Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), the Tokenization Market Size will rise from USD 5.76 billion in 2022 to USD 20.63 billion in 2030, expanding at a compound annual growth rate (CAGR) of 20% over the forecast period (2022 – 2030).
The global tokenization market is segmented by application, organization size, end-use industry, and region. By application, the market is segmented into payment security, user authentication, and compliance management. The payment security segment is expected to account for the largest share of the market during the forecast period, due to the increasing adoption of tokenization solutions by businesses and consumers.
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Market Synopsis
A data security technique called tokenization replaces sensitive data, including credit card numbers or personal identification numbers, with one-of-a-kind tokens. These tokens are generated at random and don’t have any inherent significance, thus if they are intercepted by unauthorized parties, they lose all of their value and are useless. Sensitive data is kept secure during processing, transfer, and storage thanks to tokenization, which also lowers the possibility of data breaches and unauthorized access.
Tokenization is widely used in a variety of fields and applications. Tokenization is frequently used in the banking sector to facilitate frictionless mobile payments, secure payment transactions, and protect cardholder data. In order to protect patient information and adhere to privacy laws, it is also used in healthcare. In industries where data security and compliance are critical, such as retail, e-commerce, and cloud computing, tokenization has applications.
Market Competitive Landscape:
The affluent companies in the Tokenization industry include
- Symantec Corporation
- Gemalto NV
- Fiserv Inc
- First Data Corporation
- Cipher
- Cloud
- Futurex
- Card
- Connect Corp.
- 3Delta Systems Inc
- Thales e-Security Inc.
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Market USP Covered:
Market Drivers:
Rising Cyber Threats and Data Breach Incidences: The prevalence of cyber threats and data breaches has increased need for strong data security solutions like tokenization. Tokenization is being used more frequently by businesses to safeguard sensitive information, reduce the risks of data breaches, and guarantee compliance with data protection laws.
Compliance with Data Privacy Regulations: Strict data privacy laws, such the Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR), require the protection of personal and financial information. By substituting sensitive data with tokens, tokenization helps organizations accomplish compliance by limiting the scope of compliance audits and the risks of non-compliance.
Growing Cloud Computing Adoption: Tokenization has become more important as a result of the widespread use of cloud computing and the requirement for secure data processing and storage. Tokenization is used by cloud service providers and businesses to secure sensitive data in the cloud environment while it is in use and while it is at rest.
Market Restraints:
The difficulty of implementation and integration with existing systems is one of the major obstacles facing the tokenization business. Infrastructure and technological advancements that support tokenization procedures must be funded by organizations. Furthermore, relying on outside tokenization service providers may lead to issues with data governance, control, and possible vendor lock-in.
Market Segmentation
By Application Area
The Application area includes User Authentication and Payment Security
By Deployment Mode
The Deployment includes On-Cloud and On-Premises
By Organization Size
The Organization size includes SMEs and Large Enterprises
By End User
The End-user includes Retail, Government, and BFSI & Commercial
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Regional Insights
The tokenization market is dominated by North America, notably the United States, for a number of reasons. First off, the area has a cutting-edge technology infrastructure that makes tokenization solutions easy to adopt and integrate. Second, the dominance of the industry is facilitated by the presence of important players like First Data Corporation and Symantec Corporation, both of whom are famous for their data security expertise. Additionally, the Health Insurance Portability and Accountability Act (HIPAA) and the California Consumer Privacy Act (CCPA), which have strict data protection requirements, are driving the demand for tokenization solutions to assure compliance and safeguard sensitive data in the US. Strong market demand for strong data security measures like tokenization is also brought on by the increased frequency of cyber attacks and data breaches in the area.
Due to strict data privacy laws, most notably the General Data Protection Regulation (GDPR), the tokenization sector is expanding significantly in Europe. The GDPR requires that personal data be protected and sanctions harsh fines for violations. Businesses all around Europe have used tokenization as a reliable method of protecting sensitive information and adhering to the GDPR regulations as a result of this legislative framework. Additionally, the need for tokenization in Europe is being fueled by the increased use of digital payment methods and the inclination for cashless transactions.
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