Tokenization Market

Market Leader - Tokenization Market

The global tokenization market is expected to grow from USD 983 million in 2018 to USD 2,670 million by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. Factors that are expected to drive the market growth are the growing need to protect cardholders’ data by following Payment Card Industry Data Security Standard (PCI-DSS) guidelines and increasing payment frauds that need to be prevented.

The tokenization market comprises major solution providers, such as First Data (US), Gemalto (Netherlands), Fiserv (US), Micro Focus (UK), Symantec (US), Thales e-Security (US), Visa (US), WEX (US), Worldpay (US), Dell Technologies (US), CipherCloud (US), Futurex (US), Liaison Technologies (US), Protegrity (US), TokenEx (US), Bluefin (US), Sequent Software (US), Discover Financial Services (US), Carta Worldwide (Canada), Merchant Link (US), Ingenico ePayments (US), Rambus (US), Mastercard (US), Verifone (US), and IP Solution International (Australia). The research study includes an in-depth competitive analysis of these key players with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations have been the most dominating strategies adopted by the major players. These dominating strategies have helped them innovate their offerings and expand their audience.

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First Data’s products are tailored and cater to a wide range of verticals. The company protects its customers from cyber-attacks by delivering products in the area of payment security. It has adopted organic and inorganic growth strategies to improve its market share and increase its annual revenue. It strengthens its product portfolio with the help of frequent product upgradations and new product launches. It is present globally and continues to strengthen its regional existence through frequent strategic alliances. Furthermore, it leverages the benefits of its extensive partner channels, such as technology partners, consulting partners, sales partners, and distribution partners. In September 2018, First Data launched FirstSense, a comprehensive solution that integrates threat intelligence, and fraud detection and prevention capabilities, to identify payment cards at risk and prevent frauds before they happen. This product launch strengthened First Data’s payment security offerings for assisting organizations in addressing the needs of the increasing mobile payments and enabling them to ensure that devices are risk-free and secure while accessing corporate resources.

Micro Focus was founded in 1976 and is headquartered in Newbury, UK. It is a leading infrastructure software company. The company’s offerings proactively assess and manage the relevant risks to detect and prevent attacks. In May 2018, Micro Focus unveiled the latest version of Vertica 9.1. The new version of the product includes the high-performance integration of Vertica with Voltage’s SecureData to protect sensitive data and ensure secure data transmission. Similarly, in April 2018, the company announced the availability of SecureData Sentry. The product provides advanced format-preserving encryption, secure stateless tokenization, and stateless key management to protect sensitive data across enterprise applications. These strategies are helping the company in staying ahead in the tokenization market.

Related Reports:

Tokenization Market by Component, Application Area (Payment Security, Application Area, and Compliance Management), Tokenization Technique (API-based and Gateway-based), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2023

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Report Code
TC 5296
Published ON
Dec, 2018
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