The development of the Internet of
Things (IoT) is leading to numerous connected devices and wearables being
fortified with the payment abilities. Meanwhile, the Mastercard has established
a platform to turn a selection of customer products, namely key fobs,
wristbands and jewelry, into the payment devices. The Visa Inc, is functioning
more positively on a connected car solution that will permit the customers to
pay for numerous amenities namely eateries, fuel, parking and several others
from the vehicle.
Furthermore, the IoT is supporting
in developing the accurateness of the financial rules and data modeling. The
Machine learning has documented the traditional approaches for the payment
transaction infrastructure. This supports in securing the data and provide the
security to the customers while conducting the online transactions, which is
further possible to boom up the growth of the market over the next few years.
According to the report analysis, ‘Global
Payment Security Market (2018-2023)’ states that in the global payment
security market there are several key players which recently functioning more
positively for leading the highest market growth and registering the huge value
of market share around the globe throughout the short span of time while developing
the applications and specification of the technology, providing the better
offers, decreasing the transaction fee and delivering the better consumer
satisfaction includes Bluefin, SISA, Paygilant, Ingenico ePayments, ThreatMark,
CyberSource, Braintree, Elavon, Intelligent Payments, Shift4 Payments and
several others.
The growing saturation of
smartphones, receiving of wearable technology, snowballing implementation of
the m-commerce and e-commerce by banking and financial services, entrance of
the technology companies, and admittance to diverse payment technology
solutions are prophesied to fuel the industry, nevertheless of technological,
financial and sanctuary challenges preventive the ecosystem in several foremost
regions. The global payment security market is anticipated to increase to USD
48.85 Bn by 2023, enlarging at a compound annual growth rate (CAGR) of 17.7%
during the review period of 2018-2023.
Based on the end users, the retail
and BFSI sectors are predicted to enlarge at a CAGR of 18.5% and 20.6%
respectively during the 2018-2023 period. Security plays a foremost role in
online trade. Data breaches create consumers wary and inspiration them into
suspending with the exaggerated e-commerce websites. They desire bank transfers
and credit cards for travel payments. The North America region is the leading
market for the payment security software sector. Owing to the growing
investments in online payment technologies, it is predicted that this market
will retain its position during the reviewed period.
Moreover, based on the country, the
global payment security market is divided into five regions such as North
America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The North America region controls the principal market share of the payment
security market. However, the Asia-Pacific region will be the fastest
increasing market owing to the increasing usage of the mobile payments. With
customers progressively embracing digital wallets, banks and businesses have
malformed their payment infrastructures to sustenance this surge. Therefore, in
the coming years, it is anticipated that the market of payment security will
increase around the globe more significantly over the coming years.
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Ken Research
Ankur Gupta, Head Marketing &
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