Tokenization Market 2022-2027, Research Report, Size, Share, Demand, Growth, Future, and Competition
The Tokenization market is witnessing rapid traction. The market growth attributes to the increasing demand for secured payment security approaches to control rising online fraudulent cases. Rising preference for online shopping has led to the wide penetration of Internet usages and growing eCommerce business that allows online shopping sitting at the convenience of home.
This invariably allows equal opportunities for cybercriminals to conveniently breach codes of payment gates, making the systems vulnerable to their tricks. Technological advancements prove to be a two-edged sword allowing criminals to find new ways to crack the codes to replace authorized merchants' codes with dummies, gaining access to consumers' data and bank accounts.
Moreover, the fastest-growing deployment of Tokenization in increasing numbers of organizations to obtain enhanced speed management capabilities to provide 24/7 purchasing services escalate the market demand. In its recently published analysis, Market Research Future (MRFR) asserts that the Tokenization market is expected to perceive accruals of USD 2341.38 BN by 2023, growing approximately at 24.14% CAGR throughout the forecast period (2017 to 2023). Covid-19 had a positive impact on the Global Tokenization Market, and the Tokenization Market Size is expected to grow from $1.9 billion in 2020 to $4.8 billion by 2025 post-covid.
Additionally, the advantages of Tokenization that offer organizations the data security on the customer's demand and helps with DSS regulatory compliances influence market growth. Growing eCommerce & mCommerce industries, coupled with the online payment services offered by various service providers like utilities, gas, telecom, etc., are creating more opportunities for Tokenization fueling market growth. Improvement in outsourcing payment solution has grabbed the organization's attention towards the Tokenization.
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Rising security concerns in banking activities are one of the key market growth propellers. Wide penetration of smartphones contributes to the tokenization market growth to an extent. Furthermore, the proliferation of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) trends push the market growth, introducing many security threats associated with payment and data theft. Based on component, integration services is the largest segment in the global Tokenization market.
Challenges in the Tokenization Market
There are many difficulties the Global Tokenization Market face, for example, causing individuals to get the new innovation. Many individuals are not used to this tokenization innovation, and accordingly they are involving the standard, worn out innovation for their installment, so it turns into a test for the tokenization market to make individuals comprehend.
Another test is to confront different digital assaults in light of the fact that, with the upgrades of innovation, the assault levels would likewise increment, to it turns into a test for the tokenization to think of new answers for guard the information.
Tokenization Market – Competitive Analysis
The tokenization market appears to be competitive due to the presence of several well-established players. These players initiate strategic moves such as mergers & acquisitions, collaboration, innovation, and brand reinforcement to gain a larger competitive share. The market would witness intensified competition with innovations and an increase in R&D investments and M&A.
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Tokenization Market Key Players:
Players leading the global tokenization market are -
- Gemalto NV (Netherlands)
- Symantec Corporation (US)
- CardConnect Corp. (US)
- CyberSource Corporation (US)
- Thales e-Security Inc. (US)
- 3Delta Systems Inc.(US)
- Hewlett-Packard Enterprises (US)
- CipherCloud (US)
- Liaison Technologies Inc.(US)
- Fiserv Inc. (US)
- Futurex (US)
- Paymetric Inc. (US)
- TokenEx LLC (US)
- First Data Corporation (US)
- Protegrity USA Inc. (US)
Tokenization Market – Segmentation
By Component
- Solution
- Service
- Managed services
- Professional services
- Integration services
- Consulting
- Support and maintenance
- Training and education
- Others
By Application Area
- Payment security
- User authentication
- Compliance management
- Others
By Development
- Outdoor positioning system
- Indoor positioning system
- Others
By Organization Size
- Large enterprises
- Small and medium-sized enterprises.
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By End-User
- Telecom and IT
- Retail
- Industrial
- Healthcare-
- BFSI- BFSI is the target of the criminals as it deals with money, and it has a large number of financial transactions that attract the attackers. So, it always looks for an advanced option to provide more security to its products, employees, and offices. So, it is using tokenization technology to provide advanced security.
- Government and defense- government sectors deal with the daily transaction, and they become the main target of the cyber attackers, so with the use of tokenization, maximum security can be provided to these sectors.
- Commercial- commercial and many e-commerce sectors have a huge amount of money transaction on a daily basis, so to ensure its safety, many businesses are adapting to tokenization.
- Automotive
- Others
Tokenization Market – Regional Analysis
North America dominates the global tokenization market. The largest market share attributes to the growing adoption of advanced technologies in the payment security industry. Besides, the rising demand for secured processes to accept payment securely from online applications drives the market's growth. Moreover, the proliferation of payment security that reduces the security risk posed by payment data in the systems boost the growth of the regional market.
Europe stands second in the global tokenization market. This market is gaining momentum as businesses in the region are constantly monitoring new developments, shaping their PCI DSS technology. Additionally, the market is driven by the increasing penetration of the Internet and payment security needs.
The Asia Pacific tokenization market is also showing positive growth. Factors such as the rising preference for mobile payments and fraudulent cases of online payments influence the regional market's growth. China, Japan, and India hold a notable share in the regional market as the companies in these countries have found Tokenization to be a cheaper, easier to use, and more secure solution than end-to-end encryption payment processes.
Key Points Covered in the Report:
- The Tokenization market conditions include main rivals, costs, and positioning for an all-round plan for insight accumulation operating in the same geography.
- The global market report includes a complete database of upcoming Tokenization market forecasts, based on historical data interpretation.
- It provides customers with quantified views for recent Tokenization market perusal.
- The Tokenization report is helpful in offering answers to different core questions that are essential to market participants, such as manufacturers, and end-users, distributors, in addition to helping them strategize acquisitions and leverage many growth opportunities.
- Import/export consumption, forecasts of supply & demand, cost, price, revenue, and gross margins are also impacted by this analysis.
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