Payment security solutions provide security to users“ personal data and enables secure transaction between a merchants and customers through various digital payment modes such as the web, mobile, and POS machines. Payment security solutions have gained popularity, as it is helping organizations fulfill regulatory requirements of payment card industry data security standard (PCI DSS) compliances. Payment security solutions help in minimizing loss of financial data through regular monitoring of malicious activities across various payment modes and platforms.
Rising number of online payment platforms, increasing internet penetration, and increasing number of smartphone users are major factors driving growth of the global payment security market. In addition, increasing incidences of payment frauds, cyber-attacks, and cyber-crimes have further boosted demand for payment security solutions and services in the global market. Increasing number of e-commerce and m-commerce platforms coupled with increasing popularity of online shopping are some other factors driving growth of the global payment security market.
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A major factor hampering growth of the global payment security market is problems and limitations while transferring money via different payment systems. However, increasing adoption of multi-factor authentication is current trend in the market which is expected to further fuel growth of the global payment security market during the forecast period.
The global payment security market is segmented on the basis of solution, services, verticals, and region.
North America dominates the global payment security market and is expected to maintain its dominance during the forecast period owing to presence of large number of payment security vendors. The market in North America accounts of XX.X% of the global revenue. The market is Asia pacific is expected to witness significant growth during the forecast period.
Key players in the global payment security market are CyberSource Corporation, Braintree, Elavon, Index, Ingenico ePayments, Intelligent Payments, GEOBRIDGE Corporation, Shift4 Corporation, Transaction Network Services (TNS) Inc., and TokenEx, LLC