Global tokenization market was valued US$ 850.34 Mn in 2017 and is expected to reach US$ 3432.54 Mn by 2026, at a CAGR of 19.06% during a forecast period.
Tokenization is a process of replacing sensitive data with unique identification symbols that retain all the vital information about the data without compromising its security. Tokenization is a solution that provides real-time payment of data security for all the transactions via tablets, smartphones, laptops, and other devices. It doesn’t rely on encryption keys so organizations don’t have to worry about managing such sensitive data.
Rising banking applications and increasing credit card holders are boosting the tokenization market. Tokenization market has experienced considerable growth owing to a large number of financial firms opting for raising security in payment processing systems. Protected customer data, use of digital payments, reduced risk, and carefulness of banks toward frauds are adding fuel to the growth of the market. However, tokenization systems require large data space, the high cost of implementation, and upgrade of hardware required for tokenization is restrains the growth of the market.
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The payment security application area is estimated to the largest market share during the forecast period owing to increased complexities in the payment transactions. The challenges of managing the sensitive information of users, payment security has become a key point of concern for organizations.
Cloud deployment is the fastest-growing deployment in the tokenization market. SMEs have implemented the cloud deployment model as it enables them to focus on their core competencies, rather than investing their capital on payment infrastructure.
Growing adaptation of new technology in payment security industry is estimated to drive the tokenization market in North America. So that, North America is leading in countries as payment security reduces the security risk posed by payment data in the systems. The Asia Pacific is projected to witness good growth owing to increasing adoption of such software in India, Japan, Philippines, and Singapore.
Key players in the global tokenization market are Gemalto NV, Futurex, CipherCloud, Inc., Symantec Corporation, Hewlett Packard Enterprise Development L.P., Protegrity USA, Inc., TokenEx, First Data Corporation, Fiserv, Micro Focus, Visa, WEX, Thales e-Security, Inc., Worldpay, CyberSource Corporation, Dell Technologies, Liaison Technologies, Protegrity, Bluefin, Sequent Software, Discover Financial Services, Carta Worldwide, Merchant Link, Ingenico ePayments, Rambus, Mastercard, Verifone, and IP Solution International.
Scope of the Global Tokenization Market
Global Tokenization Market by Component
Support and Maintenance
Training and Education
Global Tokenization Market by Application
Payment Security Application Area
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Global Tokenization Market by Tokenization Technique
Global Tokenization Market by Deployment Mode
Global Tokenization Market by Organization Size
Small and Medium Enterprise
Global Tokenization Market by Vertical
Retail and Consumer Goods
Military and Defense
IT and Telecom
Global Tokenization Market by Geography
Middle East & Africa
Key Players operating in the Global Tokenization Market
Hewlett Packard Enterprise Development L.P.
Protegrity USA, Inc.
First Data Corporation
Thales e-Security, Inc.
Discover Financial Services
IP Solution International