CHICAGO, December 20, 2018 /PRNewswire/ --
According to a new market research report "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, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Tokenization Market size is expected 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 key factors expected to drive the Tokenization Market include the growing need to protect cardholders' data by following Payment Card Industry Data Security Standard (PCI-DSS) guidelines and increasing payment frauds that need to be prevented.
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75 - Tables
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180 - Pages
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The solution segment to hold a higher market share in 2018
The tokenization solution is a cloud-based and on-premises solution that replaces users' sensitive information with unique tokens and prevents critical information while transferring through vulnerable networks. It helps lower the PCI DSS compliance burden. PCI standards forbid the storage of credit card numbers on a retailers Point of Sale (PoS) terminal as well as in databases after payment transactions. To comply with these standards, merchants need to install expensive end-to-end encryption systems or outsource the installation task to tokenization service providers. The tokenization solution providers take the responsibility for keeping cardholders' data isolated. With the increasing instances of cyber-attacks, growing IoT, and connected device vulnerabilities, and rising pressure from cybersecurity regulations, the solution segment is expected to garner more revenue during the forecast period.
The cloud deployment mode is expected to grow at a higher CAGR during the forecast period
The Tokenization Market by deployment mode has been segmented into on-premises and cloud. Cloud deployment is the fastest-growing deployment model in the Tokenization Market. SMEs, in particular, have implemented the cloud deployment model as it enables them to focus on their core competencies, rather than investing their capital on payment infrastructure. Organizations can avoid the costs related to hardware, software, storage, and technical staff by using cloud-based tokenization solutions. The security of consumers sensitive data is the biggest priority, as it is the primary target of attackers. The cloud-based platform offers a unified way in the form of SaaS-based tokenization services to secure the payment data and assist organizations in complying with PCI DSS and HIPAA requirements, thus benefitting enterprises with tight budgets for security investments. The cloud-based tokenization solution is easy to maintain and upgrade; as a result, it is driving the growth of the cloud deployment mode.
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North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall Tokenization Market during the forecast period. The increase in the number of IoT and connected devices, and the vulnerabilities associated with them are some of the factors driving the adoption of the tokenization solution and services. The presence of many tokenization vendors and the widespread awareness of the tokenization solution and services are expected to continue to account for the region's highest market share during the forecast period.
The Tokenization Market comprises major solution providers, such as First Data (US), Gemalto (Netherlands), Fiserv (US), Micro Focus (UK), Symantec (US), Thales e-Security (US), Visa (US), WEX (US), Worldpay (US), Dell Technologies (US), CipherCloud (US), Futurex (US), Liaison Technologies (US), Protegrity (US), TokenEx (US), Bluefin (US), Sequent Software (US), Discover Financial Services (US), Carta Worldwide (Canada), Merchant Link (US), Ingenico ePayments (US), Rambus (US), Mastercard (US), Verifone (US), and IP Solution International (Australia). The research study includes an in-depth competitive analysis of the key players in the Tokenization Market, along with their company profiles, recent developments, and key market strategies.
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