Tokenization Market Size to Reach USD 2166.8 Million By 2026 at a CAGR 12.5% - Valuates Reports
BANGALORE, India, March 4, 2021 /PRNewswire/ -- Tokenization Market is Segmented by Type - Hardware, Software, Services, by Application - BFSI, IT & Telecom, Government, Hospitality & Transportation, Military & Defense, Others, by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Software Category.
The global Tokenization market size is projected to reach USD 2166.8 Million by 2026, from USD 939.7 Million in 2019, at a CAGR of 12.5% during 2021-2026.
Major factors driving the growth of tokenization market size are the increasing need to stay compliant with regulations and the growing need to ensure continuous customer experience as well as reduced fraud levels.
TRENDS INFLUENCING THE TOKENIZATION MARKET SIZE
The payment industry is making strides in promoting new payment form factors that require increased protection against counterfeiting, account misuse, and other types of fraud. For card-not-present, card-present, and hybrid transaction environments, protection is therefore required to help reduce unauthorized use of cardholder account data and avoid cross-channel fraud.
Tokenization is commonly used to protect payment card data so that merchants can reduce their obligations under PCI DSS. This feature is expected to drive the growth of tokenization market size during the forecast period.
Companies that accept credit and debit cards must comply with the Payment Card Industry Data Security Standard (PCI DSS). Tokenization makes it significantly simpler to achieve and sustain compliance with industry regulations. PCI DSS aims to minimize confidential data retention and securely control its storage and deletion. By never letting sensitive cardholder data enter the systems in the first place, tokenization meets this crucial requirement. This feature is, in turn, expected to fuel the tokenization market size.
The rising technological advancements are expected to increase the growth of tokenization market size. From the stable in-store point of sale acceptance to on-the-go payments, from conventional eCommerce to a new wave of in-app payments, tokenization makes it simpler and safer than ever to pay with smartphones. For example, The rising popularity of in-store payments with your customers' mobile devices features tokenization. When customers pay with a mobile wallet like Apple Pay or Google Pay, their personal credit card information is stored as a token on their phone. With the extra layer of biometric protection and other advanced authentication methods, additional security comes from smartphones themselves.
Other major trends driving the growth of tokenization market size are increased alignment of customers towards contactless payments and rising demand for cloud-based tokenization solutions and services.
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TOKENIZATION MARKET SHARE ANALYSIS
Based on type, the solution segment is expected to hold the largest tokenization market share analysis. A significant number of SMEs are using the tokenization solution to safeguard their organizations against increasing payment fraud and identity theft.
Based on application, the BFSI ertical is expected to hold the largest tokenization market share during the forecast period. The BFSI vertical is more susceptible to cyber-attacks. Thus, to protect its staff, clients, properties, offices, branches, and operations, it is always on the lookout for advanced payment protection products and services; as a result, it holds a large share in the tokenization market.
North America is expected to hold the largest tokenization market share during the forecast period based on region. The existence of regulations such as CCPA, the rise in cyber attacks, particularly payment fraud across industries, is expected to drive the need for tokenization solutions and services throughout North America. It is also predicted that changing consumer trends towards the adoption of contactless cards and digital-first credit cards would boost tokenization growth in North America.
Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period. APAC economies, especially in eCommerce, are seeing high growth in payment innovation. When it comes to online shopping and payments, Asian customers demand a seamless, quick, and stable digital infrastructure.
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KEY SEGMENTATION BY DATA TYPE
KEY SEGMENTATION BY APPLICATION
KEY SEGMENTATION BY REGION
KEY SEGMENTATION BY PLAYERS
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SIMILAR REPORTS :
- Contactless payment market size was valued at USD 1,168 Billion in 2019, and is projected to reach USD 5,424 Billion by 2027, growing at a CAGR of 20.6% from 2020 to 2027.The growth of Contactless Payments market size is propelled by decreased transaction time, simplicity in handling low-value payments, and improved revenue opportunities.
- Mobile payment market size was valued at USD 1.48 Trillion in 2019, and is projected to reach USD 12.06 Trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.
- Cyber Security Market size is expected to grow from USD 158,425.94 Million in 2019 to USD 267,420.59 Million by the end of 2025 at a CAGR of 9.11%. The large enterprise segment accounted for the highest cybersecurity market share in 2019, owing to large enterprises' major focus to implement effective security solutions.
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- Global Internet security market is expected to garner USD 46.5 billion by 2021, registering a CAGR of 8.4% during the forecast period 2016-2021.
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