North America Tokenization Market By Component (Solution and Services), By Application (Payment Security, User Authentication and Compliance Management), By Tokenization Technique (API-Based and Gateway-Based), By Deployment Type (On-premise and Cloud), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, Retail & eCommerce, Government, Healthcare, Telecom & IT, Energy & Utilities, and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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The North America Tokenization Market would witness market growth of 18.7% CAGR during the forecast period (2020-2026). The process of encrypting confidential data & then save all the essential information in a format without compromising the same is known as tokenization. The capability to save sensitive data, PCI scope, decrease in data loss & complete internal protection are some of the benefits offered by the tokenization. The growth of the tokenization market is expected to grow owing to the increasing security concerns.
Tokenization means a data security framework that transforms the data in distinct symbols, termed as tokens & carries all the needed information of the confidential data. Using tokenization, an organization can secure sensitive data information, offer overall internal protection, reduction of data loss possibilities, and others. Currently, different end-use industries like BFSI, healthcare, defense, and others are extensively adopting tokenization systems. Therefore, these factors are expected to propel the growth of the tokenization market during the forecast period.
Significant aspects such as the rising need to stay compliant with standards and increasing requirement to make sure about the consistent customer experience and preventing frauds due to the rising number of financial crimes are boosting the tokenization market. In addition to it, the market would witness various profitable growth opportunities due to the rising preferences of customers towards contactless payments and increasing demand & adoption for cloud-based tokenization solutions & services.
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 U.S., Mexico, Canada, and Rest of North America.
The US market dominated the North America Tokenization Services Market by Country 2019, and would continue to be a dominant market till 2026. The Canada market is showcasing a CAGR of 23.6% during (2020 - 2026). Additionally, The Mexico market would witness a CAGR of 22.6% during (2020 - 2026).
The Payment Security market dominated the Canada Tokenization Market by Application 2019, thereby, achieving a market value of $154 million by 2026. The User Authentication market is estimated to grow at a CAGR of 19.9% during (2020 - 2026). Additionally, The Compliance Management market is expected to witness a CAGR of 24% during (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.
Scope of the Study
Market Segments Covered in the Report:
- Payment Security
- User Authentication
- Compliance Management
By Tokenization Technique
By Deployment Type
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- Retail & eCommerce
- Telecom & IT
- Energy & Utilities
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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
- TokenEx, LLC
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