Global Payment Security Market was valued at USD 15.14 Bn in 2019 and is expected to reach at USD 50.32 Bn by 2027 at a CAGR of 16.2% over forecast period 2020-2027.
Global Payment Security Market
The report covers an in depth analysis of COVID 19 pandemic impact on Global Payment Security Market by region and on the key players revenue affected till April 2020 and is expected to short term and long term impact on the market.
Global Payment Security Market Dynamics:
Payment security are designed to carry out the financial transactions in a secured manner. An Increasing penetration of mobile wallets in both emerging and developed countries is mainly driving the market demand for payment security software. Moreover, factors such as an Increasing adoption of digital payment modes, need to adhere to PCI DSS guidelines, increase in smartphone usage, availability of internet throughout the globe and rise in fraudulent activities on e-commerce are expected to create lucrative opportunities for market over forecast period.
However, various factors such as stringent regulations governing the introduction and implementation of innovative security systems and solutions, surge in cyber-attacks and cases related to fraud are expected to restrain market growth over forecast period.