According to a recent report by Meticulous Research®, the global payment security market is set to experience significant growth, projected to reach $87.4 billion by 2031, expanding at a robust CAGR of 17.3% from 2024 to 2031. The growing adoption of digital payments, increasing necessity for adherence to PCI DSS guidelines, and the rise in peer-to-peer transactions are the primary factors driving this market’s expansion. However, challenges such as limited trust in online banking could potentially slow growth.
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Opportunities & Challenges
With the surge in payment fraud cases and the increased adoption of mobile wallets and contactless payments, new growth opportunities for stakeholders are expected to arise. Nonetheless, low awareness of digital payment options, particularly in rural areas, remains a barrier. Additionally, advancements in biometric authentication and the integration of AI and blockchain in payment security are highlighted trends shaping the market.
