As outlined in the report Global Payment Security Market by Offering (Solutions, Services), Payment Mode (Banking Cards, Internet Banking, PoS, Digital Wallets, Others), Organization Size, End User (BFSI, Retail & E-commerce, Healthcare, Others) & Geography—Forecast to 2031, the payment security market is projected to reach $87.4 billion by 2031, growing at a CAGR of 17.3% from 2024 to 2031.
Market Drivers
Key growth drivers include:
- Digital Payment Adoption: The rise in digital payments is fueling demand for security solutions.
- PCI DSS Compliance: Adhering to security standards is essential for businesses.
- Peer-to-Peer Payment Trends: Increased P2P transactions are creating a need for enhanced security measures.
Constraints
Challenges to market growth are:
- Online Banking Trust Issues: Consumer distrust in online banking platforms poses a challenge.
Opportunities and Trends
Opportunities include:
- Increasing Payment Fraud: A surge in payment fraud is driving the need for advanced security solutions.
- Growth of Mobile Wallets and Contactless Payments: These payment trends offer significant market opportunities.