Global Payment Security Software Market: Snapshot
The global market for payment security software has been witnessing a significant rise over the last few years, thanks to the increasing trend of digitization. The advancements in electronic and online payment is leading to a tremendous rise in the number of transactions made over the Internet. With the escalating penetration of smartphones, the number of mobile payments has also increased. This, as a result, has increased the concerns over the security of these payments across the world, which is reflecting greatly on the worldwide payment security software market.
The ongoing shift towards cashless economy is also influencing the growth of this market substantially, as non-banking players are adopting various cashless transaction platforms, such as digital wallets, mobile money, and virtual currencies. Overall, the future of the global payment security software market looks bright. According to Transparency Market Research (TMR), the market is estimated to expand at a CAGR of 8.90% between 2017 and 2025 and reach a value of US$23.7 bn by the end of 2025.
Increasing Investment in Payment Security Technology to Ensure North America’s Lead
In terms of the geography, the global market for payment security software reports its presence across Asia Pacific, South America, the Middle East and Africa, Europe, and North America. With nearly 40% shares, North America has emerged as the market leader. The high adoption rate of online medium of payments is the key factor behind the growth of this regional market. Apart from this, the presence of a large pool of payment security software providers in North America also supports this market considerably.
Over the forthcoming years, the investment in the online payment technology is likely to increase. Coupled with the rising partnership between software and hardware providers in this region, this factor is expected to boost the North America market for payment security software significantly in the near future. The introduction of innovative technologies in payment security, particularly in the U.S. is also projected to propel this regional market over the next few years.
Currently, Europe, which stood at the second position, is witnessing a slowdown in its payment security software market sue to stringent regulations and economic upheaval. Asia Pacific, on the other hand, is anticipated to provide the most promising opportunities for growth in the years to come, owing to the increasing awareness about technological advancements among people in this region. The markets in South America and the Middle East and Africa are still in the nascent stage and are predicted to gain momentum in the forthcoming years.
Security Information and Event Management Software to Continue Displaying Strong Demand
The worldwide payment security software market is broadly analyzed on three fronts: The solution, mode of payment, and the end user. Based on the solution, software and services are considered as the key segments of this market. Firewalls, security information and event management (SIEM), intrusion detection and prevention (IDS/IPS), anti-virus/anti malware, data encryption, multi-factor authentication, tokenization, and data loss prevention (DLP) are the main payment security software available across the world. Among these, the demand for security information and event management software is greater than other software and the trend is likely to remain so over the forthcoming years.
By the mode of payment, the market is classified into mobile payment security software, online payment security software, and point-of-sale (PoS) systems and security. Since mobile payments is widely utilized for transactions, this segment is expected to lead the market over the forecast period. The banking, financial services, and insurance (BFSI), healthcare, retail, and the government sectors have emerged as the prime end users of payment security software.
At the forefront of the global market for payment security software are Symantec Corp., Intel Corp., Cisco Systems Inc., Trend Micro, CA Inc., Gemalto, HCL Technologies, TNS Inc., Thales e-Security, and VASCO Data Security Int. Inc.
Global Payment Security Software Market: Overview
Online payment offers a fast and cheaper medium of carrying out online transaction and online transfer. The adoption of payment security software in financial services sector has gained traction. Banking sector is willing to explore opportunities which would make the banking transactions easier to process. Increased penetration of digital technology in the banking and other sectors has resulted in the development of easy to use online platforms and applications. This drives the need to carry out the online transactions in a secure manner. Payment security software offers a secure medium to carry out online transactions and can help eliminate the frauds due to errors and identity theft to a large extent. Hence, the payment security sector has made tremendous investments in exploring the technology along with the wide scale deployment of the security software and systems. This technology can benefit several by offering easy, safe and secure access and exchange of money over the Internet.
The demand for payment security software is expected to increase in the coming years owing to the investments in payment security software technologies, partnership between payment security software providers and financial organization, FinTech investments, and digitization across various industries globally. The payment security software market is compressive of a large number of private and public companies. The growth of payment security software startups was aided by huge venture capital investments during the period from 2013 to 2015. The market is expected to be hit by a huge wave of mergers and acquisitions in the coming years.
Global Payment Security Software Market: Segmentation
This research report provides an in-depth analysis of the global payment security software market based on solution, mode of payment, end-use, and geography. The global payment security software market is categorized based on solution into software and services. The software segment is further classified into firewalls, anti-virus/anti-malware, intrusion detection and prevention (IDS/IPS), data encryption, tokenization, multi-factor authentication, Security Information and Event Management, Data Loss Prevention, and Others.
The payment security market has been segmented in mobile payment security software, Point-of-Sale (PoS) systems and security, and online payment security software on the basis of mode of payment. The end-use segment consists of BFSI, retail, healthcare, government, and others. The report analyzes each of these segments for the various geographies considered under the scope of the study.
Global Payment Security Software Market: Geographical Outlook
Based on geographical regions, the report segments the global payment security software market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. The report provides country level revenue for payment security software. The U.S., Canada, Germany, Italy, France, the U.K., Japan, China India, Saudi Arabia, Africa, and Brazil are the countries covered in the report. North America is expected to lead the payment security software market during the forecast period. Asia Pacific region is expected to witness the second highest growth rate of payment security software during the forecast period. The Middle East and Africa and South America are in the early phases of adoption of the technology. The anticipated growth of banking sector in Africa is expected to support the market growth of payment security software during the forecast period.
The report also provides technology evolution and Porter’s Five Forces Analysis for the global payment security software market. The report includes analysis of the factors that drive and restrain the growth of the payment security software market. It discusses the prevailing market trends and prospective growth opportunities in the global payment security software market. It provides market estimates and forecasts for all the segments in terms of revenue. Also provided in the report is a competitive landscape and market share analysis of the major players in the payment security software market.
Global Payment Security Software Market: Competitive Analysis
Major business strategies adopted by key players, their SWOT analysis, and competition matrix has also been identified in the research report. The key market players profiled in this study include Symantec Corporation, Intel Corporation, Cisco Systems Inc., CA, Inc., Trend Micro, Gemalto, TNS Inc., HCL Technologies, VASCO Data Security International, Inc., and Thales e-Security.
The global payment security software market is segmented as below:
- Anti-virus/anti malware
- Intrusion detection and prevention (IDS/IPS)
- Data encryption
- Multi-factor authentication
- Security Information and Event Management (SIEM)
- Data Loss Prevention (DLP)
By Mode of Payment
- Mobile payment security software
- Point-of-Sale (PoS) systems and security
- Online payment security software
- Banking, Financial Services and Insurance
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- South America
- Rest of South America