A lead analyst at AMR highlighted that the payment security market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the payment security market. The findings of the report state that the global market for payment security generated $17.64 billion in 2020, and is projected to reach $60.56 billion by 2030, growing at a CAGR of 13.2% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. An increase in the adoption of digital payment modes among customers, a rise in fraudulent activities in e-commerce payment systems, and a surge in the need for secure transactions among customers are expected to drive the growth of the global payment security market. On the other hand, a lack of trust in online banking among people is expected to hinder growth to some extent. However, persistent technological advancements are expected to create ample opportunities for the industry.
“The retail & e-commerce segment is expected to experience significant growth in the coming years, owing to the high adoption of online payment services in the retail & e-commerce industries. This in turn increases demand for payment security software to protect customer’s information at the fund transaction time,” says Pramod Borasi, Research Analyst at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the payment security market globally. The outbreak of COVID-19 has had a positive impact on the growth of the global payment security market, owing to the presence of lockdowns in numerous countries across the globe. Lockdowns resulted in a decreased flow of cash as people were more involved in online banking. Thus, people were increasingly inclined towards online banking for better privacy and security. Stringent social distancing restrictions were imposed by the government of various countries to curb the spread of the virus, which in turn, positively impacted the market.
The report offers detailed segmentation of the global payment security market based on component, platform, enterprise size, industry vertical, and region.
Based on type, the hosted segment accounted for the highest market share in 2021, contributing to nearly three-fifths of the global market. The non-hosted segment, on the other hand, is expected to cite the fastest CAGR of 18.1% during the forecast period.
Based on enterprise size, the large enterprise segment contributed to the highest market share in 2021, holding more than three-fifths of the global market. The small and medium enterprise segment, on the other hand, is expected to cite the fastest CAGR of 17.9% during the forecast period.
Based on region, the Asia-Pacific contributed to the largest market share in 2021, accounting for nearly two-fifths of the global market. In addition, this region is expected to cite the fastest CAGR of 18.4% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
The key players analyzed in the global payment protection market report include Bluefin Payment Systems, Cybersource, Elavon Inc., Ingenico, Intelligent Payment Solutions Pvt Ltd., Paypal, Shift4 Payments, LLC, SISA, Signifyd, and Tokenex.
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