Key segments present in the global payment security market

Payment security allows users to carry out financial transactions in a safe and secure manner. Payment security software helps elimination of fraud and identity theft to a large extent. Due to the growing smartphone and internet penetration, consumers are moving towards digital payments because it eliminates the time factor associated with transactions at the physical locations.

According to the payment security industry research conducted by Netscribes, the global payment security market is expected to grow to USD 48.85 Bn and expand at a compound annual growth rate (CAGR) of 17.7% during 2018–2023. The global payment security market is classified into three segments, based on the subscription model:

1. Type: The type segment includes Point of sales (POS), mobile payments, and web payments. The POS segment is expected to hold a leading position in the market and expand at a CAGR of 18.6% during the 2018–2023 period. The convenience of shopping from online portals and increasing consumer awareness have boosted the growth of POS platforms. AI-based tools are used by service providers to detect and prevent fraud and simplify consumer interaction and experience.
2. Solution: The solution segment includes antivirus and firewall, encryption, tokenization, and fraud detection and prevention. The fraud detection and prevention segment is expected to expand at a CAGR of 14.4% during the 2018–2023 period. Data integrity is very important to tackle problems such as data theft, bribery, and corruption, money laundering and misappropriation of assets.
3. End-user: The payment security industry analysis states that retail, travel and hospitality, healthcare, information technology (IT) and telecom, education, banking, financial services and insurance (BFSI) act as the end users of the payment security software. Retail is expected to expand at a CAGR of 20.6% during the 2018–2023 period.

Geographically, the global payment security market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. While North America dominates the global market, Asia Pacific is expected to show the fastest growth due to the increasing use of mobile payments.