Tokenization Market is Projected To Reach USD 2709.9 Million By 2028 At A CAGR of 13.0% | Valuates Reports
BANGALORE, India, Feb. 23, 2023 /PRNewswire/ -- Tokenization Market is segmented by Type - Service Tokenization, Software Tokenization, by Application - BFSI, IT, Telecom and Media, Healthcare and Pharma, Government and Defense, Others. Global Opportunity Analysis and Industry Forecast 2023-2028. It is published in Valuates Reports under the Software Category.
The global Tokenization Market is projected to reach USD 2709.9 million by 2028 from an estimated USD 1301.6 million in 2022, at a CAGR of 13.0% during 2023 and 2028.
Major Factors Driving The Growth Of The Tokenization Market Are
The main factors anticipated to propel the growth of the tokenization market are the need to remain compliant and meet regulatory reporting standards, the growing need to guarantee continuous customer experience and maintain fraud prevention levels due to increasing financial frauds, and the need to reduce risk from data breaches.
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TRENDS INFLUENCING THE GROWTH OF TOKENIZATION MARKET
Criminals target companies that accept credit and debit cards because the data contained in payments contain a wealth of intelligence. Businesses can reduce the damaging financial effects of data theft by using tokenization. There just isn't any user personal data to steal, not even in the event of a breach. Since credit card details are no longer physically stored in POS terminals and internal systems, credit card tokenization aids online businesses in enhancing the security of their data from the time of data capture to storage. This factor is expected to increase the growth of the Tokenization market. Tokenization reduces the risk of data breaches.
Cloud-based tokenization is a technique for securely storing the original, sensitive data outside of the company's internal systems and exchanging sensitive data for an irreversible, non-sensitive placeholder called a token. Compared to conventional on-premises tokenization, it may be more inexpensive and simpler to integrate. Removing sensitive data from its data settings also narrows the scope of a company's risk and compliance requirements. Additionally, by substituting format- and/or length-preserving tokens for the original, sensitive data, enterprises can protect that data without losing its usefulness or the flexibility of their present business processes. The tokenization market is anticipated to be driven by rising demand for cloud-based tokenization solutions and services.
Organizations that accept, transfer, and keep any cardholder's data are required under the Payment Card Industry Data Security Standard (PCI DDS) to make sure the data is protected in a suitable manner. Retailers must comply with the rules and accept credit card payments in order to do this. Also, protected networks need to be kept up to date on the retailers' database. Additionally, to make sure they are complying with PCI DSS regulations, merchants are obliged to report specific systems that hold and process credit card information. This factor is expected to increase the growth of the Tokenization market.
Because tokenization offers a stateless, data-centric strategy with fewer security vulnerabilities and dangers, businesses are turning to it more frequently. This factor is expected to increase the growth of the Tokenization market. In general, applications utilize tokens and only seldom access real values. When it comes to data types like social security numbers, dates of birth, passport numbers, and account numbers, tokenization which is typically linked with credit cards applies to every business.
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TOKENIZATION MARKET SHARE ANALYSIS
Due to a number of factors, including an increase in eCommerce payments, online gaming, online shopping, a fully regulated market, a rise in online streaming, n increase in smartphone use, and an increase in cyberattack cases, North America is anticipated to hold the largest tokenization market share by region.
Due to the development of frictionless digital payments, while maintaining safe transactions, the BFSI sector is anticipated to hold the highest tokenization market share throughout the projection period.
American Express, Visa (CyberSource), Thales, and other companies are using global tokenization. A share of around 40% is held by the top 5 corporations globally.
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