Payment Security Software Market Scope
Payment security software is used to protect the sensitive data of users. In the current scenarios, the growth of digitization across industries and the increasing number of cashless transactions annually is the major factor behind the surging demand for payment security software globally. Moreover, The growth of online payment is susceptible to a number of security threats, the need for payment security software is surging constantly to prevent the losses incurred due to frauds and data breaches.
The market study is segmented by Type (Online payment security software, Mobile payment security software and Security & point-of-sale (PoS) Systems) and major geographies with country level break-up. According to AMA, the Global Payment Security Software market is expected to see growth rate of 11.1% and may see market size of USD21.03 Billion by 2024.
The payment security software market is moderately fragmented in the current scenario, key players are focusing on providing various online transaction security solutions and services to cater to the needs of various end-users such as BFSI, government, retail, healthcare sectors and others.
Thales eSecurity (United States), Symantec Corporation (United States), CA Technology (Broadcom Inc.) (United States), Cisco Systems (United States), Gemalto (Netherlands), Trend Micro Inc. (Japan), HCL Technologies (India), TNS Inc. (United States) and OneSpan Inc. (United States) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Payment Security Software market by Type, Application and Region.
On the basis of geography, the market of Payment Security Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component Type, the sub-segment i.e. Solutions (Encryption, Tokenization, Fraud Detection and Prevention) will boost the Payment Security Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organisation Size, the sub-segment i.e. Small and Medium-Sized Enterprises (SMEs) will boost the Payment Security Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. BFSI will boost the Payment Security Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In April 2019, Thales Enables the Future of Digital Payment Innovations with Next-Generation Payment Hardware Security Module.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance.
- Introduction of Innovative Technologies in Payment Security Specifically in Developed Nations
- Increasing Frauds and Data Breaches, Owing to Demand the Payment Security Software
- The Growth in Number of Cashless Transactions in both Developed and Developing Economies
- Increasing Fraudulent Activities in E-Commerce Sector
- Surged Emphasis on Safer and Shorter Transaction Time
- High Investments by Various Industries in the Development and the Deployment of New Technologies
- Lack of Trust on Online Banking in Developing Economies
- High Costs of Advanced Payment Security Solutions and Services
- Lack of Awareness of Online Payments in Rural Areas Globally
Key Target Audience
Payment Security Providers, Network Solution Providers, Government Agencies, Independent Software Vendors, System Integrators and Managed Security Service Providers (MSSPs)
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