The mobile payment security market was valued at US$ 1.1 Trillion in 2022 and is predicted to reach US$ 7.8 Trillion by 2032, growing at a 21.5% CAGR. The demand for mobile payment security solutions is predicted to grow globally throughout the forecast period as the number of digital payments, such as credit/debit cards, mobile wallets, and internet payments increases.
One of the key factors driving the growth of the mobile payment security industry is the increasing frequency of data breaches. As the number of data breaches rises, so does the amount of money lost as a result of them. As a result, the demand for mobile payment security solutions is increasing.
The increasing sales of mobile payment security solutions can also be related to the rising needs of the Payment Card Industry Data Security Standard (PCI DSS) rules, increased end-user knowledge of mobile payment security, and government attempts to promote cashless payment.
Request for a Sample of this Research Report
https://www.futuremarketinsights.com/reports/sample/rep-gb-14630
The demand for mobile payment security solutions is predicted to grow due to recent technological advancements in mobile commerce. This factor has enabled consumers to undertake digital transactions such as purchasing goods and applications through wireless networks, redeeming coupons and tickets, banking, and completing point-of-sale payments from their smartphones.
The expanding use of wireless networks among individual consumers has boosted the sales of mobile payment security solutions. Mobile payment security has become more important as the use of wireless networks in mobile devices for payment in retail outlets has expanded.
The mobile payment security market is likely to rise significantly as a result of the recent outbreak of COVID-19, owing to the growing use of digital payment services. However, the mobile payment security market’s expansion is being hampered by a lack of trust in online banking.
Increased demand for mobile payment security solutions for digital e-commerce and increased use of payment applications across various business verticals, on the other hand, is likely to provide lucrative opportunities for mobile payment security market expansion throughout the forecast period.
Key Takeaways from the Mobile Payment Security Market Report:
- Based on type, the biometrics segment of the mobile payment security market is expected to grow at the fastest CAGR of 21.0% through 2032.
- By end-use, the banking & financial service is expected to grow at a high rate in the mobile payment security market, with a CAGR of 20.6% through 2032.
- The market size for mobile payment security in the United States is expected to reach US$ 2.8 Trillion by 2032, growing at a CAGR of 21.2% during the forecast period.
- The UK is expected to register a market share of US$ 334.6 Billion in the mobile payment security market by 2032, with a CAGR of 20.4% during the forecast period.
- China’s mobile payment security market is expected to be worth US$ 534.7 Billion by 2032, with a CAGR of 20.9% over the forecast period.
- Japan is expected to have a market size for mobile payment security of US$ 434.3 Billion by 2032, with a CAGR of 19.8% through 2032.
- By 2032, South Korea is expected to reach a share of US$ 255.5 Billion in the mobile payment security market with a CAGR of 18.9% through 2032.
Competitive Landscape:
Due to the large number of firms operating in both domestic and foreign markets, the mobile payment security market is extremely competitive. The market is moderately concentrated, with technological breakthroughs and mergers & acquisitions being the primary methods employed by the big competitors.
Leading Key Players:
- BioCatch
- Braintree
- Carta Worldwide
- Daon
- Duo
Lead With Data-Driven Decisions. Buy Now To Turn Insights Into Competitive
https://www.futuremarketinsights.com/checkout/14630
Mobile Payment Security Market Segmentation:
By Type:
- Tokenization
- Biometrics
By End Use:
- Telecom & Information Technology
- Banking & Financial Service
- Government
- Transportation
- Retail
- Entertainment and Media
- Other
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
