Published Date: 9-Mar-2021
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According to a new report Global Tokenization Market, published by KBV research, The Global Tokenization Market size is expected to reach $5.8 billion by 2026, rising at a market growth of 20.4% CAGR during the forecast period.
Cybercriminals are aware of the major loophole of SMEs i.e. poor security & they exploit by utilizing the automation technique to attack thousands of applications at a time. In order to save time, resources, and money, SMEs are consistently adopting cloud-based tokenization. Tokenization as a Service (TaaS) manage financial constraints which are faced by SMEs, with the segment quickly adopting cloud-based tokenization solutions, hence boosting the development of the tokenization market for SMEs. Although, the large enterprises segment would garner the highest revenue share in 2019.
The BFSI market dominated the Global Tokenization Market by End User 2019. In the BFSI industry, tokenization solutions & services are really popular and have a high acceptance rate, as they assist companies in the industry to manage PCI DSS regulatory compliance. In addition, the industry often launches new & advanced financial products & services to improve business operations, motivating fraudsters who look for crucial customer information. The BFSI industry would have to arrange its priorities regarding payment security with its services like internet banking, smart banking, & mobile banking. The Government market is expected to witness a CAGR of 22.3% during (2020 - 2026). Additionally, The Healthcare market is expected to witness a CAGR of 22.1% during (2020 - 2026).
North America dominated the market in 2019. The adoption of tokenization solutions & services is expected to fuel because the region has high regulatory norms. The existence of standards such as CCPA, increment in cyberattacks, specifically payment frauds across industries. The growth of the regional tokenization market is anticipated to boost due to the shifting customer inclinations toward the acceptance of contactless cards & digital-first credit cards. The increasing field of eCommerce, rising utilization of smartphones to make online payments, and accessing several services, that include online streaming, online gaming, and other government services are some of the aspects that are driving the growth of the North American tokenization market.
Full Report: https://www.kbvresearch.com/tokenization-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Tokenization Technique
By Deployment Type
By Enterprise Size
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