The market for mobile payment data protection is expected to develop at a compound annual growth rate (CAGR) of 12.3% between 2022 and 2032. By 2022, the global market for mobile payment data protection is expected to be valued US$ 603.9 billion. A US$ 1.9 trillion expansion of the market is anticipated.
Mobile payment data security software is becoming more and more necessary as digital payments become more popular and fraudulent activities involving these transactions rise. This software safeguards mobile data, including photos and videos, as well as administrative data like messages and account numbers.
Mobile payment data security technology, which safeguards the payment gateways, is used by smartphone makers and payment vendors in response to malicious actions such as cyber-attacks connected to e-commerce purchases. This increases the need for solutions that safeguard mobile payment data.
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Covid-19 pandemic has pushed the companies to shift from regular payments options to the quick online money transfer options, the growing threat to company’s data and accounts go along. The mobile payment data protection platform comes into play here and helps them to have control over each payment touchpoint.
JP Morgan states that nearly 75% of the organizations have faced a payment fraud attack, rising concerns over the company’s data, recruitment data and compliance, and expanding the mobile payment data protection market in new market spaces.
Vendors providing end-to-end encryption and payment protection along with CyberSource for e-commerce platforms, making multiple transactions closed chain, enhancing the device-based security in changing dynamics of payments.
KEY TAKEAWAYS:
- The payment security solution segment is the biggest segment in the mobile payment data protection market by offering and is likely to hold the most lucrative space in the forecast period, owing to the increased payment applications and cyberattacks.
- The Digital wallet segment holds the prominence in mobile payment data protection market by payment mode category and is expected to be the biggest in the forecast period. Its growth is attributed to the factors like QR based transactions and wallets being attached to multiple platforms like Netflix etc.
- The services segment is the largest segment in the mobile payment data protection market by component, while the small and medium enterprises (SMEs) segment performs better in the market by organization size.
- North America region is the biggest market in the mobile payment data protection market, attributed to higher phishing attacks, cyberattacks and fraudulent activities, while the APAC region is the highest growing region in the market.
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KEY PLAYERS:
- Google (Alphabet Inc.)
- Samsung Electronics Co. Ltd.
- Visa Inc.
- Alibaba Group Holdings Limited
- PayPal Holdings Inc.
- WeChat (Tencent Holdings Limited)
- American Express Company
- M Pesa
- Money Gram International
- Amazon.com Inc.
- Apple Inc.
RECENT DEVELOPMENTS
- CyberSource Corporation has introduced its mobile payment data protection solution for different types of end-users that takes care of Payment Acceptance, Fraud Management and payment Security, increasing the demand for mobile payment data protection platforms.
- Transaction Network Service (TNI) has extended its mobile payment data protection services like ADVAM Products, TNSOnline and TNSPay Protect, providing the control to admin over the payment touchpoints.
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KEY SEGMENTS
By Product:
- Contactless Tokenisation
- Remote Tokenisation
By End User:
- Telecom & Information Technology
- Banking & Financial Service
- Government
- Transportation
- Retail
- Entertainment and Media
- Other End User Industries
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
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