The
global Tokenization Market size is expected to reach USD
13.53 billion by 2030, registering a CAGR of 24.09% from 2022 to 2030,
according to a new report by Grand View Research, Inc. Tokenization is a
software-based data security technology. The advancements in data and
technology have been adopted by industries handling and dealing with sensitive
data to offer an improved and significantly secure process for consumers. As
the technology has become advanced and easily compatible with various devices,
the industries have found it easier to incorporate it and enhance their
offerings.
The
banking and finance industry’s rapid digitization has enabled banks and financial
institutions to solidify the security and impenetrable nature of their
services. For instance, in December 2021, PhonePe, a mobile payment
application, introduced tokenization in its service and implemented deleting
all card on file details after a Reserve Bank of India regulation for the
industry.
The
main advantage of the technology is that it can be deployed in multiple factors
such as online payments, data storage QR-based payments, in-app payments, and
so on. The market remains strong even during the current pandemic and the
global presence of the industry is growing rapidly as industries push for
digitization and follow governmental regulations. This technology has gained
immense traction in India after the emergence of a Reserve Bank of India guideline
to all merchants and e-commerce platforms to delete all sensitive
data of users including their card details by September 30, 2022.
Tokenization
is widely present in Europe and North America and is increasingly being adopted
in Asia. Tokenization is growing in popularity as it is not for just payment
security but also to protect all types of sensitive data. Along with the
banking and financial industry, this technology is deployed by the healthcare,
information technology, and retail industries. This technology is often
deployed in conjunction with encryption to add an even stronger layer of
security for sensitive data.
List of Key Players of Tokenization Market
- Fiserv, Inc.
- Visa, Inc.
- MasterCard,
Inc.
- Micro Focus
International plc
- American
Express Company
- Thales Group
Related Press
Release@ Tokenization Market Report
Tokenization Market Report Highlights
- The solution
component segment accounted for over 80.0% share of the total revenue in
2021 owing to industries approaching tokenization companies to secure
digitized data
- The payment
security application area segment held the largest revenue share of over
30.0% in 2021
- The
gateway-based technology segment is predicted to record a CAGR of 25.26%
from 2022 to 2030
- The Middle
East and Africa is anticipated to register the highest CAGR of 27.52% from
2022 to 2030
Tokenization Market Segmentation
Grand
View Research has segmented the global tokenization market on the basis of
component, application area, technology, deployment, industry vertical, and
region:
Tokenization Component Outlook (Revenue, USD Million,
2018 - 2030)
- Solution
- Services
Tokenization Application Area Outlook (Revenue, USD
Million, 2018 - 2030)
- Payment
Security
- User
Authentication
- Compliance
Management
- Others
Tokenization Technology Outlook (Revenue, USD Million,
2018 - 2030)
- Application
Programming Interface-based
- Gateway-based
Tokenization Deployment Outlook (Revenue, USD Million,
2018 - 2030)
- Cloud
- On-premises
Tokenization Industry Vertical Outlook (Revenue, USD
Million, 2018 - 2030)
- BFSI
- Healthcare
- IT
- Government
- Retail And
E-Commerce
- Energy &
Utilities
- Other
Tokenization Regional Outlook (Revenue, USD Million, 2018
- 2030)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- Rest of
Europe
- Asia Pacific
- China
- Japan
- India
- Rest of
Asia
- Latin
America
- Brazil
- Rest of
Latin America
- Middle East
& Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment