DUBLIN, June 22, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Tokenization Market by Solution, Service, Application Area, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2022" report to their offering.
It is expected that the tokenization market size to grow from USD 823.0 Million in 2017 to USD 2,258.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 22.4%.
The constant pressure of managing sensitive data of consumers, along with the need to manage stringent compliances, has led enterprises of all sizes to adopt tokenization solutions for critical information protection. Moreover, cloud-based deployment is gaining high traction in the market, as it requires less capital investment, helps decrease the operational and maintenance costs, and reduces the management's efforts. Cloud tokenization solutions are available according to customer's demand, wherein a customer can start or stop any service, at will. Tokenization solution replaces the payment card data with a unique token and helps organizations comply with Payment Card Industry Data Security Standard (PCI DSS) and Health Insurance Portability and Accountability Act (HIPAA) compliance.
Tokenization solution can be used for payment security, user authentication, and compliance management. The payment security application area is expected to dominate the tokenization market and contribute the largest market share during the forecast period. It is expected to play a key role in changing the tokenization market landscape and grow at the highest rate during the forecast period, as the need for payment security is increased due to growing eCommerce sector and digitization in the healthcare industry.
Cloud deployment is the fastest-growing deployment mode in the tokenization market, as it benefits organizations with increased scalability, speed, 24/7 services, and enhanced management capabilities. Small & Medium-sized Enterprises (SMEs), in particular, have opted for cloud deployment, as it can help them avoid costs pertaining to hardware, software, storage, and technical staff.
North America is expected to have the largest market size and would dominate the tokenization market during the forecast period. Increasing penetration of the Internet and growing payment frauds have led to the growing payment security needs. Furthermore, rapid economic growth in the developing APAC countries, along with improving regulatory reforms and economic stability is driving the growth of the tokenization market in this region. In Latin America, SMEs as well as enterprises belonging to a range of verticals, such as Banking, Financial Services, and Insurance (BFSI), government, retail, healthcare, and IT and telecom, are expected to increase investments in tokenization solutions.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Tokenization Market Analysis, By Component
7 Tokenization Market Analysis, By Application Area
8 Tokenization Market Analysis, By Deployment Type
9 Tokenization Market Analysis, By Organization Size
10 Tokenization Market Analysis, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
14 Key Innovators
- 3delta Systems, Inc.
- Cardconnect Corp.
- First Data Corporation
- Fiserv, Inc.
- Gemalto NV
- Hewlett Packard Enterprise
- Liaison Technologies, Inc.
- Paymetric, Inc.
- Protegrity Usa, Inc.
- Symantec Corporation
- Thales E-Security, Inc.
- Tokenex, LLC
For more information about this report visit https://www.researchandmarkets.com/research/hwk6wj/tokenization
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-tokenization-market-to-reach-225-billion-by-2022---rise-in-the-need-for-payment-security-for-digital-ecommerce---research-and-markets-300478237.html
SOURCE Research and Markets