MarketsandMarkets forecasts the global Tokenization Market size to grow from USD 2.3 billion in 2021 to USD 5.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. Need to stay compliant and meet regulatory reporting standards, growing need to ensure continuous customer experience and maintain fraud prevention levels due to increasing financial frauds, and need to reduce risk from data breaches are key factors for the growth of the Tokenization market.
By Organization Size, Large Enterprises to hold the larger market size during the forecast period
The Large Enterprises segment of the Tokenization Market is projected to hold the largest market size in 2021. Large Enterprises are the early adopters of tokenization, as they use a huge amount of confidential data of consumers and have many business applications susceptible to cyber-attacks. Due to their large size, these enterprises with different types of IT infrastructure face the difficult task of effectively managing the security for several applications across the enterprise. These organizations prefer to outsource tokenization services to lower their burden of PCI DSS compliance management.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76652221
By Vertical, the Retail & eCommerce subsegment to grow at the highest CAGR during the forecast period
Among the Verticals, the Retail & eCommerce sub-segment is expected to grow at the highest CAGR during the forecast period. Retail organizations need to ensure a pleasant check-out experience for their customers. Retail merchants regularly face challenges in managing consumers’ sensitive data related to payment cards as well as complying with regulations. Tokenization solutions address these challenges by replacing the sensitive data with tokens and protecting critical information from traversing through vulnerable networks.
The key and emerging market players in the Tokenization market include Fiserv (US), Visa (US), Mastercard (US), Micro Focus (UK), American Express (US), Thales (France), Lookout (US), Futurex (US), CardConnect (US), FIS (US), HelpSystems (US), MeaWallet (Norway), TokenEx (US), Entrust (US), Verifone (US), Bluefin (US), WEX (US), AsiaPay (Hong Kong), Shift4 (US), and Worldline (France). These players have adopted various strategies to grow in the Tokenization market.
Fiserv is a financial technology and solutions company that offers payment solutions, processing services, customer and channel management solutions, risk and compliance solutions, and insights and optimization solutions. The company offers electronic payments, digital channels, card services, biller solutions, output services, investment services, and risk management under its payments segment. The company’s offerings in the tokenization market include Fiserv Carat, which helps protect customers’ data by using a multi-layered, end-to-end security strategy that includes encryption and omnichannel tokenization. In January 2021, Fiserv acquired Ondot Systems Inc., a provider of digital experience platforms. This helped Fiserv enhance its portfolio with digital solutions.
Request a Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=76652221
Mastercard is a leading global provider of business payment solutions. The company provides payment processing products, solutions, and consulting services. In the tokenization market, it offers a PCI tokenization service that helps reduce PCI compliance scope and secure the user account details by replacing the PAN number with some token number. In November 2021, Mastercard partnered with ACI Worldwide to make Mastercard Direct Services accessible to ACI’s customers. These services enable financial institutions to access safety, security, loyalty, and other value-added services across all payment types.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/tokenization-market-76652221.html
