The Europe Payment Card Skimming Market would witness market growth of 9.4% CAGR during the forecast period (2023-2030).
The Germany market dominated the Europe Payment Card Skimming Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $379 million by 2030. The UK market is exhibiting a CAGR of 8.5% during (2023 - 2030). Additionally, The France market would experience a CAGR of 10.2% during (2023 - 2030).
The market represents a complex ecosystem driven by the convergence of technological innovation, criminal ingenuity, and the relentless pursuit of illicit gains. With the proliferation of payment channels, including point-of-sale (POS) terminals, automated teller machines (ATMs), online payment gateways, and mobile payment platforms, cybercriminals have seized upon new opportunities to exploit vulnerabilities in payment systems and harvest sensitive cardholder data for fraudulent purposes.
Furthermore, the proliferation of digital payment methods, including mobile wallets, contactless payments, and online banking, has expanded the attack surface for cybercriminals, increasing skimming attacks targeting online transactions and mobile payment platforms. For example, according to the Ministry of Finance, total digital payment transaction volume increases from 2,071 crore in (fiscal year) FY 2017-18 to 13,462 crore in FY 2022-23 at a rate of 45 percent in India.
The frequency of cyberattacks in Europe that target small and medium-sized enterprises (SMEs) can draw attention to the significance of cybersecurity precautions, such as defense against payment card skimmers. In 2021, 28% of European SMEs reported dealing with at least one cybercrime. In addition, recognizing the importance of cybersecurity, SMEs allocate resources to invest in cybersecurity tools, employee training, and incident response capabilities. Increased investment in cybersecurity measures help SMEs strengthen their defenses against payment card skimming attacks and improve their overall security posture. Thus, the increasing cyberattacks on SMEs in the region is propelling the growth of the market.
Free Valuable Insights: The Global Payment Card Skimming Market will Hit USD 5.6 Billion by 2030, at a CAGR of 9.6%
Based on Organization Size, the market is segmented into Large Enterprise, and Small & Medium-Sized Enterprises. Based on Deployment Type, the market is segmented into On-Premise, and Cloud. Based on Application, the market is segmented into Identity Theft, ATMs, Payment Fraud, Money Laundering, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Component
By Organization Size
By Deployment Type
By Application
By Country
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