The mobile payment security market was valued at US$ 1.1 Trillion in 2022 and is predicted to reach US$ 7.8 Trillion by 2032, growing at a 21.5% CAGR. The demand for mobile payment security solutions is predicted to grow globally throughout the forecast period as the number of digital payments, such as credit/debit cards, mobile wallets, and internet payments increases.
The increasing sales of mobile payment security solutions can also be related to the rising needs of the Payment Card Industry Data Security Standard (PCI DSS) rules, increased end-user knowledge of mobile payment security, and government attempts to promote cashless payment.
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The demand for mobile payment security solutions is predicted to grow due to recent technological advancements in mobile commerce. This factor has enabled consumers to undertake digital transactions such as purchasing goods and applications through wireless networks, redeeming coupons and tickets, banking, and completing point-of-sale payments from their smartphones.
The expanding use of wireless networks among individual consumers has boosted the sales of mobile payment security solutions. Mobile payment security has become more important as the use of wireless networks in mobile devices for payment in retail outlets has expanded.
The mobile payment security market is likely to rise significantly as a result of the recent outbreak of COVID-19, owing to the growing use of digital payment services. However, the mobile payment security market’s expansion is being hampered by a lack of trust in online banking.
Increased demand for mobile payment security solutions for digital e-commerce and increased use of payment applications across various business verticals, on the other hand, is likely to provide lucrative opportunities for mobile payment security market expansion throughout the forecast period.
Key Takeaways from the Mobile Payment Security Market Report:
The mobile payment security market is poised for significant growth across various regions and segments. Biometrics emerge as a standout, expected to experience the fastest Compound Annual Growth Rate (CAGR) of 21.0% through 2032, reflecting the increasing emphasis on secure authentication methods. Within end-use sectors, banking and financial services are projected to exhibit robust growth, with a CAGR of 20.6%, underlining the critical role of secure transactions in this industry. The United States leads the market, anticipated to reach an impressive size of US$ 2.8 Trillion by 2032, driven by a notable CAGR of 21.2%. Notably, the UK, China, Japan, and South Korea also demonstrate substantial potential, with respective market sizes and growth rates highlighting a global surge in demand for mobile payment security solutions.
Competitive Landscape:
Due to the large number of firms operating in both domestic and foreign markets, the mobile payment security market is extremely competitive. The market is moderately concentrated, with technological breakthroughs and mergers & acquisitions being the primary methods employed by the big competitors.
Leading Key Players:
Key players in the mobile payment security market include BioCatch, known for its advanced behavioral biometrics solutions, Braintree, a prominent payment platform owned by PayPal, Carta Worldwide, recognized for its innovative payment technology solutions, Daon, a leader in biometric authentication, and Duo, known for its multifactor authentication services. These companies play pivotal roles in ensuring the security and integrity of mobile payment transactions, offering cutting-edge solutions to combat fraud and enhance user trust.
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