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Payment Security Market Size
- Report ID: GMI7013
- Published Date: Jul 2024
- Report Format: PDF
Payment Security Market Size
Payment Security Market size was valued at USD 23.4 billion in 2023 and is estimated to register a CAGR of 15% between 2024 and 2032. The evolving fintech landscape is driving the market growth. New fintech companies are pioneering innovative security solutions such as biometrics, tokenization, and fraud detection & prevention. Their agility and digital expertise enable the development of robust security measures that can adapt to emerging threats. For instance, in July 2023, Trustmi launched an intuitive & end-to-end solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human errors, thereby ensuring that payments go to the right place.
Cloud-based organization sizes are fueling the payment security market expansion. They offer scalable & cost-effective solutions for data storage, processing, and security. Cloud services enable real-time threat monitoring, data encryption, and rapid response to emerging risks. For instance, in October 2023, Discover Global Network, the payments brand of Discover, launched a cloud-based network tokenization organization size to provide companies with a scalable & adaptable tokenization solution, which helps elevate the security & efficiency of payment processes. It exemplifies how businesses embrace cloud technologies to fortify their payment security measures, thereby responding to evolving threats and consumer expectations.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Payment Security Market Size in 2023: | USD 23.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 78.5 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 279 |
| Segments covered: | Component, Organization Size, and End User |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High-profile data breaches are a significant challenge in the network security market. These breaches not only compromise sensitive information but also erode consumer trust. In response, organizations face growing pressure to invest in robust security measures. The increasing complexity and frequency of cyberattacks put immense strain on security professionals to stay ahead of threats. It is a perpetual race to safeguard networks, making data breaches a persistent concern in the ever-evolving network security landscape.
Frequently Asked Questions (FAQ) :
Payment Security Market Scope
