Tokenization Market Size is Projected To Reach USD 2380.6 Million By 2027 At A CAGR of 13.0% - Valuates Reports

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BANGALORE, India, March 16, 2022 /PRNewswire/ -- Tokenization Market is segmented by Data by Type, Service Tokenization, Software Tokenization, by Application - BFSI, IT, Telecom and Media, Healthcare and Pharma, Government and Defense, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the  Software Category.

The global Tokenization market size is projected to reach USD 2709.9 million by 2028, from USD 1140.7 million in 2021, at a CAGR of 13.0% during 2022-2028.

Major factors driving the growth of the tokenization market are

The tokenization market is expected to grow due to its ability to reduce the risk of data breaches. Tokenization protects companies from the financial consequences of data theft.

For merchants, tokenization also reduces the impact of security breaches. Because merchants store tokens rather than credit card numbers in their systems, hackers will gain access to tokens that are useless to them. Tokenization helps to reduce the cost of data breaches, which have resulted in massive losses for many retailers and banks. These factors are further expected to fuel the growth of the tokenization market.

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TRENDS INFLUENCING THE GROWTH OF THE TOKENIZATION MARKET

The growing use of tokenization in the BFSI sector is expected to propel the tokenization market forward. Because it deals with money, cybercriminals target the BFSI sector. It shows a large number of financial transactions, which thieves find appealing. As a result, it is constantly looking for advanced payment security solutions and services to protect its employees, customers, assets, offices, branches, and operations; as a result, it controls a large portion of the tokenization market by vertical. Tokenization solutions are popular in the BFSI sector and have a high acceptance rate because they help companies manage PCI DSS regulatory compliance.

The need for an accurate longitudinal view of patients has arisen as a result of a push to collect real-world data (RWD) and a greater focus on producing real-world evidence (RWE) to improve patient outcomes. This information requires precise matching and linking over time, as well as confidentiality in accordance with HIPAA regulations. It must also be able to guarantee a high level of confidence in the combined data used to link events and outcomes for the correct patient. While meeting HIPAA compliance standards, this approach allows the tokenization engine to link together records that don't look similar enough in other matching algorithms. Thus the increasing adoption of the healthcare sector is expected to drive the growth of the tokenization market.

The adoption of data tokenization by governments is expected to drive the growth of the tokenization market. Data tokenization allows government agencies to share data without jeopardizing privacy, allowing them to pool data for more in-depth analysis. This mingling of tokenized government data with other data sources to generate powerful insights—securely and with little risk to privacy—is likely data tokenization's most powerful application. Tokenization can be used to de-identify and share unstructured data in addition to de-identifying structured data. Tokenization offers many new use cases for sharing data that resides in emails, images, text files, and other similar files, as governments increasingly use such data.

SMEs primarily use tokenization products and services to comply with responsibilities and reduce fraud risks. These SMEs are using tokenization solutions to protect sensitive data from network flaws and attacks. One of the main goals of attackers targeting SMEs is to use their applications to gain access to client information, payment details, and other confidential information. Cybercriminals take advantage of SMEs' lack of security by automating attacks on thousands of applications at once. SMEs are increasingly turning to cloud-based tokenization solutions to save money, time, and resources. Tokenization as a Service (TaaS) addresses the financial constraints that SMEs face, with the segment increasingly implementing cloud-based tokenization solutions, fueling the growth of the tokenization market for SMEs.

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TOKENIZATION MARKET SHARE ANALYSIS

Based on components, the services segment is expected to grow at a faster rate. The high growth of the service segment can be attributed to technological advancements, which have led to a demand from businesses for assistance in integrating solutions into their existing infrastructure.

Based on verticals, BFSI is expected to be the most lucrative during the forecast period. Because it deals with money, the BFSI vertical is a target for cybercriminals. To address this issue, the financial services industry is constantly on the lookout for advanced payment security products and services to protect its employees, customers, assets, offices, branches, and operations. As a result, the vertical accounts for a significant portion of the tokenization market.

Based on region, APAC is expected to be the most lucrative during the forecast period. The APAC Tokenization market is expected to grow rapidly in the coming years. The Asia Pacific is one of the world's fastest-growing regions. Due to the rapid adoption of tokenization solutions, it is expected to be the fastest-growing market. Japan and China, two of the region's most technologically advanced countries, are undisputed market leaders in tokenization.

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Tokenization Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Tokenization Market By Application

• BFSI
• IT, Telecom and Media
• Healthcare and Pharma
• Government and Defense
• Others

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