The Payment Security Market by Solution, Service, Organization Size, Industry Vertical, and Region in 2022
The global payment security market size is expected to grow from USD 11.39 Billion in 2017 to USD 24.63 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7%. The major growth drivers of the market include increased adoption of digital payment modes, need to adhere to PCI DSS guidelines, and rise in fraudulent activities in Ecommerce. The payment security market is segmented by component (solution and service), organization size, industry vertical, and region. The solutions segment in the market is expected to have a larger market size than the services segment during the forecast period. The reason behind the high growth rate is the increased need to secure online business sensitive transactions from advanced cyber-attacks.
The support services segment is expected to grow at a higher CAGR during the forecast period with the largest market size. The large enterprises segment is expected to account for a larger market size in 2017. However, the Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period, as SMEs are mainly adopting payment security solutions to protect the customer-sensitive bank account data from network vulnerabilities and attacks.
Payment security solutions and services are deployed across various industry verticals, including retail; travel and hospitality; IT and telecom; healthcare; education; media and entertainment; and others. The education vertical is expected to grow at the highest CAGR during the forecast period. However, the retail vertical is expected to have the largest market size in 2017, as retailers are using various interesting ways such as, offers and discounts to attract customers for online shopping. Therefore, the adoption of the payment security solutions is increasing in the retail sector.
On the basis of regions, the global payment security market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis. The North American region, followed by Europe, is expected to be the largest revenue-generating region for payment security service vendors in 2017. In the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and payment security technologies. The APAC region is expected to be the fastest-growing region in the market. The growth in this region is primarily driven by the increasing adoption of advanced payment technologies within organizations to perform business transactions.
Research and Market, dated 1 August 1, 2017