The mobile payment security industry is expected to expand from $1.1 trillion in 2022 to $7.8 trillion in 2032. Previously, the market grew at a faster CAGR of 51.4% (2015-2021), culminating in a market size of $748 billion in 2021.
The market for mobile payment security, which was valued at 1.1 trillion dollars in 2022, is expected to rise at a 21.5% CAGR to reach 7.8 trillion dollars by 2032, according to FMI research. As the number of digital payments, such as credit/debit cards, mobile wallets, and online payments rises, it is expected that demand for mobile payment security solutions will rise around the globe during the projection period.
One of the key factors driving the growth of the mobile payment security industry is the increasing frequency of data breaches. As the number of data breaches rises, so makes the amount of money lost as a result of them. As a result, the demand for mobile payment security solutions is increasing.
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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Furthermore, the demand for mobile payment security solutions is predicted to grow due to recent technology 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 ecommerce 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.
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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. BioCatch, Braintree, Carta Worldwide, Daon, and Duo are among the key players in the mobile payment security market.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mobile Payment Security Market review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 23, 2023
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