Right Now
Shift
towards Cashless Economy to Influence the Growth Substantially
in Payment Security Market in the European Region : Ken Research
According to study, “Europe
Payment Security Market (2018-2023)” some of the major companies that
are currently working in Europe payment security market are PayPal ThreatMark,
Ingenico Group, Securion Pay, Skrill, Elavon, ClearXchange, Google Wallet,
Dwolla, Square, Ribbon.
The payments industry is adding a
significant movement of the infrastructure revolutions, which is essential to
compete professionally with non-bank innovators and progress the customer
requirements. In the past few years, the major economically driving countries have
updated their payment systems and new developing economies are scheduling to
upgrade it further. Digital payments aid merchants in maintaining agreement with
other third party companies which is further anticipated to bolster the growth
of the payment security market. The rising security concern to drive the
payment security with the use EMV chips cards in the online stores and brick
and mortar locations in are the major targets for the cyber frauds and data
forgeries. The Payment security is a
security advance that relies on several layers of analytics, technology and
security practices to defend the payment system & reduce the frauds. It is further
classified into mobile payment security software, online payment security
software and security & point-of-sale (PoS) systems.
On the basis of components, the
market is segmented into solutions and services. Solution market is
sub-segmented into tokenization, encryption, fraud detection and prevention. The
services market is sub-segmented into support services, integration services,
and consulting services. On the basis of application, the market is segmented
into retail, BFSI, healthcare and government divisions. In addition, on the
basis of end user, the market is segmented into travel & hospitality, retail,
healthcare, education, IT and telecom, media & entertainment, and others.
The Europe payment security is
mainly driven by increased emphasis of safer & shorter transaction time,
rapid adoption of mobile biometrics, security vulnerabilities in third-party
mobile payment provides increased security breaches. The shift towards cashless
economy is also influencing the growth substantially, as non-banking players to
adopt various cashless transaction platforms, digital wallets, mobile money,
and virtual currencies. Overall, the future of the global payment security
software market to look bright. However market also faces the key challenges of
the strict government regulations, execution of innovative security solutions, competitive
rivalry among existing competitors and retailer payment policies.
Nowadays, banks also started using
technologies and upgrading the initiatives of blockchain, open Application
Program Interfaces (API), instant payments & mobile wallets, which are
accountable for boosting customer experience and increasing the demand for the
payment security. In addition, some government regulations like Payment
Services Directive (PSD2) is responsible for rising implementation of open
Application Programming Interface (APIs).
Europe is the one of the largest
payment security market owing to foremost contribution from the France, UK,
Germany, and Spain. The region is the leading revenue caused by increasing demand
of online payment security which distinguishes the fault analysis of the system.
It is anticipated that this market to grow by US$ 7.1 billion, at a CAGR of
14.7 %, by 2023. In near future, it is predicted that the market to boost due
to rising security concern and rising demand of e-commerce services by implementations
of Europay Mastercard and Visa (EMV).
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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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