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Global Payment Security Market

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Global Payment Security Market was valued US$ 8.5 Bn in 2017 and is expected to reach US$ 30 Bn by 2026 at a CAGR of 17.7 % during forecast period.

Global Payment Security Market

IoT is helping in improving the accurateness of financial rules and data modeling. Machine learning is reorganized traditional methods for payment transaction infrastructure. This helps in securing data and deliver protection to customers while making online transactions, which is expected to boost the growth of the market over the forecast period.

Payment security suppliers are involved in research and development (R&D) and are focusing on developing other advanced solutions to provide payment security. U.S. is a well-known consumer market and is focusing on innovation. Companies like PayPal and Apple Inc. have strong presence in the region.

Chatbot is the most familiar application of Artificial Intelligence in financial services. Chatbots have covered extensive range of industries and financial institutions. They are helping in reducing frauds and secure card and other payment data and minimize the complexity with multiple customers at a single point-of-time. Various banks and Fintech companies are using chatbots for e-commerce and customer service applications. Deep learning and other artificial intelligence approaches are significantly developing as promising solutions to keep up with threats. Several market players are currently using AI to enhance payment security.

Development in technology, partnership and collaboration are key strategies accepted by the market players which are boosting the growth of payment security market. Previously, MasterCard and Dynamics Inc., cooperated to develop extended suite of secure and feature rich payment card solutions. Cards come with multiple applications stored on the card itself, promising its compatibility across existing Point of Sale (POS) terminals. In terms of security aspects, these interactive payment cards are having a display and keypad to meet the purpose. Whenever a consumer enters the correct unlocking code into the buttons of the card, the payment card number is provided on a display (for online use) and is written to the bar (for in-store use). On the other hand, there are certain factors that are limiting the growth of the market. Security issues for online banking and lack of awareness about online payments are considered to be restraining factors for the growth of the market.

APAC is growing significantly and expected to contribute considerably in the growth of global payment security market. APAC region countries like India, China and Japan are showing a remarkable growth in E-Commerce domain. The increasing demand of e-commerce services is boosting the growth of payment security market because of the implementations of Europay MasterCard and Visa (EMV). Increasing security issues will drive the payment security market in near future. Additionally, according to the U.S. payment forums, more than 72% of the online merchants have reported the CNP Frauds in the year 2015. An evident number of Card Not Present (CNP) frauds have been identified across the Europe after its implementation. Similar trends can be prohibited by retailers to be more concerned about the security and their e-commerce payments. A payment gateway is an e-commerce based service provider that eases the payments made with the credit cards for regular brick and mortar business, e-businesses and online retailers. It allows the information transfer between a corresponding bank or a front end processor and a payment portal like a website, mobile phone. Implementation of e-commerce payment gateway service is necessary while operating an online business.

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding payment security market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in payment security market.


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