Tokenization Market to Generate $12,684.2 Million Revenue by 2030, says P&S Intelligence
Wednesday, August 3, 2022
NEW YORK, July 26, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the tokenization market was worth around $2,590.6 million, which is set to touch $12,684.2 million worth by 2030, progressing at a 19.3% compound annual growth rate from 2021 to 2030. This is mainly ascribed to the growing incidence of financial frauds and surging demand for protected payment gateways.
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Organizations that receive, 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 safeguarded appropriately. Retailers must abide by the rules and accept credit card payments to do this. Additionally, secured networks need to be kept up to date on the database of merchants.
Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/tokenization-market/report-sample
Important Points of Tokenization Market Report
-- Globally, the demand for tokenization is the highest in the BFSI
industry. Due to an increase in the demand for the security of the data
while making digital payments, the category is predicted to produce
around $5.0 billion in revenue by 2030.
-- Another important factor driving banks to embrace tokenization solutions
is the strong need to protect the transactions in any commerce
environment. Tokenization is no longer restricted to card payments,
because of the advent of newer payment systems and schemes that promote
the usage of digital transactions.
-- The tokenization market outlook predicts that the cloud category will
have the faster growth, around 20%, between 2021 and 2030. Since
merchants are not needed to create secure credit card information,
usernames, passwords, and other credentials, using the cloud, this
deployment approach is quite advantageous.
-- Tokenized payment cards improve the security of consumers' detail before
they enter a merchant's payment gateway, by using cloud-based
tokenization, which makes use of PCI-compliant technologies to handle
and safeguard cardholder data.
-- On-premises deployment is predicted to have a significant share
throughout the forecast period, though. Because sensitive data may be
stored inhouse, companies have more control over the database with this
deployment model.
-- The North American tokenization market is predicted to generate more
than $6 billion in revenue in 2030, with a CAGR of almost 20% between
2021 and 2030. The increasing data breach incidence, rising payment
regulatory compliance, and concerns about payment security are some of
the key drivers for the market growth.
Regardless of whether a person is a resident of the EU or not, companies that retain or transfer personally identifiable information (PII) of EU residents are subject to the General Data Protection Regulation (GDPR). Primary account numbers and credit card information are included in the PII.
Browse detailed report on Tokenization Market Size, Share, Growth and Demand Forecast Report 2030
The tokenization market is heavily consolidated, with a few significant players holding a significant share of it. To keep ahead of the competition, they have participated in alliances and cooperation in recent years. These players are:
-- Fidelity National Information Services Inc.
-- THALES
-- American Express Company
-- Micro Focus LLC
-- Mastercard International Incorporated
-- Visa Inc.
-- Fiserv Inc.
Tokenization Market Report Coverage
By Component
-- Solutions
-- Services
By Organization Size
-- Small & Medium Enterprises
-- Large Enterprises
By Deployment Mode
-- Cloud
-- On-Premises
By Application
-- Payment Security
-- User Authentication
-- Compliance Management
By End Use
-- BFSI
-- Healthcare
-- IT & Telecom
-- Retail & E-Commerce
-- Education
Regional Analysis
-- North America
-- U.S.
-- Canada
-- Europe
-- Germany
-- Italy
-- Spain
-- U.K.
-- France
-- Asia-Pacific
-- Japan
-- India
-- China
-- Australia
-- South Korea
-- Latin America
-- Brazil
-- Mexico
-- Middle East and Africa
-- Saudi Arabia
-- South Africa
Browse More Reports Published by P&S
Security as a Service Market Size Analysis and Growth Forecast to 2030
Low-Code Development Platform Market Size Analysis and Growth Forecast to 2030
About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
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SOURCE P&S Intelligence
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