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Tokenization Market: Application, End-use Industry
Meticulous Research®—a leading global market research company, published a research report titled, Tokenization Market by Offering (Solutions and Services), Application (Payment Security, User Authentication, Compliance Management), Organization Size, End-use Industry (Retail, Healthcare, BFSI, Others), and Geography—Global Forecast to 2030.’Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5317?utm_source=article+&utm_medium=social&utm_campaign=product&utm_content=07-05-2024
According to this latest publication from Meticulous Research®, the tokenization market is projected to reach $13.23 billion by 2030, at a CAGR of 19.7% from 2023 to 2030. The growth of this market is attributed to the proliferation of digital payment methods, stringent PCI DSS regulations, and the rising financial fraud in e-commerce. In addition, the growing inclination toward using payment applications across various industries is expected to offer significant opportunities for the growth of this market. However, tokenization implementation adds a layer of complexity to the IT structure, which restrains the growth of this market.
The tokenization market is segmented based on offering, application, organization size, and end-use industry. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Based on offering, the tokenization market is segmented into solutions and services. In 2022, the solution segment accounted for the largest share of the tokenization market. The large market share of this segment is attributed to the increasing ensure compliance with payment security guidelines and the growing need to ensure continuous customer experience and maintain fraud prevention levels due to increased financial crimes. Moreover, growing consumer interest in contactless payments and rising demand for cloud-based tokenization solutions are expected to offer lucrative opportunities for the market’s growth. However, the services segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need for visibility among organizations for diagnosing and troubleshooting problems before they impact operations or end-user experiences.
Based on application, the tokenization market is segmented into payment security, user authentication, and compliance management. In 2022, the payment security segment accounted for the largest share of the tokenization market. The large market share of this segment is attributed to the rise in demand for advanced payment security solutions for eCommerce, the increasing use of payment applications across different industries, and the rising need to secure online business-sensitive transactions from advanced cyberattacks. However, the user authentication segment is expected to register the highest CAGR during the forecast period due to enhanced payment security processes, the need to prevent unauthorized users from accessing a device or network, the rise in cyberattacks on fintech institutes, and the increasing need to protect user payment transaction data.
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Based on organization size, the tokenization market is segmented into large enterprises and small & medium-sized enterprises. In 2022, the large enterprises segment accounted for the largest share of the tokenization market. The large market share of this segment is attributed to rising concerns about creating a safe environment for customer payment transactions and the need to cater to dynamic customer trends, streamline business operations, and enhance market competitiveness. However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period due to the rising adoption of payment security solutions among SMEs to modernize their businesses and provide customers with seamless & secure digital solutions.
Based on end-use industry, the tokenization market is segmented into BFSI, retail, travel & hospitality, healthcare, IT & telecom, media & entertainment, and other end-use industries. In 2022, the BFSI segment accounted for the largest share of the tokenization market. This segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to increasing data breaches in the BFSI sector and the rising adoption of payment security solutions to prevent fraud.
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Based on geography, the tokenization market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the tokenization market. North America’s major market share is attributed to the rising adoption of online payment modes for transactions. Furthermore, the presence of major market players that provide payment networks for online transactions drives the growth of this regional market.
The key players operating in the tokenization market are Bluefin Payment 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.), Fiserv, Inc. (U.S.), Micro Focus (U.K.), and American Express (U.S.).
TOP 10 COMPANIES IN TOKENIZATION MARKET >> https://meticulousblog.org/top-10-companies-in-tokenization-market/?utm_source=article+&utm_medium=social&utm_campaign=product&utm_content=07-05-2024
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