September 10 2020
Market Research Future published a research report on “Tokenization Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR) reports that the global market for tokenization can expand to USD 2341.38 Billion by 2023. The market also shows signs of achieving a growth rate of 24.14% from 2017 to 2023, which is the forecast period.
Top Drivers and Key Restraints
The worldwide market for tokenization is expected to note lavish growth in the coming years, on the back of rising need for protection of the cardholders' data, complying with the PCI DSS guidelines. The surge in the number of payment frauds has also led to strong demand for tokenization in recent years. With the boost in digital payments as well as contactless payments, the tokenization solutions and services could note significant demand in the near future. Tokenization is considered to be a vital solution in the PCI that helps protect important data. In addition, it complies with the industry standards along with government regulations.
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Online payment mode has gained immense popularity over the years, prompting organizations to opt for tokenization solutions that can help them safeguard confidential data during any transaction. This minimizes the risk of attack. High-quality tokenization solutions make use of contactless payment methods along with the advanced security levels and can save up to trillions of dollars in frauds in the following years.
The tokenization market also benefits from the soaring demand for cloud-based solutions among small and medium enterprises (SMEs). The rising adoption of contactless payment solutions is supposed to offer a host of growth opportunities to the Tokenization Market during the review period.
Tokenization Market Share - Segmentation
The worldwide market for tokenization has been studied extensively, considering the segments like component, application area, deployment, organization size, and end-user.
Depending on the component, the tokenization market covers integration services, professional services, service, solution managed services, support and maintenance, consulting, training and education, and others.
Given the application type, the global tokenization market includes compliance management, payment security, user authentication, and others.
Deployment-wise, the tokenization market consists of outdoor positioning system, indoor positioning system, and others.
The various organization sizes mentioned in the report are Large Enterprises as well as Small and Medium-sized Enterprises (SMEs).
Considering the end-user segment, the global tokenization market is split into telecom and IT, BFSI, government & defense, healthcare, commercial, industrial, automotive, retail, and others.
The Global Players in Covid 19 Analysis on Tokenization Market are –Symantec Corporation (US), Gemalto NV (Netherlands), CardConnect Corp. (US), Thales e-Security, Inc. (US), CyberSource Corporation (US), 3Delta Systems, Inc.(US), CipherCloud (US), Hewlett-Packard Enterprises (US), Liaison Technologies, Inc.(US), Futurex (US), Fiserv, Inc. (US), Paymetric, Inc. (US), First Data Corporation (US), and TokenEx LLC (US), Protegrity USA, Inc. (US) among others
Global Tokenization Market - Regional Analysis
The regional segmentation of the global tokenization market includes North America, Asia Pacific (APAC), Europe and the Rest of the World (RoW).
North America is the leading market for tokenization, thanks to the high adoption rate of advanced technologies and the mounting demand for a secure platform to perform large-scale online transactions. Rising awareness with regard to cryptocurrency as well as the increasing use of advanced technologies in payment processes has also led to market growth in the region.
The tokenization market in Europe is observing noteworthy growth, on account of the soaring demand for online payment security since the number of payment frauds has increased in recent years. With the surge in payment security concerns along with the rising number of rigid regulatory compliances, the tokenization market in the region is bond to note immense growth during the estimated period.
Accelerated demand for payment security and the increasing risks associated with payment security is favoring the APAC tokenization market. The market has gained massive traction in recent years, as the need to prevent data breaches has increased significantly in the region. SMEs along with large organizations in the region are now more informed about the tokenization process as well as its benefits, which has led to its high adoption in these enterprises to deal with the cyber frauds coupled with data thefts.
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Table Of Contents
List Of Tables
Table 1 Tokenization Market, By Component
Table 2 Tokenization Market, By Application Area
Table 3 Tokenization Market, By Deployment
Table 4 Tokenization Market, By Organization Size
Table 5 Tokenization Market, By End-User
Table 6 Tokenization Market, By Regions
Table 7 North America Tokenization Market, By Component
Table 8 North America Tokenization Market, By Application Area
Table 9 North America Tokenization Market, By Deployment
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