Tokenization Market worth $4.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 7, 2020 /PRNewswire/ -- According to a new market research report "Tokenization Market by Component Application Area, Tokenization Technique, Deployment Mode, Organization Size, Vertical (BFSI, Healthcare, IT and ITes, Government, Retail and eCommerce, Energy and Utilities), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is projected to reach USD 1.9 billion in 2020 to USD 4.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.5% during 2020–2025. The tokenization technology aims at minimizing the burden of storing sensitive data in an organizations infrastructure. These solutions have gained immense popularity, as they help organizations comply with various regulations, such as PCI DSS, GDPR, and HIPAA. The Tokenization Market, by component is segmented into solutions and services. The Tokenization Market is expected to experience rapid growth worldwide due to various factors, such as increasing emphasis on compliance management and rising number of identity-related frauds and data breaches, foster trust with the customer, and drive payment innovations. The Tokenization Market is expected to grow from USD 1.9 Billion in 2020 to USD 4.8 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.5% during 2020–2025. The major factors driving the growth of the Tokenization Market are increasing emphasis on compliance management and the rising number of identity-related frauds and data breaches.
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371 – Tables
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279 – Pages
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Tokenization in the cloud segment is expected to grow at the highest CAGR from 2020 to 2025
The cloud deployment mode is growing at a higher rate in the Tokenization Market. SMEs opt for cloud deployment solutions as these solutions enable SMEs to focus on their core competencies rather than to invest their capital in payment infrastructure. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based solutions. The security of consumers sensitive data is the biggest priority, as it is the primary target of attackers. The cloud-based platform offers a unified way in the form of SaaS-based tokenization services to secure the payment data and help organizations comply with PCI DSS and HIPAA requirements, thus benefitting enterprises with tight budgets for security investments. Cloud-based tokenization solution is easy to maintain and upgrade, which is also driving the segment's growth
BFSI vertical is expected to grow at the highest CAGR in the Tokenization Market during the forecast period
The BFSI vertical is the target of cybercriminals, as it deals with money. It shows a large number of financial transactions, which are attractive targets for cybercriminals. Thus, it is always on the lookout for advanced payment security products and services to protect its employees, customers, assets, offices, branches, and operations; as a result, it holds a significant share of the Tokenization Market by vertical. Tokenization solutions are popular and have a high adoption rate in the BFSI vertical, as they help organizations in the vertical to manage PCI DSS regulatory compliance. These solutions replace cardholders' data with tokens and execute transactions without exposing sensitive data to vulnerable networks. The BFSI vertical continuously upgrades its processing and transaction technologies, and requires end-to-end security solutions to optimize operations against both internal and external threats. Additionally, the vertical frequently introduces new and improved financial products and services to enhance business operations, attracting fraudsters who seek sensitive customer information. With its facilities such as smart banking, internet banking, and mobile banking, the BFSI vertical would have to prioritize payment security.
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North America is estimated to dominate the Tokenization Market in 2020
The global market is segmented by region into North America, Europe, APAC, MEA and Latin America. North America, being a technologically advanced region, has the highest number of tokenization vendors. The region has witnessed changing customer preferences toward the adoption of contactless cards and digital first credit cards are also expected to fuel the growth of tokenization in North America. The other factors fueling the market growth in North America are the growing eCommerce, increasing use of smartphones for making online payments, and accessing various services, including online streaming, online gaming, and other government services.
The report encompasses the different strategies such as partnerships and collaborations, mergers and acquisitions, and product developments adopted by the major players to increase their market share. Some of the major technology vendors in the Tokenization Market are Fiserv (US), Mastercard (US), Visa (US), Micro Focus (UK), American Express (US), HelpSystems (US), MeaWallet (Norway), Thales Trusted Cyber Technologies, CipherCloud (US), Futurex (US), TokenEx (US), nCipher (UK), VeriFone (US), Bluefin (US), Marqeta (US), Paragon Payment Solutions (US), IntegraPay (Australia), AsiaPay (China), Liaison Technologies (US), Ingenico ePayment (Netherlands).
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