SAN FRANCISCO, Sept. 15, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Tokenization – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: September 2021
Executive Pool: 4783
Companies: 190 – Players covered include Bluefin Payment Systems; Carta Worldwide; Ciphercloud, Inc.; Discover Financial Services; First Data Corporation; Fiserv, Inc.; Futurex; Gemalto NV; Ingenico Epayments; IP Solutions International Pty Limited (IPSI); Liaison Technologies; MasterCard, Inc.; Merchant Link; Micro Focus International PLC; Protegrity USA, Inc.; Rambus, Inc.; Sequent Software, Inc.; Shift4 Company (POSitouch); Symantec Corporation; Thales E-Security, Inc.; Tokenex; VeriFone Systems, Inc.; Visa, Inc.; WEX, Inc.; Worldpay, LLC and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Deployment (Cloud, On-Premise); Application (Payment Security, Compliance Management, User Authentication); Vertical (BFSI, Retail & eCommerce, IT & ITES, Healthcare, Government, Energy & Utilities, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Tokenization Market to Reach US$4.3 Billion by the Year 2026
The concept of tokenization focuses on converting the critical information into non-critical data, commonly termed as tokens, which can be used in internal systems or databases without exposing the information to the public. Tokenization protects sensitive information by replacing it with non-significant value holding the same format and length as the original one. Tokenization holds high relevance for organizations with critical information in internal systems, such as credit card data, social security numbers and medical information that demands enhanced protection and security levels. Growth in the global market is set to be driven by increasing focus on fraud prevention and payment security measures in the wake on COVID-19-induced accelerated shift towards online and contactless payments. The market is gaining from rising incident of credit card frauds and the pressing need for robust payment security that covers different components like tokenization-as-a-service and contactless payments. The market growth is also fueled by the need to comply with stringent regulations, improve fraud prevention and deliver enhanced experience to customers. Tokenization is poised to receive a major demand stimulus from increasing uptake of contactless payments as well as rising investments in cloud-based tokenization options.
Amid the COVID-19 crisis, the global market for Tokenization estimated at US$1.6 Billion in the year 2020, is projected to reach a revised size of US$4.3 Billion by 2026, growing at a CAGR of 18.4% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 19.6% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 16% CAGR for the next 7-year period. This segment currently accounts for a 35.4% share of the global Tokenization market. The Solutions segment’s growth is favored by increasing deployment of tokenization solutions across SMEs as an effective approach to mitigate the risk of identity theft and payment frauds. Companies operating in the industry are increasingly opting for tokenization solutions to comply with PCI DSS regulations.
The U.S. Market is Estimated at $697.9 Million in 2021, While China is Forecast to Reach $476.3 Million by 2026
The Tokenization market in the U.S. is estimated at US$697.9 Million in the year 2021. The country currently accounts for a 38.22% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$476.3 Million in the year 2026 trailing a CAGR of 23.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.4% and 17.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.5% CAGR while Rest of European market (as defined in the study) will reach US$586.8 Million by the end of the analysis period. North America dominates market share on account of stringent regulations like CCPA coupled with rising incident of cyber-attacks, mainly related to payment frauds. Factors such as digital first credit cards and increasing uptake of contactless cards are creating strong demand for tokenization services and solutions. The regional market is also gaining from notable expansion of e-commerce along with extensive use of smartphones to make online payments and access several options like government services, online gaming and digital information. Growth in Asia-Pacific region is attributed to government efforts to deal with financial frauds as well as implementation of stringent regulations to improve cyber-security. More
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SOURCE Global Industry Analysts, Inc.