Tokenization is a way to protect consumer data from potential breach by using unspecified numbers which contains essential information thus, eliminating the need to provide whole card details while making online transactions. This payment security method helps online businesses in protecting their data breach. With increasing cases of data breach across industries resulting in huge capital loss, tokenization provides a great platform for key players to find ways and means to make this system robust.According to AMA, the market for Tokenization is expected to register a CAGR of 24.6% during the forecast period to 2025. This growth is primarily driven by Growing Need to Prevent of Payment Fraud Cases and Stringent Regulatory Guidelines Set by Payment Card Industry Data Security Standard (PCI DSS) and Need for Compliance with Them.
Globally, a noticeable market trend is evident Growing Demand for Cloud Based Tokenization Security Solution
. The Technology Distributors sector in the North America region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Symantec [United States], Thales e-Security [United States], Visa [United States], WEX [United States], Worldpay [United States], Dell Technologies [United States], CipherCloud [United States], Futurex [United States], First Data [United States], Gemalto [Netherlands], Fiserv [United States], Micro Focus [United Kingdom], Liaison Technologies [United States], Protegrity [United States], TokenEx [United States], Bluefin [United States], Sequent Software [United States], Discover Financial Services [United States], Verifone [United States] and IP Solution International [Australia] etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
PCI DSS (Payment Card Industry Data Security Standard), a set of security standards, compliance is required for any business that processes credit or debit card transactions. The agency has set various guidelines which need adherence. The guidelines are Secure network, Secure cardholder data, Vulnerability management, Access control, Network monitoring & testing and Information security.
- Growing Need to Prevent of Payment Fraud Cases
- Stringent Regulatory Guidelines Set by Payment Card Industry Data Security Standard (PCI DSS) and Need for Compliance with Them
- Growing Demand for Cloud Based Tokenization Security Solution
- Rising Adoption of Data Tokenization for Mobile Apps
- Lack of Awareness About Tokenization System Among End user Industries
- Issue Related with Implementation of This System
Growing Digital Payment Methods Across Industry Verticals and Rapid Growth in eCommerce Market
Inability of Tokenization System to Provide Full-proof Security Solution
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