MarketsandMarkets forecasts 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. Need to stay compliant and meet regulatory reporting standards, growing need to ensure continuous customer experience and maintain fraud prevention levels due to increasing financial frauds, and need to reduce risk from data breaches are key factors for the growth of the Tokenization market.
The key and emerging market players 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), FIS (US), HelpSystems (US), MeaWallet (Norway), TokenEx (US), Entrust (US), Verifone (US), Bluefin (US), WEX (US), AsiaPay (Hong Kong), Shift4 (US), and Worldline (France). These players have adopted various strategies to grow in the Tokenization market.
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Fiserv is a financial technology and solutions company that offers payment solutions, processing services, customer and channel management solutions, risk and compliance solutions, and insights and optimization solutions. The company offers electronic payments, digital channels, card services, biller solutions, output services, investment services, and risk management under its payments segment. The company’s offerings in the tokenization market include Fiserv Carat, which helps protect customers’ data by using a multi-layered, end-to-end security strategy that includes encryption and omnichannel tokenization. In January 2021, Fiserv acquired Ondot Systems Inc., a provider of digital experience platforms. This helped Fiserv enhance its portfolio with digital solutions.
Mastercard is a leading global provider of business payment solutions. The company provides payment processing products, solutions, and consulting services. In the tokenization market, it offers a PCI tokenization service that helps reduce PCI compliance scope and secure the user account details by replacing the PAN number with some token number. In November 2021, Mastercard partnered with ACI Worldwide to make Mastercard Direct Services accessible to ACI’s customers. These services enable financial institutions to access safety, security, loyalty, and other value-added services across all payment types.
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
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