Global Mobile Payment Security Software Market Forecasts 2021-2026, Featuring Broadcom Corporation, OneSpan, UL Transaction Security, MagTek Inc. and NCR Corporation
Saturday, March 20, 2021
DUBLIN, March 12, 2021 /PRNewswire/ -- The "Mobile Payment Security Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
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The Global Mobile Payment Security Software Market is expected to grow at a CAGR of 9.2% over the forecast periods (2021-2026). Increasing adoption of mobile wallets in both emerging and developed countries is providing numerous opportunities for service providers and merchants, which is driving the market demand for security software.
Mobile payment methods are expected to grow at a significant rate, owing to the increasing smartphone penetration and the various benefits associated with them, such as improved customer experience, which results in shorter waiting times in queues and wider payment offers to customers.
Mobile payment can be performed either by SMS via QR codes, or Near Field Communication (NFC). Consumers are becoming increasingly familiar with using mobile phones for various purposes, including secure financial transactions via mobile applications, or web banking site. The growing adoption of multi-factor authentication techniques are also expected to aid the growth of the market.
The increasing number of digital payments, such as credit/debit payments, mobile wallets, and online payments, is expected to boost the mobile payment security software market over the forecast period. The growing number of data breaches is also one of the primary factors contributing to the market's growth. According to the Payment Methods Report 2019 by the European Payment Council, it is expected that 2.1 billion consumers across the world may use an e-wallet to make payments or send money. Rapidly increasing loyalty programs in the mobile wallet domain are further boosting the growth of mobile payments globally.
In recent years, the use of mobile applications for making payments and mobile app breaches have increased exponentially. The breaches usually begin with a public copy of the app with bugs in the code that a hacker can reverse engineer to steal data. It is estimated that malicious code affects over 11.6 million mobile devices at any given point of time. The most prevalent methods that lead to data breaches come from risky app behaviour, including aggressive data collection and data sharing.
With the recent outbreak of COVID-19, the mobile payment security software market is expected to witness significant growth, owing to an increased usage of digital payment services.
Retail Industry to Dominate the Market.
-- In the past five years, retail has become a mobile function specially
with the rise in popularity of mobile e-wallets. The introduction of 5G
is enhancing innovations in retail technology and, in turn, benefitting
the consumer. However the security vulnerabilities related to these
wallets are driving the market demand.
-- Global retailers such as Walmart, Target and Dunkin are adopting mobile
payments by leveraging the power of loyalty and using mobile payments as
a way to make the checkout process as painless as possible. This demands
an increasing level of payment security to maintain customer
relationship.
-- Rising global e-commerce transactions are further driving the market
demand. According to US Commerce Department, consumers spent USD 517.36
billion online with U.S. merchants in 2018, up 15% from USD 449.88
billion spent in 2017. This trend is expected to continue and give rise
to mobile payment security software solutions.
-- Rambus has rolled out "Vaultify Shop", which enables retailers to
digitize credit cards, gift cards, loyalty points and coupons into a
single secure mobile wallet and create a frictionless shopping
experience for consumers.
-- Due to COVID-19, the e-commerce sector is witnessing a spike in demand
as consumers are ordering the essential items such as food, clothes,
among others, through e-commerce websites where most of the consumers
prefer the digital mode of payment.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Mobile Payments Due to Increased Smartphone Penetration is Driving the Market Demand
4.4 Market Restraints
4.4.1 Increased Risk of Exploitation Through Piracy is Restraining the Market Demand
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.7 Assessment of COVID-19 impact on the industry
5 MARKET SEGMENTATION
5.1 End-user Industry
5.2 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Broadcom Corporation
6.1.2 OneSpan
6.1.3 UL Transaction Security
6.1.4 MagTek Inc.
6.1.5 NCR Corporation
6.1.6 Fidelity National Information Services Inc.
6.1.7 Ingenico Group
6.1.8 FICO Enterprise
6.1.9 Chase Paymentech Solutions
6.1.10 Braintree Payment Solutions LLC
6.1.11 Bluefin Payment Systems LLC
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/1n1yjr
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