CHICAGO, Dec. 7, 2020 /PRNewswire/ — According to a new market research report “Tokenization Market by Component Application Area, Tokenization Technique, Deployment Mode, Organization Size, Vertical (BFSI, Healthcare, IT and ITes, Government, Retail and eCommerce, Energy and Utilities), and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the market is projected to reach USD 1.9 billion in 2020 to USD 4.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.5% during 2020–2025. The tokenization technology aims at minimizing the burden of storing sensitive data in an organizations infrastructure. These solutions have gained immense popularity, as they help organizations comply with various regulations, such as PCI DSS, GDPR, and HIPAA. The Tokenization Market, by component is segmented into solutions and services. The Tokenization Market is expected to experience rapid growth worldwide due to various factors, such as increasing emphasis on compliance management and rising number of identity-related frauds and data breaches, foster trust with the customer, and drive payment innovations. The Tokenization Market is expected to grow from USD 1.9 Billion in 2020 to USD 4.8 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.5% during 2020–2025. The major factors driving the growth of the Tokenization Market are increasing emphasis on compliance management and the rising number of identity-related frauds and data breaches.
Browse in-depth TOC on “Tokenization Market“
371 – Tables
33 – Figures
279 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76652221
Tokenization in the cloud segment is expected to grow at the highest CAGR from 2020 to 2025
The cloud deployment mode is growing at a higher rate in the Tokenization Market. SMEs opt for cloud deployment solutions as these solutions enable SMEs to focus on their core competencies rather than to invest their capital in payment infrastructure. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based solutions. The security of consumers sensitive data is the biggest priority, as it is the primary target of attackers. The cloud-based platform offers a unified way in the form of SaaS-based tokenization services to secure the payment data and help organizations comply with PCI DSS and HIPAA requirements, thus benefitting enterprises with tight budgets for security investments. Cloud-based tokenization solution is easy to maintain and upgrade, which is also driving the segment’s growth
BFSI vertical is expected to grow at the highest CAGR in the Tokenization Market during the forecast period
The BFSI vertical is the target of cybercriminals, as it deals with money. It shows a large number of financial transactions, which are attractive targets for cybercriminals. Thus, it is always on the lookout for advanced payment security products and services to protect its employees, customers, assets, offices, branches, and operations; as a result, it holds a significant share of the Tokenization Market by vertical. Tokenization solutions are popular and have a high adoption rate in the BFSI vertical, as they help organizations in the vertical to manage PCI DSS regulatory compliance. These solutions replace cardholders’ data with tokens and execute transactions without exposing sensitive data to vulnerable networks. The BFSI vertical continuously upgrades its processing and transaction technologies, and requires end-to-end security solutions to optimize operations against both internal and external threats. Additionally, the vertical frequently introduces new and improved financial products and services to enhance business operations, attracting fraudsters who seek sensitive customer information. With its facilities such as smart banking, internet banking, and mobile banking, the BFSI vertical would have to prioritize payment security.
Get Special Pricing on Bundle Reports: https://www.marketsandmarkets.com/RequestBundleReport.asp?id=76652221
North America is estimated to dominate the Tokenization Market in 2020
The global market is segmented by region into North America, Europe, APAC, MEA and Latin America. North America, being a technologically advanced region, has the highest number of tokenization vendors. The region has witnessed changing customer preferences toward the adoption of contactless cards and digital first credit cards are also expected to fuel the growth of tokenization in North America. The other factors fueling the market growth in North America are the growing eCommerce, increasing use of smartphones for making online payments, and accessing various services, including online streaming, online gaming, and other government services.
The report encompasses the different strategies such as partnerships and collaborations, mergers and acquisitions, and product developments adopted by the major players to increase their market share. Some of the major technology vendors in the Tokenization Market are Fiserv (US), Mastercard (US), Visa (US), Micro Focus (UK), American Express (US), HelpSystems (US), MeaWallet (Norway), Thales Trusted Cyber Technologies, CipherCloud (US), Futurex (US), TokenEx (US), nCipher (UK), VeriFone (US), Bluefin (US), Marqeta (US), Paragon Payment Solutions (US), IntegraPay (Australia), AsiaPay (China), Liaison Technologies (US), Ingenico ePayment (Netherlands).
Browse Related Reports:
Payment Security Market by Solution (Encryption, Tokenization, and Fraud Detection and Prevention), Service (Integration, Support, and Consulting), Organization Size (Large Enterprises and SMEs), Industry Vertical, and Region – Global Forecast to 2022
Encryption Software Market by Component (Software and Services), Application (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment Mode, Enterprise Size, Vertical, and Region – Global Forecast to 2025
Get 10% Customization on this Research Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=76652221
Browse Adjacent Markets: Information Security Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/tokenization-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/tokenization.asp