India Payment Security Market Outlook 2024 By Size, Share, Trends, Growth, End User | Industry Statistics
According to TechSci Research, India Payment Security Market is expected to post robust growth by 2024, owing to the growing initiatives by the government of India towards digital payment, in line with its aim of developing a cashless economy. Introduction of Unified Payments Interface (UPI), an instant real-time payment system developed by National Payments Corporation of India for facilitating inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform is expected to have a positive impact on the payment security market in India. Factors like increasing number of smartphones, rapid adoption of digital payment modes and high adoption rate of different technologies will propel the demand for Payment Security in India by 2024. The growing need to secure online business sensitive transactions from advanced cyber-attacks coupled with the growing incidences of data breaches will ensure widespread adoption of payment security across various organizations in India. Growing adoption of mobile wallets such as Paytm, Airtel Wallet, etc., coupled with growing number of merchants adopting payments by the same time is expected to drive the growth of the India Payment Security Market by 2024. Moreover, high growth of digital payments such as credit/debit payments, mobile wallets and online payments will ensure robust growth of the payment security market in the next five years. Additionally, the growing demand of payment security from various end use industries like BFSI, Hospitality & Transport, Education etc., is likely to drive the growth of the market in coming years. Based on the solution, Tokenization is expected lead the market as it encodes the payment data into randomly generated tokens, which provide additional security to the payment data.
Some of the leading players in the India Payment Security Market are CA Technologies, Symantec Corporation, Trend Micro India Pvt. Ltd., Thales e-Security Inc, Cisco-India, VASCO Data Security, Gemalto, Intel Corporation, Transaction Network Services, among others.
Years considered for this report:
Historical Year : 2014-17
Base Year : 2018
Estimated : 2019
Forecast : 2020-24
Objective of the Study:
- To define, classify and forecast the India payment security market based on type, component, solution, end user, region and company.
- To analyse and forecast the India payment security market size.
- To scrutinize the detailed market segmentation and forecast the market size, in terms of value, based on end use sectors and regions, namely, North, South, East and West.
- To identify the supporting factors and challenges for the India payment security market.
- To strategically profile leading players operating in the India payment security market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of providers and integrators of payment security solutions across India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include companies which could not be identified due to limitations of secondary research. TechSci Research analysed the product offerings, distribution channels, and regional presence of major payment security solution providers across the country.
TechSci Research calculated the India payment security market size using a bottom-up approach, where data for different solution for standard application (BFSI, Retail, Hospitality & Transportation, IT & Telecom, Education & Others) was recorded and forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated through analysing historical data of payment security to arrive at the overall market size. Various secondary sources such as company website, annual reports, government websites, press releases, white papers, investor presentations and financial reports were also reviewed by TechSci Research.
Key Target Audience:
- Payment security solution and service providers
- System Integrators
- End users of payment security technology such as BFSI, retail, hospitality & transportation, IT & telecom, education and other sectors
- Research & development organizations and consulting firms
- Associations, organizations, forums and alliances related to payment ecosystem and payment security
- Government bodies such as regulating authorities and policy makers
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India Payment Security Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Type:
- Point of Sale
- Web
- Mobile
- Market, By Component:
- Solutions
- Services
- Market, By Solution:
- Antivirus & Firewalls
- Data Encryption
- Fraud Detection & Prevention
- Tokenization
- Others
- Market, By End User:
- BFSI
- Retail
- Hospitality & Transportation
- IT & Telecom
- Education
- Others
- Market, By Region:
- North Region
- South Region
- West Region
- East Region
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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