A real-world object, such real estate or art, is transformed into a digital asset represented as a token on a blockchain through the process of tokenization. The purchasing, selling, and trading of tokenized assets is referred to as the tokenization market. Due to the development of innovative, safer, and more effective ways to own and invest in assets, this sector has experienced substantial growth in recent years. Although the market for tokenizing assets is still in its infancy, it is anticipated to expand quickly as more assets are tokenized and as the infrastructure for buying, selling, and trading these assets continues to evolve.
The tokenization market generated $1.5 billion in revenue. The market is anticipated to develop at a CAGR of 22.6% from 2023 to 2033, reaching US$ 13.81 billion. Tokenization will be a major financial innovation that will completely alter how businesses handle their investments and use and monetize them. With the help of tokenization, businesses can develop a wide range of new financial products that enable both consumers and businesses to diversify their portfolios globally.
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Businesses can safely encrypt data via tokenization, protecting customer information. By encouraging more secure, transparent, and open markets, tokenization is advantageous to both issuers and investors. It is projected that momentum will grow as people become more aware of the technology and its useful uses.
Who are the Key Manufacturers and Suppliers of Tokenization?
Some of the leading providers of tokenization include
- Fiserv
- Mastercard
- Visa
- Micro Focus
- American Express
- HelpSystems
- MeaWallet
- Thales TCT
- CipherCloud
- Futurex
- TokenEx
- nCipher
- VeriFone
- Bluefin Payment Systems
- Marqeta, Paragon Payment Solutions
- IntegraPay
- AsiaPay
- Liaison Technologies
Why is Tokenization Demand Growing?
To safeguard the data, tokenization uses a token, whereas encryption uses a key. Tokenization replaces sensitive data with a non-sensitive token while securely storing the original data.As a result, over the predicted period, there has been an increase in demand for the adoption of tokenization approaches. Additionally, one of the key drivers propelling the expansion of the tokenization market globally is customers’ growing preference for contactless payment options.
Government-enforced strict rules and regulations are also contributing to the market’s expansion. One of the key elements driving the need for tokenization across several industry sectors is the increasing pressure on businesses to comply with strict rules.
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Key Segments
By Component:
- Solutions
- Services
- Professional Services
- Managed Services
By Application:
- Payment Security
- User Authentication
- Compliance Management
By Tokenization Technique:
- API-Based
- Gateway-Based
By Deployment:
- Cloud
- On-premise
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- BFSI
- Healthcare
- IT and Telecom
- Government
- Retail
- Energy and Utilities
- Others
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