The global payment security market reached a value of US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.7 Billion by 2027, exhibiting a CAGR of 14.40% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Payment security refers to a system of security solutions and services that is designed to prevent monetary frauds, unauthorized transactions and mitigate the risk of data breaches. It also secures all forms of online financial transactions using data encryption, firewalls and data loss prevention (DLP) protocols. It consists of identity and access management, anti-malware, endpoint security, risk and compliance management and intrusion detection. This, in turn, assists in creating a trustworthy platform, minimizing loss of financial data through regular monitoring of malicious activities and provides protection against continuous threats of cyber security breaches. As a result, payment security solutions are widely used across the information technology (IT), healthcare, banking, financial services, and insurance (BFSI) industries. Payment Security Market Trends:
Significant growth in the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Payment security assists banks in streamlining and automating finance management processes, increasing operational efficacy, and ensuring accurate records across recurring processes, such as invoicing and reconciliation. Additionally, the increasing adoption of digital payment modes and utilization of wireless networks in computing devices for facilitating payments is favoring the market growth. Furthermore, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), machine learning (ML) and artificial intelligence (AI) solutions, are providing an impetus to the market growth. These technologies aid in monitoring transactions, tracking the location of the financial crime, improving accuracy, securing data, mitigating risks, detecting frauds and managing regulatory compliance. In line with this, increasing incidences of payment frauds, cyber-attacks, cyber-crimes, and rising concerns regarding confidential and sensitive data are positively impacting the market growth. Other factors, including rapid digitization, along with the widespread product adoption to fulfil the regulatory requirements of the payment card industry and data security standard (PCI DSS) compliances across the globe, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global payment security market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, platform, enterprise size and end user.

Breakup by Component:

Solution
Encryption
Tokenization
Fraud Detection and Prevention
Service

Breakup by Platform: Web-based
POS-based

Breakup by Enterprise Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by End User:

BFSI
Government and Utilities
IT and Telecom
Healthcare
Retail and E-Commerce
Media and Entertainment
Travel and Hospitality
Others

Breakup by Region: North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bluefin Payment Systems LLC, Broadcom Inc., Cybersource (Visa Inc.), Elavon Inc. (U.S. Bancorp), Ingenico (Worldline), PayPal Holdings Inc., SecurionPay, Shift4 Payments, Signifyd, SISA Information Security, TokenEx and VeriFone Inc. Key Questions Answered in This Report:
How has the global payment security market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global payment security market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the platform?
What is the breakup of the market based on the enterprise size?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global payment security market and who are the key players?
What is the degree of competition in the industry?