Payment Security Market to be Worth $64.34 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, April 11, 2023 /PRNewswire/ -- The global payment security market size is expected to reach USD 64.34 billion by 2030, expanding at a CAGR of 13.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the rise in fraudulent activities in recent years. According to a survey by FIS, in April 2021, there has been a considerable increase in financial fraud throughout the pandemic, with customers increasingly embracing online services when conducting purchases. According to the FIS report, an increasing number of consumers are falling victim to cyber fraudsters, with 34% of surveyed participants reporting that they had experienced financial fraud in the past year.

Key Industry Insights & Findings from the report:

• The fraud detection & prevention segment dominated the market in 2022. With the growth of digital payments and e-commerce, there has been a significant increase in the number of fraudulent transactions. As a result, there is a growing need for fraud detection and prevention tools to protect consumers and businesses from financial losses.
• The POS based/mobile based segment dominated the market in 2022. With the growing use of smartphones and tablets, consumers increasingly purchase through mobile devices. This has led to a surge in demand for mobile-based payment solutions, which has, in turn, driving the growth of the POS based/mobile based segment.
• The large enterprises segment dominated the market in 2022. Large size enterprises have complex payment systems with multiple channels and payment methods. They need to ensure that all these systems are secure and integrated to provide their customers with a seamless and secure payment experience.
• The retail & e-commerce segment dominated the market in 2022. Retail and e-commerce businesses involve a large number of transactions every day. With the increase in online shopping, the number of transactions has increased, making it more vulnerable to cyberattacks and fraud, which makes the adoption of payment security solutions essential in retail & e-commerce businesses.
• The North America dominated the market in 2022. The mature IT sector in North America fosters technical advancement and innovative business models, that are leveraged to accelerate the adoption of a digital payment platform. Moreover, data security providers are collaborating with multiple financial institutions to create secure, open, decentralized, and robust platforms in response to the growing threat of cybercrime.

Read full market research report for more Insights, "Payment Security Market Size, Share & Trends Analysis Report By Solution (Encryption, Tokenization, Fraud Detection & Prevention), By Platform, By Organization, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Payment Security Market Growth & Trends

AI-powered fraud detection and prevention systems are being developed to identify and prevent payment-related fraudulent activities in real-time. These systems can analyze large amounts of data and identify suspicious behavior patterns, providing a proactive approach to security. Additionally, AI powered fraud detection and prevention systems can learn from previous fraud attempts and continuously adapt their models to stay ahead of emerging fraud trends. By doing so, they can provide a proactive approach to security and help prevent fraudulent activities before they occur.

Payment security providers are constantly evolving and adapting to new technologies and threats to ensure secure and seamless transactions. For instance, 3-D Secure is a security protocol used by credit card companies to authenticate online transactions. This protocol requires the cardholder to enter a unique password or biometric information to verify their identity, providing an additional layer of security for online transactions.

The COVID-19 pandemic had a positive impact on the market. The pandemic increased awareness among consumers regarding the trends and the need for being cautious about sharing personal and financial information online. As a result, consumers have become more vigilant about protecting their payment information and have increasingly demanded more robust security measures from merchants and payment providers.

Payment Security Market Segmentation

Grand View Research has segmented the global payment security market on the basis of solution, platform, organization, application, and region

Payment Security Market - Solution Outlook (Revenue, USD Million, 2017 - 2030)

• Encryption
• Tokenization
• Fraud Detection & Prevention

Payment Security Market - Platform Outlook (Revenue, USD Million, 2017 - 2030)

• Web Based
• POS Based/Mobile Based

Payment Security Market - Organization Outlook (Revenue, USD Million, 2017 - 2030)

• Small & Medium-Sized Enterprises (SMEs)
• Large Enterprises

Payment Security Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce
• Travel & Hospitality
• Healthcare
• Telecom & IT
• Education
• Media & Entertainment
• Others

Payment Security Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Turkey
• Sweden
• Spain
• Poland
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Malaysia
• Singapore
• Indonesia
• Australia
• South America
• Brazil
• Argentina
• Middle East & Africa
• Kingdom of Saudi Arabia (KSA)
• UAE
• Egypt
• South Africa

List of Key Players in the Payment Security Market

• Elavon Inc.
• Ingenico
• Utimaco Management GmbH
• Shift4 Payments Inc.
• Mastercard
• Intelligent Payment Solutions Pvt Ltd.
• TokenEx, LLC
• Paypal Holdings, Inc.
• Bluefin Payment Systems
• Visa Inc.

Check out more related studies published by Grand View Research:

• 3D Secure Payment Authentication Market - The global 3D secure payment authentication market size is expected to reach USD 2.76 billion by 2030, growing at a CAGR of 12.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for e-commerce has augmented the use of Card Not Present (CNP) transactions. As a result of such an increase in CNP transactions, the growth in CNP fraud transactions has been observed over the past few years. For instance, according to an end-to-end transaction guarantee platform for online purchases named Vesta, the overall percent of global transactions its system identified as potential fraud ranged between 10 to 13%, with an average value for each fraudulent transaction ranging from USD 126 to USD 155.
• Payment As A Service Market - The global payment as a service market size is expected to reach USD 45.84 billion by 2030, expanding at a CAGR of 15.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The proliferation of smartphones for online shopping, rising E-commerce sales, and increasing internet penetration rate are some of the major factors that are driving the industry's growth. Initiatives being adopted by various governments worldwide to promote digital payment are also contributing to the growth. Moreover, payment service providers' emphasis on providing upgraded payment solutions also bodes well for growth.
• Contactless Payment Market - The global contactless payment market size is expected to reach USD 164.15 billion by 2030, registering a CAGR of 19.1% during the forecast period, according to a new study conducted by Grand View Research, Inc. Growing adoption of new payment technologies, such as Host-based Card Emulation (HCE) and Near Field Communication (NFC) for the contactless payments, is anticipated to drive the market growth. Furthermore, a significant increase in digitalization and e-commerce platforms across the globe is boosting the growth of the contactless payment market.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.