Payment Security Market Size Worth $64.34 Billion By 2030

Payment Security Market Growth & Trends

The global payment security market size is expected to reach USD 64.34 billion by 2030, expanding at a CAGR of 13.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the rise in fraudulent activities in recent years. According to a survey by FIS, in April 2021, there has been a considerable increase in financial fraud throughout the pandemic, with customers increasingly embracing online services when conducting purchases. According to the FIS report, an increasing number of consumers are falling victim to cyber fraudsters, with 34% of surveyed participants reporting that they had experienced financial fraud in the past year.

AI-powered fraud detection and prevention systems are being developed to identify and prevent payment-related fraudulent activities in real-time. These systems can analyze large amounts of data and identify suspicious behavior patterns, providing a proactive approach to security. Additionally, AI powered fraud detection and prevention systems can learn from previous fraud attempts and continuously adapt their models to stay ahead of emerging fraud trends. By doing so, they can provide a proactive approach to security and help prevent fraudulent activities before they occur.

Payment security providers are constantly evolving and adapting to new technologies and threats to ensure secure and seamless transactions. For instance, 3-D Secure is a security protocol used by credit card companies to authenticate online transactions. This protocol requires the cardholder to enter a unique password or biometric information to verify their identity, providing an additional layer of security for online transactions.

The COVID-19 pandemic had a positive impact on the market. The pandemic increased awareness among consumers regarding the trends and the need for being cautious about sharing personal and financial information online. As a result, consumers have become more vigilant about protecting their payment information and have increasingly demanded more robust security measures from merchants and payment providers.

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Payment Security Market Report Highlights

• The fraud detection & prevention segment dominated the market in 2022. With the growth of digital payments and e-commerce, there has been a significant increase in the number of fraudulent transactions. As a result, there is a growing need for fraud detection and prevention tools to protect consumers and businesses from financial losses.

• The POS based/mobile based segment dominated the market in 2022. With the growing use of smartphones and tablets, consumers increasingly purchase through mobile devices. This has led to a surge in demand for mobile-based payment solutions, which has, in turn, driving the growth of the POS based/mobile based segment.

• The large enterprises segment dominated the market in 2022. Large size enterprises have complex payment systems with multiple channels and payment methods. They need to ensure that all these systems are secure and integrated to provide their customers with a seamless and secure payment experience.

• The retail & e-commerce segment dominated the market in 2022. Retail and e-commerce businesses involve a large number of transactions every day. With the increase in online shopping, the number of transactions has increased, making it more vulnerable to cyberattacks and fraud, which makes the adoption of payment security solutions essential in retail & e-commerce businesses.

• The North America dominated the market in 2022. The mature IT sector in North America fosters technical advancement and innovative business models, that are leveraged to accelerate the adoption of a digital payment platform. Moreover, data security providers are collaborating with multiple financial institutions to create secure, open, decentralized, and robust platforms in response to the growing threat of cybercrime.

Payment Security Market Segmentation

Grand View Research has segmented the global payment security market on the basis of solution, platform, organization, application, and region:

Payment Security Solution Outlook (Revenue, USD Million, 2017 - 2030)

• Encryption

• Tokenization

• Fraud Detection & Prevention

Payment Security Platform Outlook (Revenue, USD Million, 2017 - 2030)

• Web Based

• POS Based/Mobile Based

Payment Security Organization Outlook (Revenue, USD Million, 2017 - 2030)

• Small & Medium-Sized Enterprises (SMEs)

• Large Enterprises

Payment Security Application Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce

• Travel & Hospitality

• Healthcare

• Telecom & IT

• Education

• Media & Entertainment

• Others

Payment Security Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Turkey

  • Sweden

  • Spain

  • Poland

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Taiwan

  • Thailand

  • Malaysia

  • Singapore

  • Indonesia

  • Australia

• South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Kingdom of Saudi Arabia (KSA)

  • UAE

  • Egypt

  • South Africa

List of Key Players in the Payment Security Market

• Elavon Inc.

• Ingenico

• Utimaco Management GmbH

• Shift4 Payments Inc.

• Mastercard

• Intelligent Payment Solutions Pvt Ltd.

• TokenEx, LLC

• Paypal Holdings, Inc.

• Bluefin Payment Systems

• Visa Inc.