LONDON, May 16, 2023 /PRNewswire/ — The efficient protection of consumer and business data has become highly crucial in today’s digital age. With rapid digitalization, the instances of internet-based frauds are also increasing promptly. Digital or online payments are gaining massive popularity worldwide due to the high degree of convenience associated with it. Payment security software can safeguard against unauthorized access and prevent data breaches. With advanced encryption and fraud detection capabilities, this software is the ultimate solution of businesses looking to protect their financial transactions and build trust with their customers

The business intelligence report on Global Payment Security Software Market by Brandessence Market research provides a comprehensive analysis of the industry, including market size, trends, and growth drivers. It covers various segments of the market, including software type, end-users, and geography. It offers insights into the competitive landscape of the industry, key market players, and their strategies. The report also includes an in-depth analysis of the factors influencing market growth, such as the increasing use of mobile payments and the growing adoption of digital payments. With this research report, businesses can gain a better understanding of the payment security software market and make informed decisions about their strategies and investments.

Key Takeaways

• Growing popularity of digital payments, rapid internet proliferation, and increased adoption of smart devices are aiding market expansion.
• By mode of payment, the online payment segment is likely to accrue substantial revenue due to the booming e-commerce sector and growing adoption of smart devices.
• The market in MEA is projected to account for a high revenue share owing to rapid digitalization and promptly evolving internet infrastructure.

The Global Payment Security Software Market is anticipated to amass notable gains over assessment timeline of 2022-2029.

Payment security software is referred to as a type of software which safeguard’s a user’s data, privacy, and money during digital transactions. It reduces the customer’s vulnerability to cyberattacks with its fraud prevention abilities. This software is comprised of anti-malware, instruction detection components, endpoint security, and firewall.

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Elaborating the key trends and dynamics of the Payment Security Software Market

Growing popularity of digital payments, rapid internet proliferation, and increased adoption of smart devices are primarily augmenting the outlook of this business vertical. Alongside, surging usage of digital wallets, rapid digitalization, and increasing occurrence of cyberattacks are creating lucrative opportunities for this industry sphere to prosper. Moreover, growing focus of businesses to secure their online payment gateways and widespread technological advancements in the field are adding significant momentum to this market space.

Major Growth Drivers

Rising instances of cyberattacks- With widespread digitalization across numerous sectors, the instances of cyberattacks have also been increased. The financial sector is one of the largest victims of cyber frauds. Advent of digital transaction technologies has eased the lives of the users, allowing them to facilitate transaction related activities from the comfort of their homes through their smart devices. But this has also made them highly vulnerable to online frauds. This has escalated the demand for payment security software due to its capacity to provides a robust layer of protection against such threats. These factors together are stimulating the overall dynamics of this industry.

Growing popularity of online payments- Many countries are promoting cashless transaction due to its highly convenient nature. With a steady internet connection and smart device, users can make and receive payments through online platforms or digital wallets just by the click of a button. But this also creates a concern about the data privacy and financial security of the consumers since cyberattacks are on a high rise. This in turn is increasing the adoption of cyber security software across the globe.

Challenges

Lack of proper awareness- Despite the increasing awareness of cyber threats and the need for payment security, many businesses still fail to understand the importance of payment security software. This lack of awareness can make it challenging for software providers to market their products effectively and can limit the overall demand for payment security solutions.

Payment Security Software Market- Competitive Landscape

The prominent players characterizing the competitive terrain of this business sphere are CA Technologies, Cyber Source Corp., Shift 4 Corp., Transaction network services Inc., Vasco Data security International Inc., Symantec Corp., UL Transaction security, Index systems Inc., GEOBRIDGE Corp., and MagTek Inc.

Segmental Assessment of Payment Security Software Market

In terms of component type, the solutions segment is poised to garner significant returns. This is due to the growing occurrence of cyberattacks along with the increased popularity of online transactions across the globe.

By mode of payment, the online payment segment is likely to accrue substantial revenue by 2029 owing to the booming e-commerce sector, growing adoption of smart devices, and rising digital literacy among the masses.

Based on industry vertical, the BFSI segment is slated to capture a high-volume share. This is ascribed to the vulnerability of the BFSI segment to various types of cyber frauds.

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Geographical Analysis & Landscape

The market in MEA is projected to account for a high revenue share over 2022-2029. Rapid digitalization, promptly evolving internet infrastructure, and growing popularity of online payments are spurring the growth of this regional market. Additionally, rising R&D investments, increased number of digital frauds, and high digital literacy among citizens are adding traction to the industry progression.

Europe is anticipated to emerge as one of the fastest growing regions in this industry. This is attributable to the presence of notable players, increasing adoption of smart devices, and the booming e-commerce sector. Also, technological advancements in the field and the growing cyber security awareness among the masses are supporting market expansion in this region.

Opportunities in this industry

Technological Advancements- There has been effective technological innovations in this field. The integration of advanced technologies like Artificial Intelligence and Machine Learning is revolutionizing this vertical. These technologies are helping payment security software providers to detect and prevent fraud more effectively. Hence, related business is making heavy investments to leverage the benefits of AI and ML in their digital payment security solutions.

Challenges

Complicated integration with other systems- Payment security software needs to integrate seamlessly with a wide range of existing systems, such as point-of-sale systems, e-commerce platforms, and mobile payment applications. However, this integration can be complex, and any errors or glitches can disrupt payment processes, leading to lost sales and dissatisfied customers.

Major Developments in the Payment Security Software Market

In December 2020, Visa announced its acquisition of European fintech company, Plaid, for USD 5.3 billion with an aim to amplify Visa’s reach in the payment security software market by providing it with access to Plaid’s technology and customer base.

In January 2021, Mastercard announced its acquisition of Nets’ account-to-account payment business for EUD 2.85 billion with an aim to strengthen its position in this vertical.

In May 2021, payment security software provider, Cybersource, announced a partnership with Mastercard to launch a new payment authentication solution called Mastercard Identity Check. This partnership has allowed merchants to access this technology easily, making online payments more secure and convenient for customers.

Porter’s Five Forces Analysis

Threat of new entrants: The threat of new entrants in the payment security software market is moderate. They face significant barriers to entry, such as high R&D costs, complex regulations, and established relationships with payment processors and financial institutions. But market offers high growth potential with pushes the new entrants to defy all the barriers and themselves through innovative solutions and by targeting niche markets.

Bargaining power of buyers: The bargaining power of buyers in the payment security software market is moderate to high. Buyers, such as merchants and financial institutions, have a wide range of options to choose from, which gives them significant bargaining power to negotiate price and contract terms. However, the cost of switching to a new payment security software provider can be high, which can limit their bargaining power.

Bargaining power of suppliers: The bargaining power of suppliers in the payment security software market is low. There are many suppliers of payment security software, and they have relatively low switching costs. Additionally, suppliers are competing on the basis of innovation and features, which can limit their ability to raise prices.

Threat of substitutes: The threat of substitutes in the payment security software market is moderate. Although there are few direct substitutes for payment security software, there are other security solutions, such as fraud detection software and cybersecurity services, that can provide some of the same benefits.

Competitive rivalry: Competitive rivalry in the payment security software market is high. The market is highly fragmented, with many players competing for market share. Additionally, there is a significant overlap in the features and capabilities of different payment security software solutions, which can make it difficult for companies to differentiate themselves. Competition is driven by factors such as price, features, and customer service.

On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:

• U.S, Canada

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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