The mobile payment security market is poised for substantial advancement, projecting an impressive Compound Annual Growth Rate (CAGR) of 21.5% within the span from 2022 to 2032.
Anticipations indicate that the mobile payment security market is slated to burgeon from US$ 1.1 trillion in 2022 to an extraordinary US$ 7.8 trillion in 2032. It’s noteworthy that the market had previously exhibited a higher CAGR of 51.4% during the period from 2015 to 2021, ultimately culminating in a market size of US$ 748 billion in 2021.
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Catalysts for Advancement: Fueling Growth in the Mobile Payment Security Software Market
Driving Factors for Market Expansion
The forthcoming period is set to witness a notable surge in the adoption of digital payment methods, including credit/debit cards, mobile wallets, and internet payments, which is poised to amplify the mobile payment security software market. An imperative driver of this growth trajectory is the mounting occurrence of data breaches.
Global Uptick in Mobile Payments: Facilitated by Reward Programs
The global prevalence of mobile payments is being propelled by the swift proliferation of reward programs within the mobile wallet domain. The utilization of mobile applications for transactional purposes has witnessed exponential growth, concomitantly accompanied by an upsurge in mobile app breaches. Typically, these breaches commence with vulnerabilities present in a public version of the app’s code, which hackers exploit to extract data. Consequently, the demand for mobile payment security software has become imperative to safeguard against such vulnerabilities.
Key Insights:
- Global Surge in E-Wallet Usage: The European Payment Council’s Payment Methods Report 2019 highlights a significant projection – approximately 2.1 billion customers across the globe are anticipated to adopt e-wallets for payments and money transfers. This emphasizes the rapid proliferation of digital payment methods worldwide.
- Mobile Payment’s Catalyst: Reward Programs and Convenience: The accelerated expansion of reward programs within the mobile wallet domain plays a pivotal role in propelling the global rise of mobile payments. These incentives contribute to the growing adoption of mobile payment solutions.
- Security Challenges in Mobile Payment Expansion: The growth trajectory of the mobile payment security market faces a hurdle in the form of pirated mobile payment security software. Such illicit software raises security concerns, directly impacting the legitimacy and safety of mobile payment transactions.
- Diverse Industries Embrace Mobile Payments: Various industries, including telecom, IT, banking, finance, government, transportation, retail, entertainment, and media, are progressively integrating mobile payments into their operations. The adoption of mobile payments aligns with the convenience factor and addresses the needs of modern consumers.
Competitive Landscape in the Mobile Payment Security Market
The mobile payment security market is characterized by its intense competition, leading to a proliferation of suppliers offering security solutions. Consequently, the market is witnessing a growing fragmentation as new players enter the arena. Partnerships among these players are a prevalent strategy, resulting in expanded product lines and enhanced offerings.
In this dynamic environment, key players are prioritizing the development of innovative and efficient solutions as their core objective. Their focus is directed towards crafting products that not only meet security requirements but also align with evolving market demands. Research serves as a testament to how competitors are strategically capitalizing on the abundant opportunities within the mobile payment security market.
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Key Players:
- BioCatch
- Braintree
- Carta Worldwide
- Daon
- Duo
Key segments:
By Type:
- Tokenization
- Biometrics
By End Use:
- Telecom & Information Technology
- Banking & Financial Service
- Government
- Transportation
- Retail
- Entertainment and Media
- Other
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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