Tokenization Market Growth is emerging with The Growing Need for Secure Payment Gateways by 2027
NEW YORK, UNITED STATES, March 29, 2022 /EINPresswire.com/ — According to The Insight Partners’ latest market study on “Tokenization Market to 2027– COVID- Impact and Global Analysis – by Component (Solution and Services), Deployment (Cloud and On-premise), Enterprise Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, and Others); and Geography,” the market was valued at US$ 1,159.5 million in 2019 and is projected to reach US$ 6,823.7 million by 2027; it is expected to grow at a CAGR of 25.7% from 2020 to 2027.
Market Size Value in – US$ 1378.8 Million in 2020
Market Size Value by – US$ 6823.7 Million by 2027
Growth rate – CAGR of 25.7% from 2020-2027
Forecast Period – 2020-2027
Base Year – 2020
No. of Pages – 202
No. Tables – 115
No. of Charts & Figures – 89
Historical data available – Yes
Segments covered – Component , Deployment , Enterprise Size , Industry Vertical , and Geography
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Key findings of study:
Contactless payment using RFID technology or near-field communication (NFC) is a safe mode of payment to purchase products or services using credit, debit, or smartcard. Using a contactless mode of payment is advantageous for both businesses and customers. Although, Europay, MasterCard, and Visa (EVM) chip technologies are time-consuming, the contactless payment method removes the friction and helps the customer to get a better shopping experience. Compared to other modes of payments, the chip technology used in contactless payments is more secure, which in turn reduces the fraud cases.
NFC technology allows cards and terminals to connect when the card is brought into proximity to the terminal. The advent of EMV enables the same technology to be used for protected contactless payments. Additionally, the use of mobile wallet is witnessing high growth, particularly in developing economies.
The vitality of technology is tested through its capability to integrate with existing technologies. Tokenization smoothly integrates NFC for contactless payment technology. With card details being tokenized, it is expected that innovative NFC mobile apps for payments will be introduced. Thus, providing opportunities to the players operating in the tokenization market.
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Tokenization solutions are often used for credit card processing. The payment card industry (PCI) council defines tokenization as a process wherein the primary account number (PAN) is replaced with an alternate/surrogate value known as a token. The key factor attributed to the growth of the global tokenization market is the growing data security concerns among the data-sensitive organizations across the world. The tokenization market is anticipated to witness a noteworthy growth owing to a huge number of financial firms opting for enhanced security in payment processing systems. Additionally, with the rising incidences of credit card fraudulent activities, there is an increase in the demand for payment security.
The tokenization market is segmented into component, enterprise size, deployment, and industry vertical. Based on component, the tokenization market is segmented into solutions and services (managed/outsourced services, professional services). Tokenization solutions involve payment security, customer data management, omnichannel management, compliance & policy management, and encryption. Based on enterprise size, the tokenization market is bifurcated into SMEs and large enterprises. Based on industry vertical, the tokenization market is segmented into BFSI, retail, healthcare, government, IT & telecom, and others.
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Players operating in the tokenization market are mainly focused on the development of advanced and efficient products.
In 2020, TDC, Futurex launched the Post-Quantum Hybrid certificate authority solution, which incorporates certificate lifecycle management in a FIPS 140-2 Level 3-validated hardware security module (HSM). This module is a secure solution for businesses. Whether it is public key infrastructure and vaultless tokenization, the company’s KMES brings full-spectrum key management into a single device.
In 2019, Thales added new competencies for its Vormetric Application Crypto Suite. The added capabilities enable enterprises to easily implement application-layer data protection. Through the Vormetric Application Crypto Suite, clients are capable to streamline the effort to add tokenization, encryption, masking, and other cryptographic functions to their applications.
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