Payment Security Service Market Scope
Payment Security Service is a solution mandated by Payment Card Industry Data Security Standard (PCI DSS) in order to ensure proper security in various digital payment modes and prevent fraud activities. Cases of security breach in retail, healthcare and government have risen recently which require efficient payment security solution. Strong authentication mechanism, back-end protocol validation, transactions through encrypted channel (SSL) and various others methods are being used to ensure safe digital payment.
According to AMA, the Global Payment Security Service market is expected to see growth rate of 14.5% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Payment Security Service market throughout the predicted period.
Braintree [United States], CyberSource Corporation [United States], Elavon [United States], Index [United States], Ingenico ePayments [Netherlands], Intelligent Payments [Gibraltar], GEOBRIDGE Corporation [United States], Shift4 Corporation [United States], Transaction Network Services (TNS) Inc. [United States] and TokenEx, LLC [United States] are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are PayKings [United States], SecurePay Pty Ltd [Australia], Cetelem [France], NOCHEX LIMITED [United States], Pin Payments [Australia] and Lyra Network [France].
Segmentation Overview
The study have segmented the market of Global Payment Security Service market by Type (Integration services, Support services and Consulting services) and Region with country level break-up.
On the basis of geography, the market of Payment Security Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Intelligent & Smart Security with Machine Learning and Use of Block-chain to Prevent Data Breaches
Market Growth Drivers:
Rising Digital Payments System Fueled by Smartphone Penetration, Stringent Regulatory Guidelines Regarding Payment Security and Growing Cases of Fraud in E-commerce Industries
Challenges:
Lack of Awareness About Digital Payment in Rural Areas and Issues Related with Data Breach and Privacy
Restraints:
Trust Issue Related to Online Payment and High Cost of Advance Payment Security Services
Opportunities:
Advancement and Launch of Various Digital Payment Services and Favorable Government Initiatives in Emerging Countries for Digital Push
Market Leaders and their Expansionary Development Strategies
September 2018 - : Elavon intended to acquire ETS (Electronic Transaction System) to expand merchant payment line. "ETS has an innovative approach to merchant payments that fits well within Elavon’s strategy to provide businesses the ability to safely and quickly integrate into our system,” says Jamie Walker, CEO of Elavon.
Payment Card Industry Data Security Standards (PCI DSS) certification is required for every merchant or business accepting credit or debit cards, online or offline. PCI DSS standards require merchants and processors to meet criteria such as : Build and maintain a secure network and systems, protect cardholder data, maintain a vulnerability management program, implement strong access control measures, regularly monitor and test networks and maintain an information security policy.
Key Target Audience
Government Agencies, Payment Security Vendors, Network Solution Providers, Independent Software Vendors, Consulting Firms, System Integrators and Managed Security Service Providers (MSSPs)
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.