SecurityWorldMarket

07/07/2022

Mobile security on the rise as demand for digital payments soars

Newark, De (USA)

According to Future Market Insights, or FMI, research, the mobile payment security market was valued at US$ 1.1 Tn in 2022 and is predicted to reach US$ 7.8 Tn 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.

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 analysts found that 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.

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 research also notes that 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.

Researchers predict that 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 suggest the researchers, is likely to provide lucrative opportunities for mobile payment security market expansion throughout the forecast period.

Top performers in segment, use and geographic

On the basis of type, the biometrics segment of the mobile payment security market is expected to grow at the fastest CAGR of 21.0% through 2032; and by end-use, the banking & financial service is expected to grow at a high rate in the mobile payment security market, with a CAGR of 20.6% through 2032.

In terms of geography, the analysts suggest the market size for mobile payment security in the United States is expected to reach US$ 2.8 Tn by 2032, growing at a CAGR of 21.2% during the forecast period. The UK on the other hand, is expected to register a market share of US$ 334.6 Bn in the mobile payment security market by 2032, with a CAGR of 20.4% during the forecast period.

In Asia, China’s mobile payment security market is expected to be worth US$ 534.7 Bn by 2032, with a CAGR of 20.9% over the forecast period, and Japan is expected to have a market size for mobile payment security of US$ 434.3 Bn by 2032, with a CAGR of 19.8% through 2032.  In addition, the estimates for South Korea show that this market could reach US$ 255.5 Bn in the mobile payment security market with a CAGR of 18.9% through 2032.

Competitive landscape

Due to the large number of firms operating in both domestic and foreign markets, researchers conclude that, the mobile payment security market is extremely competitive and it 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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