Payment Security Markets, 2019 to 2024 - Major Players are CyberSource Corporation, Braintree Payment Solutions, Ingenico Group, and Elavon
Wednesday, July 17, 2019
DUBLIN, July 17, 2019 /PRNewswire/ -- The "Payment Security Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The payment security market was valued at USD 14.41 billion in 2018 and is expected to reach USD 30.05 billion by 2024, with a CAGR of 13.03% during the forecast period (2019-2024). With the rising number of digital payments, such as credit/debit payments, mobile wallets, and online payments, it is expected to boost the payment security market globally over the forecast period.
-- The growing number of data breaches is also one of the primary factors
contributing to the growth of payment security market. These growing
data breach cases are also increasing the financial losses due to it.
Hence, thriving the demand for payment security solutions.
-- The growing popularity of payment security solutions can also be
attributed to the requirements of Payment Card Industry Data Security
Standard (PCI DSS) guidelines, increasing awareness among the end-user
towards payment security and government initiatives towards promoting
the cashless mode of payments.
-- Moreover, recent technological innovations in the mobile commerce have
enabled users to conduct digital transactions from their smartphones,
such as purchasing goods and applications over wireless networks,
redeeming coupons and tickets, banking, processing point-of-sale
-- The demand for mobile payment security software solutions has increased
owing to the growing usage of wireless networks among individual
consumers. The augmented utilization of wireless networks in mobile
devices for payment in retail stores has increased the need for mobile
payment security software.
Key Market Trends
Retail Sector to Witness High Growth
-- With the increasing usage of mobile payments in the retail industry
primarily in the e-commerce sector is boosting the payment security
market. The major economies such as the United States, China have
witnessed a considerable rise in retail e-commerce sales which has now
become a key area of concern for consumers and financial service
providers due to the security of mobile banking and payments, which
provides the mobile payment security software market scope to grow.
-- Retail e-commerce sales are rapidly increasing owing to a combination of
government support, increased smartphone penetration, and applications
usage, and the promise of better shopping experience is likely to boost
the market growth forward.
-- Mobile technologies, powered by the complementary technologies of cloud,
analytics, and social mobile payments are expected to grow further,
which will drive the market further.
North America Occupies the Largest Market Share
-- North America's strong financial position enables it to invest heavily
in advanced solutions and technologies, which has provided the
organizations in this region a competitive edge in the market.
-- Moreover, the region has the presence of several payment security
vendors, such as CyberSource Corporation, Elavon Inc., Geobridge
Corporation, and TNS Inc. among various others which is one of the
factors driving the market in this region.
-- With the changing retail market and growing E-commerce sales in this
region, it is the primary factor that is raising the demand for a fast
payment solution, which, in turn, drives the need for the payment
-- Moreover, with an average consumer using more than one card at a time
and also online payments growing four times faster than retail payments,
the credit card market is booming, hence, creating an opportunity for
the payment security market.
The payment security market is highly competitive owing to the presence of many players running their business in domestic as well as international locations. The market appears to be moderately concentrated and the key strategies adopted by the major players are technological innovations and mergers and acquisitions. Some of the major players in the market are CyberSource Corporation, Braintree Payment Solutions, LLC, Ingenico Group, Elavon Inc. among others.
-- July 2018 - NCR collaborated with Bluefin to improve its client's
experience by providing Bluefin's PCI-validated point-to-point
encryption (P2PE) security solution. The security solution is provided
to merchants and retailers utilizing NCR's Counterpoint Retail Solution
to process payments through NCR Secure Pay.
-- July 2018 - Visa entered into a strategic partnership with Sabre,
allowing it to utilize CyberSource to provide a full suite of payment
acceptance, fraud management, and authentication services
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Growing Adoption of Digital Payment Modes
4.3.2 Increase in Fraudulent Activities in E-commerce
4.4 Market Restraints
4.4.1 Lack of Trust on Online Banking
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Platform
5.1.3 Other Types
5.2 By End-user Industry
5.2.4 IT and Telecom
5.2.5 Travel and Hospitality
5.2.6 Other End-user Industries
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CyberSource Corporation
6.1.2 Bluefin Payment Systems LLC
6.1.3 Braintree Payment Solutions LLC
6.1.4 Elavon Inc.
6.1.5 Ingenico Group
6.1.6 Geobridge Corporation
6.1.7 Signified Inc.
6.1.8 TokenEx LLC
6.1.9 TNS Inc.
6.1.10 Shift4 Corporation
6.1.11 Intelligent Payments Group Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/yck2x
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