Tokenization Market to Generate $12,684.2 Million Revenue by 2030, says P&S Intelligence

News provided by

Jul 26, 2022, 00:55 ET

NEW YORK, July 26, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the tokenization market was worth around $2,590.6 million, which is set to touch $12,684.2 million worth by 2030, progressing at a 19.3% compound annual growth rate from 2021 to 2030. This is mainly ascribed to the growing incidence of financial frauds and surging demand for protected payment gateways.

Organizations that receive, transfer, and keep any cardholder's data are required under the Payment Card Industry Data Security Standard (PCI DDS) to make sure the data is safeguarded appropriately. Retailers must abide by the rules and accept credit card payments to do this. Additionally, secured networks need to be kept up to date on the database of merchants.

Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/tokenization-market/report-sample

Important Points of Tokenization Market Report

Globally, the demand for tokenization is the highest in the BFSI industry. Due to an increase in the demand for the security of the data while making digital payments, the category is predicted to produce around $5.0 billion in revenue by 2030.
Another important factor driving banks to embrace tokenization solutions is the strong need to protect the transactions in any commerce environment. Tokenization is no longer restricted to card payments, because of the advent of newer payment systems and schemes that promote the usage of digital transactions.
The tokenization market outlook predicts that the cloud category will have the faster growth, around 20%, between 2021 and 2030. Since merchants are not needed to create secure credit card information, usernames, passwords, and other credentials, using the cloud, this deployment approach is quite advantageous.
Tokenized payment cards improve the security of consumers' detail before they enter a merchant's payment gateway, by using cloud-based tokenization, which makes use of PCI-compliant technologies to handle and safeguard cardholder data.
On-premises deployment is predicted to have a significant share throughout the forecast period, though. Because sensitive data may be stored inhouse, companies have more control over the database with this deployment model.
The North American tokenization market is predicted to generate more than $6 billion in revenue in 2030, with a CAGR of almost 20% between 2021 and 2030. The increasing data breach incidence, rising payment regulatory compliance, and concerns about payment security are some of the key drivers for the market growth.

Regardless of whether a person is a resident of the EU or not, companies that retain or transfer personally identifiable information (PII) of EU residents are subject to the General Data Protection Regulation (GDPR). Primary account numbers and credit card information are included in the PII.

Browse detailed report on Tokenization Market Size, Share, Growth and Demand Forecast Report 2030

The tokenization market is heavily consolidated, with a few significant players holding a significant share of it. To keep ahead of the competition, they have participated in alliances and cooperation in recent years. These players are:

Fidelity National Information Services Inc.
THALES
American Express Company
Micro Focus LLC
Mastercard International Incorporated
Visa Inc.
Fiserv Inc.

Tokenization Market Report Coverage

By Component

Solutions
Services

By Organization Size

Small & Medium Enterprises
Large Enterprises

By Deployment Mode

Cloud
On-Premises

By Application

Payment Security
User Authentication
Compliance Management

By End Use

BFSI
Healthcare
IT & Telecom
Retail & E-Commerce
Education

Regional Analysis

North America

U.S.
Canada

Europe

Germany
Italy
Spain
U.K.
France

Asia-Pacific

Japan
India
China
Australia
South Korea

Latin America

Brazil
Mexico

Middle East and Africa

Saudi Arabia
South Africa

Browse More Reports Published by P&S

Security as a Service Market Size Analysis and Growth Forecast to 2030

Low-Code Development Platform Market Size Analysis and Growth Forecast to 2030

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: [email protected]
Web: https://www.psmarketresearch.com
Follow Us: LinkedIn Twitter