The Payment Security Market: An Overview

The payment security market encompasses solutions aimed at securing payment systems, transactions, and sensitive customer data associated with payments. It is a critical subset of the cybersecurity industry. The payment security market is projected to be worth USD 60.43 billion by 2030, registering a CAGR of 14.20% during the forecast period (2022 - 2030)

Key payment security market segments include:

• Solutions - Encryption, tokenization, fraud detection/prevention, POS intrusion detection, EMV chip cards, multi-factor authentication, mobile payment security.
• Services - Consulting, integration, support and maintenance services for payment security software and hardware.
• Deployments - On-premise and cloud-based payment security deployments. Hybrid models are gaining traction.
• End-users - Retailers, ecommerce businesses, banks, payment service providers, merchants, credit card companies.
• Verticals - Retail, BFSI, hospitality, healthcare, IT and telecom, and more.

Leading Vendors in the Payment Security Market

Thales - Provides data encryption, tokenization, key management and other payment security technologies.

PCI Pal - Offers cloud-based payment card industry (PCI) compliance solutions for call centers and businesses.

AlienVault - Unified security management platform features intrusion detection and log analysis for POS systems.

Transmit Security - Behavioral biometrics solution provider focused on payment fraud prevention and authentication.

Entrust - Provides multilayered security solutions including encryption, instant tokenization, and identity management.

Key Drivers for the Payment Security Market

• Increasing online and mobile payment adoption globally requiring secured transactions.
• Rise in payment data breaches demanding robust fraud prevention and access controls.
• Stringent industry compliance standards like PCI-DSS.
• Emergence of digital wallet and contactless payment technologies.
• Technological advancements in biometrics, artificial intelligence, machine learning.
• High costs associated with payment fraud spurring security investments.

Regional Market Insights

North America leads the global payment security market presently. Asia Pacific is likely to exhibit rapid growth given rising ecommerce and fintech adoption in India, China, and Southeast Asia. Europe is a mature market, aided by PSD2 and open banking expansion.

Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Payment Security Market

Industry Latest News

• Thales completed the acquisition of access management firm SPS in January 2022 to augment payment security offerings.
• PCI Pal attained record revenues in FY2021, reflecting strong demand for its cloud solutions.
• Transmit Security raised $543 million in Series A funding in June 2021, achieving unicorn status.
• Entrust acquired the Instant Financial Card Issuance business from Idemia in Dec 2020 to expand its instant tokenization capabilities.

In summary, rising digital and contactless payment volumes globally, sophistication of fraud attempts and stricter regulations are key factors driving investments in payment security solutions, with the market set for robust growth.

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