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Tokenization Market to Witness an Outstanding Growth during 2018 - 2026
Tokenization Market is forecasted to grow to US$ 6,901.1 Mn by 2026, recording a CAGR of 18.6%; Market for Tokenization is driven by advantages which include the ability to secure sensitive data, reduced data loss, reduced payment card industry data security standard (PCI-DSS) compliance scope.
Published 11 March 2022
According to a new market report published by Transparency Market Research, the global tokenization market was valued at US$ 1,267.8 Mn in 2016 and is estimated to expand at a compound annual growth rate of 18.6% from 2018 to 2026, reaching US$ 6,901.1 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the tokenization market in 2016. This is primarily due to strong technological advancement and considerable application of tokenization in banks and financial institutions across the region
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Need for payment card industry data security standard (PCI-DSS) compliance to secure cardholder data driving the global tokenization market
PCI DSS guidelines state that merchants and companies that process and store credit card data must fulfill precise audit requirements for managing cardholder data and privacy. Tokenization, a method of replacing sensitive data such as credit and debit card numbers with tokens, is one of the audit scope reduction and data protection methods that is recommended/suggested by PCI DSS. Tokenization helps merchants to comply with the global PCI-DSS and assists payment processors to keep cardholders’ data secure. This in turn is expected to drive the tokenization market during the forecast period.
Tokenization Market: Scope of the Report
The global market for tokenization is segmented on the basis of component, solution, enterprise size, end-use, and geographic regions. Based on components, the market has been segmented into software, hardware, and services. The hardware component accounts for the largest share in terms of revenue in the global tokenization market. The hardware component used for tokenization is hardware security modules (HSM) and other tokenization appliances which are used for interaction with HSM. Hardware devices are generally used in vault-based tokenization where sensitive data is stored within the user’s premises. However, the service (tokenization-as-a-service) segment is expected to expand at the highest CAGR of around 19.8% globally during the forecast period. Based on solution, the market has been segmented into payment security, customer data management, compliance & policy management, omni-channel management, and encryption. On the basis of enterprise size, the market has been divided into small & medium enterprise and large enterprise. In terms of end-use, the market has been bifurcated into BFSI, retail & consumer goods, government, education, military & defense, automotive, IT & telecom, energy & utilities, manufacturing, and others (hospitality & transportation).
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Based on geography, the global tokenization market has been segregated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America led the global tokenization market with a substantial share in 2016, primarily due to rising deployment of tokenization solutions for various applications such as payment security and customer data management across organizations operating in North America, particularly in the U.S. which has given impetus to the tokenization market.
Asia Pacific is anticipated to witness highest growth in terms of adoption of tokenization solutions during the forecast period. This is primarily due to the rising adoption of digital services such as Internet of Things (IoT), cloud, mobility, and Artificial Intelligence, leading to the rising trend of high amount of data from the APAC region.
Global Tokenization Market: Competitive Dynamics
Tokenization solution providers are expanding their product portfolio through mergers and acquisitions, which provide them a larger customer base with an enhanced and comprehensive suite of hardware and software. Companies are also focusing on winning long-term contracts and providing multi-service platforms to their customers.
The global tokenization market includes different players such as Gemalto NV, Futurex, Thales e-Security, Inc., CipherCloud, Inc., Symantec Corporation, Hewlett Packard Enterprise Development L.P., Protegrity USA, Inc., TokenEx, First Data Corporation, and CyberSource Corporation
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The tokenization market has been segmented as below:
Market Segmentation: Global Tokenization Market
By Component
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About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information. Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization, and full reports through MarketNgage, the unified market intelligence engine. Sign Up for a 7-day free trial!
Contact
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Blog: https://tmrblog.com/
Get PDF Brochure for More Insights - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=27287
Need for payment card industry data security standard (PCI-DSS) compliance to secure cardholder data driving the global tokenization market
PCI DSS guidelines state that merchants and companies that process and store credit card data must fulfill precise audit requirements for managing cardholder data and privacy. Tokenization, a method of replacing sensitive data such as credit and debit card numbers with tokens, is one of the audit scope reduction and data protection methods that is recommended/suggested by PCI DSS. Tokenization helps merchants to comply with the global PCI-DSS and assists payment processors to keep cardholders’ data secure. This in turn is expected to drive the tokenization market during the forecast period.
Tokenization Market: Scope of the Report
The global market for tokenization is segmented on the basis of component, solution, enterprise size, end-use, and geographic regions. Based on components, the market has been segmented into software, hardware, and services. The hardware component accounts for the largest share in terms of revenue in the global tokenization market. The hardware component used for tokenization is hardware security modules (HSM) and other tokenization appliances which are used for interaction with HSM. Hardware devices are generally used in vault-based tokenization where sensitive data is stored within the user’s premises. However, the service (tokenization-as-a-service) segment is expected to expand at the highest CAGR of around 19.8% globally during the forecast period. Based on solution, the market has been segmented into payment security, customer data management, compliance & policy management, omni-channel management, and encryption. On the basis of enterprise size, the market has been divided into small & medium enterprise and large enterprise. In terms of end-use, the market has been bifurcated into BFSI, retail & consumer goods, government, education, military & defense, automotive, IT & telecom, energy & utilities, manufacturing, and others (hospitality & transportation).
Get COVID-19 Impact Analysis at https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=27287
Based on geography, the global tokenization market has been segregated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America led the global tokenization market with a substantial share in 2016, primarily due to rising deployment of tokenization solutions for various applications such as payment security and customer data management across organizations operating in North America, particularly in the U.S. which has given impetus to the tokenization market.
Asia Pacific is anticipated to witness highest growth in terms of adoption of tokenization solutions during the forecast period. This is primarily due to the rising adoption of digital services such as Internet of Things (IoT), cloud, mobility, and Artificial Intelligence, leading to the rising trend of high amount of data from the APAC region.
Global Tokenization Market: Competitive Dynamics
Tokenization solution providers are expanding their product portfolio through mergers and acquisitions, which provide them a larger customer base with an enhanced and comprehensive suite of hardware and software. Companies are also focusing on winning long-term contracts and providing multi-service platforms to their customers.
The global tokenization market includes different players such as Gemalto NV, Futurex, Thales e-Security, Inc., CipherCloud, Inc., Symantec Corporation, Hewlett Packard Enterprise Development L.P., Protegrity USA, Inc., TokenEx, First Data Corporation, and CyberSource Corporation
Make an Enquiry Before Buying - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=27287
The tokenization market has been segmented as below:
Market Segmentation: Global Tokenization Market
By Component
- Hardware
- Software
- Cloud-based
- On-premise
- Services
- Managed/Outsourced
- Professional
- Payment Security
- Customer Data Management
- Compliance & Policy Management
- Encryption
- Small & Medium Enterprise
- Large Enterprise
- BFSI
- Retail & consumer Goods
- Government
- Education
- Military & Defense
- Automotive
- IT & Telecom
- Energy & Utilities
- Manufacturing
- Others (Hospitality & Transportation)
Intelligent Virtual Assistant Market - Global intelligent virtual assistant market is set to chart a robust growth trajectory over the coming few years. It is anticipated that over the forecast period of 2020 to 2030, the market would grow at a rate of 33%, compounded annually. A number of growth factors can be attributed here, leading to a higher market worth of about USD 50.9 billion by the end of the assessment period from USD 2.9 billion in 2020.
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information. Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization, and full reports through MarketNgage, the unified market intelligence engine. Sign Up for a 7-day free trial!
Contact
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Blog: https://tmrblog.com/
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Transparency Market Research
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