Tokenization Market Overview
Tokenization is the process of creating a ‘token’ that processes sensitive data. Tokenization refers to a solution that provides real-time payment of data security for all transactions using tablets, smartphones, laptops, and other electronic devices. Tokenization is a relatively new technology that is majorly driven by the tokenization system such as the security reduction and risk reduction benefits sensitive data replaced by the token, which is then isolated and segmented data that is stored in the database. Market Research Future (MRFR) has studied the global Tokenization Market over the forecast period of 2017-2023 and presented this in the form of a market research report. The report provides key statistics on the market status, size, share, growth factors and tokenization market analysis.
This report by Market Research Future (MRFR) has suggested that the global tokenization market is likely to witness fast-paced growth, ascending at 24.14?GR during the defined review period. Upscaling demand for alternatives for optimization of the online payment process, ascending payment fraudulence, and a mounting demand for tokenization in different end-user industries such as IT and telecom, BFSI, automotive and healthcare are some of the prominent factors contributing to the ascension of the global tokenization market over the forecast period. The global tokenization market is also expected to garner a robust market revenue valuation of USD 2341.38 billion by the end of the forecast period.
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Tokenization Market Key Players
The prominent players in the tokenization market are –
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Tokenization Market Segmentation
The Segmentation of Global Tokenization Market is on the following basis:
By Application Area
By Organization Size
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Tokenization Market Regional Analysis
The global tokenization market has been analyzed for the regional segmentation of North America, South America, Asia Pacific, Europe, and the Middle East & Africa. North America is anticipated to lead the global tokenization market over the forecast period. This can be attributed to the increasing penetration of the internet and upscaling payment frauds that have led to a mounting need for payment security.
On the other hand, Asia Pacific is anticipated to garner faster growth rate over the forecast period. This can be owed to the fast-paced economic development in various emerging countries such as India, China, and Japan. This can also be accredited to the fact that companies residing in these regions are cheaper, easier to use, and more secure as compared to end-to-end encryption. These factors are promoting the regional market for tokenization solutions to ascend at the fastest rate over the forecast period.
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