Additionally, the mounting need to preserve fraud prevention levels due to increased financial crimes is further responsible for driving the market growth.
Moreover, increasing demand for contactless payments from customers coupled with growing need for cloud-based tokenization solutions and services are anticipated to offer rewarding prospects for the major players operating in the market.
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What is Driving Demand for Tokenization?
Tokenization makes use of a token to protect the data, whereas encryption utilizes a key. Tokenization switches the sensitive data for a non-sensitive token and stores the original data securely.
Owing to this, there has been rise in demand for implementation of tokenization techniques over the forecast period. Moreover, increasing inclination of consumers towards contactless payment solutions is one of the major factors responsible for driving the growth of tokenization market across the globe.
Furthermore, stringent rules and regulations enforced the governments is further driving the market growth. The rising need for enterprises to adhere to the stringent regulations happens to be one of the major factors boosting the demand for tokenization across different industry verticals.
BFSI is Expected to Hold the Largest Share of the Tokenization Market by Vertical
On the basis of vertical, the sensor market has been bifurcated in to BFSI, healthcare, IT and telecom, government, retail and eCommerce, energy and utilities, and others.
Out of which, the BFSI industry vertical is expected to hold the largest share of the global market. Tokenization solutions have gained immense popularity and a higher rate of adoption in the BFSI vertical, as it deals with money. The vertical displays a large number of financial transactions, which become an attractive target for cybercriminals. Increasing fraudulent activities emerging in the BFSI vertical is another major factor driving the demand for tokenization.
US and Canada Tokenization Demand Outlook
U.S. happens to be one of the largest markets for tokenization across the globe. The growth in U.S. is attributed to the presence of established players such as Fiserv, Mastercard, Visa, Micro Focus, and American Express, among others in the region. Moreover, US happens to be a highly regulated region with the presence of regulations such as CCPA.
Changing customer preferences towards the adoption of digital first credit cards and contactless cards are also projected to boost the growth of tokenization in the North America region.
Increasing implementation of cloud-based tokenization solutions and services is another major factor driving the market growth across the globe. The other factors stimulating the market growth in the region include the rising demand for eCommerce and increasing use of smartphones for online payments, among others.
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Europe Demand Outlook for Tokenization
Contactless payments are helping end users as well as organizations move further away from wire transfer services, which happens to be one of the most exploited medium for cyber attackers.
Contactless payments are typically gaining more traction in the Europe region. According to a report published by Gemalto, 90% of the business frontrunners in Europe are already investing in the contactless payment solutions. Intensifying data breaches and financial frauds happen to be one of the major factors driving the demand for tokenization in the Europe region.
Who are the Key Manufacturers and Suppliers of Tokenization?
Some of the leading providers of tokenization include
- Fiserv
- Mastercard
- Visa
- Micro Focus
- American Express
- Thales TCT
- CipherCloud
- Futurex
- TokenEx
- nCipher
- VeriFone
- Bluefin Payment Systems
By Component:
- Solutions
- Services
By Application:
- Payment Security
- User Authentication
- Compliance Management
By Tokenization Technique:
- API-Based
- Gateway-Based
By Deployment:
- Cloud
- On-premise
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- BFSI
- Healthcare
- IT and Telecom
- Government
- Retail
- Energy and Utilities
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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https://acatpg.mn.co/posts/22593850
https://globalsocials.mn.co/posts/22593854
About Future Market Insights (FMI)
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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