FELTON, California, July 21, 2020
FELTON, California, July 21, 2020 /PRNewswire/ -- The global payment security market size is anticipated to reach USD 43.76 billion by 2025. It is also expected to register a 12.3% CAGR during the forecasted period, 2018 to 2025. The rising adoption of the internet and smartphones for cashless payment is driving the market growth of payment security.
The segment of fraud detection and prevention held the largest share and generated revenue of USD 8.07 Billion in 2017 owing to the implementation of several strategies like customer analytics, behavioral analytics, big data analytics, and governance for marketing purposes. On the other hand, the segment of encryption solutions is anticipated to witness 12.8% CAGR on account of its cost-effective nature as compared to other solutions.
The POS-based platform segment dominated the global market in 2017 on account of its features like low transaction fees, faster settlement, and secured transactions. Also, increasing consumer interest in online payments, convenience, and ease of online shopping is projected to drive the growth for this segment in the upcoming years.
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North America held the largest share in 2017 due to the shifting trend towards online payments and net banking across this region. The Asia Pacific is expected to register the highest growth during the forecasted years, 2018 to 2025 on account of the increasing number of consumer goods and retail startups in countries like India and China.
The payment security market includes key players such as MasterCard, Visa Inc., Bluefin, Ingenico, and Braintree. These players are investing hugely in R&Ds to gain a competitive advantage over other players. They are also adopting technologies like AI (Artificial Intelligence), Machine Learning and IoT (Internet of Things).
Further key findings from the report suggest:
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Million Insights has segmented the global payment security market on the basis of solution, platform, organization, application, and region:
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