Meticulous Research® recently released a report titled ‘Payment Security Market by Offering, Payment Mode, Organization Size, End User, and Geography – Global Forecast to 2031.’ This report projects the market to expand at a 17.3% CAGR, reaching a valuation of $87.4 billion by 2031, spurred by the increasing demand for secure digital payments and adherence to regulatory standards.
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Market Growth Drivers
The widespread adoption of digital payments and compliance with PCI DSS standards are driving market growth, as is the rise in peer-to-peer transactions. However, online banking trust issues could slow growth, signaling a need for further security advancements to reassure users.
Opportunities and Challenges
With the rise in payment fraud, stakeholders see growth potential in fraud prevention. Mobile wallets and contactless payments further strengthen market opportunities, though low digital payment literacy in rural areas remains a challenge. Key trends include biometric authentication and the application of AI and blockchain.