The Europe Tokenization Market would witness market growth of 19.5% CAGR during the forecast period (2020-2026). Among several end-user industries, the tokenization market has gained high popularity. Also, the technology has captured the attention of several companies in order to obtain better data security. Increasing government standards in terms of the utilization of personal information, rising adoption among payments gateways are some of the major aspects that fuel the growth of the tokenization market in the next few years.
Safeguarding payment gateways has witnessed constant & increasing demand. The customers are shifting to safer payment gateway alternatives due to the currency included in the process, & this is mainly due to the high adoption rate of payment gateways. There is a constant hike in the amount of data; governments across the world are planning to create data privacy & development laws to secure the citizens from any loss in data.
The objective of tokenization is to replace the crucial data – specifically payment card or bank account numbers – with a random number in a similar format but with no unique value of its own. This is different from the process of encryption, where a number is changed mathematically, but its unique pattern is still saved within the new code – termed as format-preserving encryption. Tokenization is referred to the process of swapping out confidential data from your business systems by substituting it with an unreadable token and saving the original data in a safe cloud data vault. With the help of proper keys, the encrypted numbers can be decrypted. Although, tokens cannot be reversed as there is no existence of a mathematical relationship between the token & its unique number.
Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Payment Security, User Authentication and Compliance Management. Based on Tokenization Technique, the market is segmented into API-Based and Gateway-Based. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Government, Healthcare, Telecom & IT, Energy & Utilities, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The Germany market dominated the Europe Tokenization User Authentication Market by Country 2019, growing at a CAGR of 16.7 % during the forecast period. The UK market is exhibiting a CAGR of 17.1% during (2020 - 2026). Additionally, The France market is anticipated to witness a CAGR of 18.9% during (2020 - 2026).
The API-Based market dominated the Spain Tokenization Market by Tokenization Technique 2019, thereby, achieving a market value of $57.6 million by 2026. The Gateway-Based market is expected to witness a CAGR of 23% during (2020 - 2026).
Free Valuable Insights: Tokenization Market in Europe is expected to register a CAGR of 19.5% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fiserv, Inc., Mastercard, Inc., Visa, Inc., Micro Focus International PLC, OpenText Corporation (Liaison Technologies), American Express Company, MeaWallet (Invuo Technologies AB), CipherCloud, Inc., Futurex LP, and TokenEx, LLC.
By Component
By Application
By Tokenization Technique
By Deployment Type
By Enterprise Size
By End-User
By Country
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