The report titled Global Payment Security Market by Offering (Solutions, Services), Payment Mode (Banking Cards, Internet Banking, PoS, Digital Wallets, Others), Organization Size, End User (BFSI, Retail & E-commerce, Healthcare, Others) & Geography—Forecast to 2031 indicates that the payment security market will reach $87.4 billion by 2031, with a CAGR of 17.3% from 2024 to 2031.

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Key Drivers
Market growth is driven by:
• Expansion of Digital Payments: The shift towards digital transactions is driving demand for secure payment solutions.
• Adherence to PCI DSS: Compliance with Payment Card Industry Data Security Standards is critical for businesses.
• Growth in Peer-to-Peer Payments: The increase in P2P transactions is boosting the need for enhanced security.

Market Challenges
Key challenges include:
• Skepticism Toward Online Banking: A lack of trust in online banking can restrict market growth.

Emerging Opportunities
Opportunities for growth include:
• Increase in Payment Fraud: Rising fraud cases highlight the need for advanced security measures.
• Adoption of Mobile Wallets and Contactless Payments: These technologies present new market opportunities.

Segment Analysis
Offering: The market is segmented into solutions (encryption, tokenization, fraud detection) and services (support, integration, consulting). The solutions segment is expected to dominate, holding over 74.0% of the market share in 2024.

Payment Mode: The market includes banking cards, digital wallets, internet banking, PoS, and other payment methods. Banking cards are forecasted to account for over 32.0% of the market share in 2024 due to increased card transactions and the need for PCI DSS compliance.

Organization Size: Includes large enterprises and SMEs. Large enterprises are expected to capture over 70.0% of the market share due to their larger transaction volumes and customer bases.

End-Use Industry: The market is segmented into BFSI, retail & e-commerce, healthcare, travel & hospitality, IT & telecom, media & entertainment, and others. BFSI is expected to lead with over 29.0% of the market share in 2024 due to high data breach risks and stringent security requirements.

Geography: The market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to account for over 36.0% of the market share due to high adoption rates of digital payments and substantial cybersecurity investments.

Key Players:
Some of the key players operating in the payment security market are Bluefin Payment Systems LLC (U.S.), Braintree (U.S.), Elavon Inc. (U.S.), TokenEx, Inc. (U.S.), Shift4 Payments, Inc. (U.S.), Cybersource (U.S.), Ingenico (France), Broadcom Inc. (U.S.), Signifyd, Inc. (U.S.), TNS Inc. (U.S.), Stripe, Inc. (U.S.), Mastercard Incorporated (U.S.), VeriFone, Inc. (U.S.), Utimaco Management Services GmbH (Germany), and SISA Information Security Pvt. Ltd. (India).

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