$2.67 Billion Tokenization Market by Component, Application Area, Tokenization Technique, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 7, 2019--The “Tokenization Market by Component, Application Area (Payment Security, Application Area, and Compliance Management), Tokenization Technique (API-based and Gateway-based), Deployment Mode, Organization Size, Vertical, Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The growing need to protect cardholders’ data by following PCI DSS guidelines is expected to drive the tokenization market
The tokenization market size is estimated to grow from USD 983 million in 2018 to USD 2,670 million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.
The factors expected to drive the tokenization market are the growing need to protect cardholders’ data by following PCI DSS guidelines and increasing payment frauds that need to be prevented. However, the lack of knowledge about security tokens among end users is still a concern for organizations. Furthermore, organizations’ inability to afford the robust tokenization solution is expected to restrain the market growth.
The tokenization market by service includes professional and managed services. Furthermore, professional services include consulting, training and education, and support and maintenance. These services help clients understand their solutions and related processes. The solution segment is expected to hold a larger market size during the forecast period. The tokenization solution is being deployed by a large number of SMEs to secure their organizations from the increasing payment frauds and identity thefts.
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the tokenization solution by SMEs to proactively protect their payment transactions. SMEs are small in terms of their size but cater to a large number of customers globally. The Robust and comprehensive tokenization solution is not implemented in SMEs, due to financial constraints in these organizations. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts. However, the large enterprises segment to hold a higher market share in 2018.
DriversMandate to Follow PCI-DSS Guidelines and Protect Cardholders’ Data Increasing Payment Frauds and the Need to Protect Them Emergence of Targeted Attacks and Ubiquitous APTs
RestraintsOrganization’s Inability to Afford Robust Tokenization Solutions Addressing Vulnerabilities According to Emv Standards
OpportunitiesDemand for Cloud-Based Tokenization Solutions Among SMEs Increase in Adoption of Contactless Payment Solutions
ChallengesLack of Knowledge About Security Tokens Among End-Users
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Tokenization Market Analysis, By Component
7 Tokenization Market Analysis, By Application Area
8 Tokenization Market Analysis, By Tokenization Technique
9 Tokenization Market Analysis, By Deployment Type
10 Tokenization Market Analysis, By Organization Size
11 Tokenization Market Analysis, By Vertical
12 Geographic Analysis
13 Competitive Landscape
14 Company ProfilesBluefin Payment Systems Carta Worldwide Ciphercloud Discover Financial Services First Data Fiserv Futurex Gemalto Ingenico Epayments IP Solution International Liaison Technologies Mastercard Merchant Link Micro Focus Protegrity Rambus Sequent Shift4 Symantec Thales Esecurity Tokenex Verifone Visa Wex Worldpay
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Related Topics:IT Security
INDUSTRY KEYWORD: TECHNOLOGY SECURITY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 01/07/2019 07:35 AM/DISC: 01/07/2019 07:35 AM