Tokenization Global Market Report 2022: Proliferation of Digital Payment Methods Bolsters Growth

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Jan 22, 2023, 17:20 ET

DUBLIN, Jan. 22, 2023 /PRNewswire/ -- The "Tokenization Market by Offering, Application, Organization Size, End-use Industry, and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The research report titled provides in-depth analysis of the tokenization market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global tokenization market is expected to reach $13.23 billion by 2030, growing at a CAGR of 19.7% during the forecast period of 2023-2030.

The growth of this market is attributed to the proliferation of digital payment methods, stringent PCI DSS regulations, and increasing 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. Furthermore, the low awareness of online payments in rural areas challenges the market's growth. Additionally, the rising adoption of cloud-based tokenization solutions and services is a major market trend.

The solutions segment accounted for the largest share of the tokenization market. The large market share of this segment is mainly attributed to the increasing need to 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 provide 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.

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.

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.

The BFSI segment accounted for the largest share of the tokenization market. Additionally, 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.

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.

Market Dynamics

Market Drivers

The Proliferation of Digital Payment Methods
Stringent PCI DSS Regulations
Increasing Financial Frauds in Ecommerce

Market Restraints

Adds A Layer of Complexity to The IT Structure

Market Opportunities

Growing Inclination of Payment Applications in Different Industries

Market Challenges

Low Awareness of Online Payments in Rural Areas

Market Trends

Rising Demand for Cloud-Based Tokenization Solutions and Services

Scope of the report:
Tokenization Market, by Offering

Solutions
Services
Integration Services
Support Services
Consulting Services

Tokenization Market, by Application

Payment Security
User Authentication
Compliance Management

Tokenization Market, by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Tokenization Market, by End-use Industry

BFSI
Retail
Travel & Hospitality
Healthcare
IT & Telecom
Media & Entertainment
Other End-use Industries

Tokenization Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Sweden
Denmark
Rest of Europe
Asia-Pacific
Japan
China
India
Singapore
Malaysia
Indonesia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. The Impact of Covid-19 On the Global Tokenization Market

5. Market Insights

6. Global Tokenization Market, by Offering

7. Global Tokenization Market, By Application

8. Global Tokenization Market, By Organization Size

9. Global Tokenization Market, By End-use Industry

10. Tokenization Market, By Geography

11. Competitive Landscape

12. Company Profiles

13. Appendix

Companies Mentioned

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.)
American Express (U.S.).

For more information about this report visit https://www.researchandmarkets.com/r/xx6fn6

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