According to a new market research report “Tokenization Market with COVID-19 Impact, by Component, Application Area (Payment Security, User Authentication, and Compliance Management), Tokenization Technique, Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2026″ published by MarketsandMarkets, the global Tokenization Market size to grow from USD 2.3 billion in 2021 to USD 5.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period. The Tokenization Market is fuelled by growing need to ensure continuous customer experience and maintain fraud prevention levels due to increasing financial frauds. The increase in online shopping across the globe has led to an increase in fraudulent activities, such as identity theft frauds, merchant and triangulation frauds, affiliate and clean frauds, phishing, pagejacking, and counter attacks. Tokenization helps protect businesses from the negative financial impact of data thefts. Even in case of breaches, with tokenization, valuable personal data is difficult to steal. Hence, tokenization can be helpful in ensuring the continuity of customer experience and maintaining fraud prevention levels.
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By Organization Size, Large Enterprises to hold the larger market size during the forecast period
The Large Enterprises segment of the Tokenization Market is projected to hold the largest market size in 2021. Large Enterprises are the early adopters of tokenization, as they use a huge amount of confidential data of consumers and have many business applications susceptible to cyber-attacks. Due to their large size, these enterprises with different types of IT infrastructure face the difficult task of effectively managing the security for several applications across the enterprise. These organizations prefer to outsource tokenization services to lower their burden of PCI DSS compliance management.
By Vertical, the Retail & eCommerce subsegment to grow at the highest CAGR during the forecast period
Among the Verticals, the Retail & eCommerce sub-segment is expected to grow at the highest CAGR during the forecast period. Retail organizations need to ensure a pleasant check-out experience for their customers. Retail merchants regularly face challenges in managing consumers’ sensitive data related to payment cards as well as complying with regulations. Tokenization solutions address these challenges by replacing the sensitive data with tokens and protecting critical information from traversing through vulnerable networks.
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By region, North America to account for the largest market size during the forecast period
North America holds a strong position in the global Tokenization Market, due to the presence of most of the top Tokenization vendors such as Fiserv, Visa, Mastercard, and American Express. It is well-connected with advanced infrastructure, which helps tokenization vendors offer quality services to their clients. The region offers the most innovative and fastest services available in the world through its network infrastructure. It has also witnessed the earliest adoption of cloud and mobile technologies, which has been a significant booster for adopting tokenization solutions to improve employee efficiency and productivity.
Major vendors in the Tokenization Market include Fiserv (US), Visa (US), Mastercard (US), Micro Focus (UK), American Express (US), Thales (France), Lookout (US), Futurex (US), CardConnect (US), and FIS (US).
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