North America Payment Security Market: Industry Outlook By Drivers, Restraints And 2018-2024
North America Payment Security Market
The market is expected to grow at CAGR of 13.45% from 2018 to 2023 leading to a global revenue generation of USD 13.19 billion in 2023. There is a daily increase of card payment frauds in the US. Approximately, 42% of U.S cardholders have experienced fraud compared to 27% of global cardholders. This calls for an immediate action and development of solutions to fight the situation.
Moneris Solutions Corporation of Canada has recognized the importance of fraud protection and has incorporated some changes to minimize the risk for merchants. Visa Canada has mandated changes like introducing Stored Credential Transaction Framework, Magnetic-Stripe Fallback etc.
By solution, the market is segmented into encryption, tokenization, fraud detection and prevention.
By service, the market is segmented into integration services, support services, and consulting services.
By end-user, the market is segmented into retail, travel and hospitality, healthcare, IT and telecom, education, media and entertainment, and others.
By regions, the market is divided into USA, Canada, and other countries.
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Key growth factors
People in the US and Canada are showing optimism in the adoption of mobile wallets and other digital payment options. With increasing digital payment platforms, the risk of data security getting threatened increases. To make the users more comfortable with mobile payments, enhanced payment security management is necessary.
Threats and key players
Due to the increasing number of regulations focusing on reducing risk along with increasing competition due to opportunity in open banking regulations, payment networks and intermediaries are acting as a challenge to the market
The payment security technology providers in North America are Bluefin, SISA, Cybersource, Ingenico, E-payments, etc.
What’s covered in the report?
1. Overview of the North America payment security market
2. Market drivers, and challenges in the North American payment security market
3. Market trends in North America payment security market
4. Historical, current and forecasted market size data for North America market segmentation based on type of solution (encryption, tokenization, fraud detection and prevention) – revenue
5. Historical, current and forecasted market size data for North America market segmentation based on end-user (retail, travel and hospitality, healthcare, IT and telecom, education, media and entertainment and others) – by revenue
6. Historical, current and forecasted market size data of North America payment security market by country (USA, Canada, and other countries) – by revenue
7. Analysis of the competitive landscape and profiles of major competitors operating in the North America market.
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1. Understand the demand for the North American payment security market to determine the viability of the market
2. Understand the country-specific market size and observations for each segment
3. Develop strategies based on the drivers, trends and highlights for each of the segments
4. Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed
5. Recognize the key competitors of this market and respond accordingly
6. Identify the initiatives and growth strategies taken by the major companies and decide the direction of further growth
7. Define the competitive positioning by comparing the products and services compared with the key players in the market.
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