Mobile Payment Data Protection Market is Estimated to Develop at a CAGR of 12.3% from 2022 to 2032 | Report by FMI

Mobile Payment Data Protection Market

The mobile payment data protection market is expected to grow at a 12.3% CAGR between 2022 and 2032. In 2022, the global mobile payment data protection market is expected to be worth US$ 603.9 billion. The market is anticipated to grow at US$ 1.9 Trillion.

The day-by-day expansion of digital payments and rising fraudulent activities in these processes are pushing the sales of mobile payment data protection software, safeguarding mobile data like pictures, videos and admin details like account information and texts.

Malicious activities like cyber-attacks related to e-commerce payments push payment vendors as well as smartphone manufacturers to adopt mobile payment data protection technology that secures the payment gateways. This pushes the demand for mobile payment data protection platforms.

The government introduced guidelines such as PCI DSS guidelines, and its compliance with each mobile payment platform is pushing companies to adopt mobile payment data protection systems to enable the security prospect for each transaction.

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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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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