The development of the Internet of Things (IoT) is leading to numerous connected devices and wearables being fortified with the payment abilities. Meanwhile, the Mastercard has established a platform to turn a selection of customer products, namely key fobs, wristbands and jewelry, into the payment devices. The Visa Inc, is functioning more positively on a connected car solution that will permit the customers to pay for numerous amenities namely eateries, fuel, parking and several others from the vehicle.
Furthermore, the IoT is supporting in developing the accurateness of the financial rules and data modeling. The Machine learning has documented the traditional approaches for the payment transaction infrastructure. This supports in securing the data and provide the security to the customers while conducting the online transactions, which is further possible to boom up the growth of the market over the next few years.
According to the report analysis, ‘Global Payment Security Market (2018-2023)’ states that in the global payment security market there are several key players which recently functioning more positively for leading the highest market growth and registering the huge value of market share around the globe throughout the short span of time while developing the applications and specification of the technology, providing the better offers, decreasing the transaction fee and delivering the better consumer satisfaction includes Bluefin, SISA, Paygilant, Ingenico ePayments, ThreatMark, CyberSource, Braintree, Elavon, Intelligent Payments, Shift4 Payments and several others.
The growing saturation of smartphones, receiving of wearable technology, snowballing implementation of the m-commerce and e-commerce by banking and financial services, entrance of the technology companies, and admittance to diverse payment technology solutions are prophesied to fuel the industry, nevertheless of technological, financial and sanctuary challenges preventive the ecosystem in several foremost regions. The global payment security market is anticipated to increase to USD 48.85 Bn by 2023, enlarging at a compound annual growth rate (CAGR) of 17.7% during the review period of 2018-2023.
Based on the end users, the retail and BFSI sectors are predicted to enlarge at a CAGR of 18.5% and 20.6% respectively during the 2018-2023 period. Security plays a foremost role in online trade. Data breaches create consumers wary and inspiration them into suspending with the exaggerated e-commerce websites. They desire bank transfers and credit cards for travel payments. The North America region is the leading market for the payment security software sector. Owing to the growing investments in online payment technologies, it is predicted that this market will retain its position during the reviewed period.
Moreover, based on the country, the global payment security market is divided into five regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The North America region controls the principal market share of the payment security market. However, the Asia-Pacific region will be the fastest increasing market owing to the increasing usage of the mobile payments. With customers progressively embracing digital wallets, banks and businesses have malformed their payment infrastructures to sustenance this surge. Therefore, in the coming years, it is anticipated that the market of payment security will increase around the globe more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications