenization solutions integrate contactless payment methods with the advanced security levels and are estimated to save trillions of dollars in payment frauds globally over the coming years.
The key growth drivers of the tokenization market are the mandate to follow PCI DSS guidelines and protect the cardholders' data, an increase in payment frauds and the need to protect them, and the emergence of targeted attacks and ubiquitous APTs. Additionally, the demand for cloud-based tokenization solutions among SMEs and the increase in the adoption of contactless payment solutions would provide a huge growth opportunity for the tokenization market over the next 5 years. The biggest challenge for the tokenization market is the lack of knowledge about security tokens among end users.
- Mandate to Follow Pci-Dss Guidelines and Protect Cardholders' Data
- Increasing Payment Frauds and the Need to Protect Them
- Emergence of Targeted Attacks and Ubiquitous Apts
- Organization's Inability to Afford Robust Tokenization Solutions
- Addressing Vulnerabilities According to Emv Standards
- Demand for Cloud-Based Tokenization Solutions Among SMEs
- Increase in Adoption of Contactless Payment Solutions
- Lack of Knowledge About Security Tokens Among End-Users
- Payment Card Industry Data Security Standard
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act/Hitech Compliance
- Federal Information Security Management Act
- Gramm-Leach-Bliley Act
- Sarbanes-Oxley Act
- Innovation Spotlight
- 3delta Systems
- Adoption of Tokenization Solution By an E-commerce Organization in the United States
- Reliance on Tokenization Solution By the Hospitality Sector in North America
- Adoption of Tokenization Solutions in the Healthcare Industry to Improve Data Security
- Adoption of Tokenized Payments in the European Retail Sector for Reducing Frauds
- Adoption of Tokenization Solutions By A Major It and Telecom Company in the US
- Tokenization Architecture
- Tokenization vs Encryption
- Bluefin Payment Systems
- Carta Worldwide
- Discover Financial Services
- First Data
- Ingenico Epayments
- Ip Solution International
- Liaison Technologies
- Merchant Link
- Micro Focus
- Thales Esecurity
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