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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.
Offerings Breakdown: Solutions Lead
The market is segmented by offerings into solutions and services. In 2024, solutions are anticipated to account for more than 74.0% of the market. High adoption rates across retail, healthcare, and hospitality sectors, along with heightened security investment, fuel this segment’s dominance.
Solutions Segment Projected Growth
The solutions segment’s rapid growth stems from increased PoS payments, payment API integrations, and regulatory requirements for secure payment channels. Contactless payments further contribute to segment expansion.
Payment Modes: Banking Cards vs. Digital Wallets
Banking cards are expected to dominate in 2024, capturing over 32.0% of the market, driven by point-of-sale growth, e-commerce expansion, and PCI DSS adherence. Yet, digital wallets are on track to be the fastest-growing payment mode, boosted by multi-factor authentication and QR code use.
Focus on Large Enterprises
In terms of organization size, large enterprises are predicted to hold above 70.0% market share in 2024, driven by the critical need to protect vast amounts of customer data and manage high transaction volumes. This segment will also exhibit the highest growth rate.
End-Use Industry Insights
The BFSI sector is set to lead with a market share of around 29.0%, due to data breach risks and high transaction frequency. Nevertheless, the retail & e-commerce sector is expected to grow the fastest due to mobile payment trends and an increase in omnichannel strategies.
Regional Dynamics
North America is poised to maintain its position with over 36.0% market share due to increased cybersecurity spending, digital payment popularity, and PoS system adoption. Asia-Pacific is forecasted to grow the fastest, driven by e-commerce expansion and mobile payment usage.
Key Market Participants
Top companies include Bluefin Payment Systems, Braintree, Elavon Inc., TokenEx, Shift4 Payments, Cybersource, and others leading in payment security innovation.
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