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Payment Security Global Market Report 2022DUBLIN, Jan. 22, 2023 /PRNewswire/ -- The "Payment Security Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering. This report provides strategists, marketers and senior management with the critical information they need to assess the global payment security market. The global payment security market is expected to grow from $21.47 billion in 2021 to $24.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.83%. The payment security market is expected to grow to $43.13 billion in 2026 at a compound annual growth rate (CAGR) of 15.01%. Reasons to Purchase
Major players in the payment security market are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd, Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc, GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc, Mastercard and SecurionPay. It refers to rules, regulations, and security mechanisms in place to safeguard the privacy, data, and transactions of a customer or partner. Payment security aims to prevent money laundering, fraudulent transactions, and data breaches. Payment security can be executed by various methods including tokenization, 3D security, AVS (address verification service), fraud screening tools and others. Encryption is used to protect data in transit and data at rest. The services offered by payment security are integration services, support services and consulting services to the large enterprises and small and medium-sized enterprises (SMES). The industries using payment security include retail, travel and hospitality, healthcare, it and telecom, education, media and entertainment, others (automotive, financial services, and manufacturing). The increasing adoption of digital payment modes will create significant demand for payment security solutions as these are essential for secured payment transactions. For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21. Technological advancement is a key trend gaining popularity in the payment security market. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to more easily share and analyze intelligence about the authenticity of a purchase. Key players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their position in the market while enhancing their services. For instance, in July 2020, Visa Inc., a US-based payments technology company partnered with an Indian banking company Federal Bank to offer 'Visa Secure' to the bank's cardholders. 'Visa Secure' is a technology built on EMVCo 3DS (3D Secure) 2.0 protocol that allows customers to check out faster and with less friction. It provides an extra layer of authentication for issuers and merchants making the e-commerce highly secured at the point of purchase. Key Topics Covered: 1. Executive Summary
6.2. Global Payment Security Market, Segmentation By Services, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Payment Security Market, Segmentation By Organization Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.4. Global Payment Security Market, Segmentation By Vertical, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Payment Security Market Regional And Country Analysis For more information about this report visit https://www.researchandmarkets.com/r/f6quj2 Media Contact: Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/payment-security-global-market-report-2022-301727135.html SOURCE Research and Markets |