Payment Security Market to Witness Steady Expansion During 2028

1. The global payment security market size was valued at USD 19.5 billion in 2021. The market is projected to grow from USD 19.5 billion in 2021 to USD 47.02 billion by 2028, exhibiting a CAGR of 15.80% during the forecast period. Payment security is a term used to describe a collection of security products and services created to reduce the risk of data breaches, stop financial fraud, and stop unauthorized transactions. Additionally, it uses data encryption, firewalls, and data loss prevention (DLP) protocols to secure all kinds of online financial transactions. The industry's notable growth in the banking, financial services, and insurance (BFSI) sectors are producing a favorable picture of the market. Get Sample Copy of the Report @ https://marketsnresearch.com/sample/1580 Payment security aids banks in streamlining and automating financial management procedures, boosting operational effectiveness and maintaining correct records throughout recurring activities like invoicing and reconciliation. Additionally, wireless networks in computing devices for payment facilitation and the growing usage of digital payment methods encourage market expansion. Several technological developments, including the use of artificial intelligence (AI) and machine learning (ML) solutions, as well as the connection of connected devices to the Internet of Things (IoT), are also boosting the market expansion. COVID-19 IMPACT The COVID-19 pandemic epidemic has boosted the use of digital payment methods, which has greatly accelerated the expansion of the payment security business. Real-time payments are predicted to see exponential growth due to the COVID-19 pandemic, according to research released by the ACI in April 2020, with more than a trillion transactions and a compound annual growth rate of about 23% between 2019 and 2024. Numerous banks' digital transformation plans have advanced significantly due to the sudden upsurge in digital adoption. Banking leaders now see online banking services as a crucial tool for boosting customer retention and expanding revenue streams through individualized services. DRIVING FACTORS Increased Data Breach Frequency Will Drive Market Growth Businesses use payment security to visualize data based on hidden correlations and patterns and gain new insights. An increase in data breaches is anticipated to accelerate the adoption of secure payment options. Its adoption is also anticipated to be boosted by quick advancements in secure payment technologies. Wallets, Unified Payment Interfaces (UPI), and other digital payment methods are expected to become increasingly popular, increasing the demand for secure payment methods. In addition, this industry is anticipated to benefit from the expanding use of Big Data, 5G services and cloud technologies. The market for payment security may grow as a result of these factors. View More Information : https://www.globenewswire.com/en/news- release/2022/11/28/2563238/0/en/Global-Payment-Security-Market-to-Reach-USD-47-02- Billion-by-2028-Rising-Adoption-of-Digital-Payment-Methods-Markets-N-Research.html

2. RESTRAINING FACTORS Adaptation of Advanced Technology May Hamper the Market Growth Like every other big firm currently operating, the global payment security market has several restrictions. Many businesses are currently making the switch to using digital payment methods. However, the pace of adoption of modern technology is not at all what it should be. For businesses in the payment security industry, this poses a sizable barrier to entry. The inability of businesses to look into security problems and take action to strengthen the platform is another barrier for the Payment Security industry. Numerous organizations are unable to achieve both, which is a concern. Even if government requirements drive research and growth in the payment security industry, stricter rules typically act as a limitation. LIST OF KEY COMPANIES PROFILED: Systems LLC (U.S.) Braintree (U.S.) Cybersource (U.S.) Elavon (U.S.) Ingenico (France) Broadcom, Inc. (U.S.) Thales Group (France) Shift4 Payments, LLC (U.S.) Signifyd (U.S.) TNS, Inc. (U.S.) Tokenex (U.S.) SISA Information Security Pvt. Ltd. (India) Stripe (U.S.) Geobridge Corporation (U.S.) MasterCard (U.S.) Verifone Systems Inc. (U.S.) Read Comprehensive Overview of Report @ https://marketsnresearch.com/report/1580/global-payment-security-market About Us Markets N Research team is comprised of well skilled and equipped personnel ready to concur any upcoming challenges in the market sector for both individual people and organization around the world. We know time is money, and therefore we ensure we solve your problem within the shortest time possible to prevent delays or missing any opportunities. We use globally accepted techniques with a little innovation from our staff in solving all your market research related challenges. Contact: Markets N Research 1016 W Jackson Blvd, Chicago, IL 60607,

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