Market Synopsis: —
Tokenization is the new buzz word in the payment system at the moment. It is the process of adding an extra level of security to sensitive payment data - typically payment card or bank account numbers, with an algorithmically generated number called a token in the same format. Unlike encryption, tokenization is undecipherable. Tokenization provides high-level security to enterprises as they cannot be decrypted. There is no mathematical relationship between the token and its original number. Moreover, a token is used for one time only and are not retained. Tokenization has become a popular method of bolstering the security of payment transactions, and the global Tokenization Market is expected to expand at a stellar CAGR of 24.14% over the forecast period of 2017-2023, affirms Market Research Future (MRFR) in an in-depth study.
The requirement to comply with the set of data security standards set by the payment card industry also a key factor in motivating the growth of the global tokenization market. Adoption of tokenization solutions ensuring compliance with the PCI-DSS regulations and help reduce compliance burden due to which tokenization solutions are progressively being adopted by enterprises.
The towering occurrence of cyber-attacks, cybersecurity regulations and pressing need to secure payment systems against connected device vulnerabilities have encouraged financial firms to opt for payment secu8rity solutions which induce high demand within the global tokenization market.
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Rising deployment of tokenization by SMEs due to increasing stringency of regulatory norms relating to payment frauds is likely to augment the growth of the global tokenization market further. SMEs cater to a broader population base and so are increasingly leveraging tokenization solutions which will bring tokenization to mainstream and accelerate the growth of the market.
On the other hand, the market growth might be undermined by a lack of knowledge among end users and high costs associated with tokenization solutions. In addition, the cost of hardware and software represent a significant cost to enterprises which hinders adoption of tokenization solutions among end users.
In light of the above factors, the global Tokenization Market is estimated to reach USD 2341.38 Bn by the end of 2023.
The global tokenization market is studied for various segments that are based on component, application area, deployment, organization size, end-user, and region. Based on component, the global tokenization market is segmented into integration services, professional services, service, consulting, solution managed services, support and maintenance, and training and education.
Based on application area, the global tokenization market is segmented into compliance management, payment security, and user authentication.
Based on deployment, the global tokenization market is segmented into outdoor positioning system, indoor positioning system, and others.
Based on organization size, the global tokenization market is segmented into small and medium enterprises and large enterprises.
Based on end-users, the global tokenization market is segmented into telecom and IT, BFSI, healthcare, government and defense, commercial, industrial, automotive, and retail.
The prominent players in the tokenization market are –Symantec Corporation (US), Gemalto NV (Netherlands), CardConnect Corp. (US), Thales e-Security, Inc. (US), CyberSource Corporation (US), 3Delta Systems, Inc.(US), CipherCloud (US), Hewlett-Packard Enterprises (US), Liaison Technologies, Inc.(US), Futurex (US), Fiserv, Inc. (US), Paymetric, Inc. (US), First Data Corporation (US), and TokenEx LLC (US), Protegrity USA, Inc. (US) among others
The global tokenization market has been analyzed for the regional segmentation of North America, South America, Asia Pacific, Europe, and the Middle East & Africa. North America is anticipated to lead the global tokenization market over the forecast period. This can be attributed to the increasing penetration of the internet and upscaling payment frauds that have led to a mounting need for payment security.
On the other hand, Asia Pacific is anticipated to garner faster growth rate over the forecast period. This can be owed to the fast-paced economic development in various emerging countries such as India, China, and Japan. This can also be accredited to the fact that companies residing in these regions are cheaper, easier to use, and more secure as compared to end-to-end encryption. These factors are promoting the regional market for tokenization solutions to ascend at the fastest rate over the forecast period.
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February 2019: Securitize.IO recently partnered with Elevated Returns to assist with a large-scale tokenization event. Tezos was chosen for this event.
February 2019: BitGo announced the launch of their Wrapped Bitcoin. This is a new crypto hybrid and Ethereum-based token that is backed up by a regular bitcoin.
January 2019: Swarm announced the launch of their no-fee issuance of security tokens for providing digital security. Swarm is a non-profit organization.
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Release ID: 88963013