Skip to main content

Payment Security Software Market Technological breakthroughs, Value chain and stakeholder analysis

According to a research report by Transparency Market Research (TMR), the global Payment Security Software Market is characterized by innovation in technology. Strategic alliances among software and hardware providers is also a key trend in this market. The leading vendors of payment security software, such as Symantec, Intel, Cisco Systems, HCL Technologies, and Thales e-Security, are engaging into mergers, acquisitions, and partnerships increasingly in a bid to strengthen their presence across the world. Over the forthcoming years, the market is expected to move towards consolidation, which is anticipated to intensify the competition between the companies, notes the research study.

The report estimates the opportunity in the worldwide market for payment security to expand at a CAGR of 8.90% during the period from 2017 to 2025, reaching US$23.7 bn by the end of the forecast period. Currently, security information and event management (SIEM) software reports a greater demand from end users and this trend is projected to continue over the next few years. Among end users, the banking, financial services, and insurance (BFSI) sector is registering a high adoption of this software. Mobile payments have surfaced as the most preferred mode of payment for cashless transaction, which is reflected on demand for payment security software in this segment.


Thanks to the increased uptake of online payment methods, North America has emerged as the leading regional market for payment security software. With the rising investment in online payment technology, this market is anticipated to retain its position over the period of the forecast, states the research report.

Digital Transformation in Payment Methods to Fuel Demand for Payment Security Software

“The increasing number of cashless transactions is the main factor behind the rising demand for payment security software across the world,” says a TMR analyst. With the ongoing digital transformation, the payment market is witnessing a significant change in the pattern of financial transactions, which is shifting towards cashless increasingly.

The digitization across industries is leading to high investments in the development and the deployment of new technologies, encouraging them to come up with technical competence that ensure fast, secure, and easy financial transaction and exchange of information over the Internet. As online payment is susceptible to a number of security threats, the need for payment security software is increasing constantly to prevent the losses incurred due to frauds and data breaches.


Stringent Government Regulations to Act as Hindrance

Although the global market for payment security software is anticipated to witness a thriving future over the forthcoming years, it may face several roadblock on the way. The stringent regulations governing the introduction and implementation of innovative security systems and solutions may pose a challenge to this market in the years to come. The increasing apprehension of consumer towards online payments, triggered by the surge in cyber-attacks and cases related to fraud, is also projected to hamper the market’s growth over the forthcoming years. However, technological advancements in payment security systems are expected to reduce the impact of these factors in the near future, states the research report.

The review is based on a report by Transparency Market Research (TMR), titled “Payment Security Software Market (Solution - Software (Firewalls, Anti-virus/Anti-malware, Intrusion Detection and Prevention (IDS/IPS), Data Encryption, Tokenization, Multi-factor Authentication, Security Information and Event Management (SIEM), and Data Loss Prevention (DLP)), and Services; Mode of Payment - Mobile Payment Security Software, Point-of-Sale (PoS) Systems and Security, Online Payment Security Software; End Use - BFSI, Retail, Healthcare, and Government) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025.”


The global payment security software market is segmented as below:

By Solution

Software
Firewalls
Anti-virus/anti malware
Intrusion detection and prevention (IDS/IPS)
Data encryption
Tokenization
Multi-factor authentication
Security Information and Event Management (SIEM)
Data Loss Prevention (DLP)
Others
Services

By Mode of Payment

Mobile payment security software
Point-of-Sale (PoS) systems and security
Online payment security software

By End-use

Banking, Financial Services and Insurance
Retail
Healthcare
Government
Others

By Geography

North America
The U.S.
Canada
Rest of North America
Europe
Germany
Italy
France
The U.K
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Middle East and Africa
Saudi Arabia
Africa
Rest of Middle East and Africa
South America
Brazil

Rest of South America

Comments

Post a Comment

Popular posts from this blog

Wi-Fi Chipset Market Poised for an Explosive Growth in the Near Future

Wi-Fi is a technology based on the IEEE 802.11 standard which connects two or more devices using wireless communication within a limited area such as office building, school, home, or computer laboratory. Usage of Wi-Fi has increased significantly in residential and commercial places since the last several years due to the ease of its installation and operation. Currently, a number of devices including video-game consoles, digital cameras, digital audio players, digital printers, smart TVs, tablets, phones, and personal computers are available with built-in Wi-Fi technology. These devices can connect to the internet with the help of wireless access point or wireless LAN (Local Area Network) and can provide control and monitoring of a system from a remote location. Wi-Fi chipsets usually operate in 2.4 gigahertz UHF (Ultra High Frequency) band and 5.8 gigahertz SHF (Super high frequency) band. Wi-Fi Alliance, comprising more than 375 organizations worldwide, establishes and enforces W...
Post a Comment
Read more

Keyless Entry System Market: Industry Outlook, Growth Prospects and Key Opportunities

Keyless entry system is technology that provides physical access to an individual inside any premises or automotive without the use of a mechanical key for performing the locking and unlocking operation. Keyless entry system provides an enhanced convenience and security to the users. In case of a keyless entry system, the users get secure and authorized access to an automotive or premise with the use of various external devices or gesture such as a keyless fob or a smart card, or by the use of their own voice, fingerprints or facial recognition among others. Owing to rapidly increasing adoption of smart technologies across various application sectors, keyless entry systems is increasingly installed among users especially in the transportation sector, government sector, banking financial services and insurance (BFSI) sectors and hospitality industry among others. The global Keyless Entry System market is anticipated to experience a robust growth during the forecast period from 2017 to...
Post a Comment
Read more

Automotive Leaf Spring Suspension Market - Business Strategies and Recent Development

Key priorities of automotive manufacturers include increasing operational performance, improving drivability, and ensuring the safe transport of cargo and passengers. Increasing acceptance of hybrid and electric vehicles and integration of smart and connected technologies have prompted manufacturers to focus on improving the power and drivetrain systems such as clutch, transmission, propeller shaft, axle, and leaf springs. Leaf springs are located between the wheels and the body of the vehicle. When the wheel passes over a bump, it rises and deflects the spring; thereby, storing the energy in the spring. On releasing, due to the elasticity of the spring, it rebounds thereby expanding the stored energy. Increase in demand for automobiles globally, is driving the leaf spring market. The leaf springs are primarily used in light, medium, and heavy-duty commercial vehicles such as pick-up trucks and vans. Some passenger car manufacturers rely on use of leaf spring technology for bet...
Post a Comment
Read more