The North America tokenization market was valued at US$ 501. 8 million in 2019 and is projected to reach US$ 2751. 3 million by 2027; it is expected to grow at a CAGR of 24. 6% from 2020 to 2027. In the past few years, payment frauds have grown to be a greater risk in the region.
New York, Sept. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Tokenization Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Deployment, Enterprise Size, Industry Vertical, and Country" - https://www.reportlinker.com/p05974413/?utm_source=GNW
This is mainly because of rapidly increasing connectivity and rushing pace of digital transformation in the region, resulting in sharpening concern for technological threats among the businesses.
The rising threat of cybercrime in the region is majorly because of the lack of transparency resulting in feeble cyber enforcements and regulations by the government authorities.The region is struggling with increasing fraud rates owing to growing real-time payment adoption, which is likely to increase the threat.
For instance, according to the State Bank of Vietnam Payment Department, security risks in the country, which include network attacks on bank infrastructure, customer fraud, and user data leakage, are growing.Hence, such growing frauds in the region are increasing the demand for tokenization technology.
Companies are integrating advanced technologies such as machine learning (ML) and artificial intelligence (AI) to gain traction in the market.
The North American region is highly involved in obeying Payment Card Industry Data Security Standard (PCI DSS) guidelines to help protect the safety of highly sensitive data.As payment security is a crucial business, every business must follow the PCI DSS.
Thus, the rising requirement to protect sensitive data by following PCI DSS guidelines and growing number of payment frauds are among the major drivers helping in increasing market revenue of tokenization in North America.Apart from payment security, tokenization technology is highly used for user authentication and compliance management.
The growing adoption of tokenization in several industrial applications is also propelling the growth of the market in the region.
The COVID-19 impact has accelerated a shift toward a cashless transaction among consumers as well as businesses alike. Consequently, the digital payment industry in North America is expected to continue to attract investments over the coming years.
The overall North America Tokenization market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the tokenization market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who take part in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America tokenization market. Broadcom Inc, Fiserv Inc, Visa Inc, and Thales Group are among the key players in the North America tokenization market.
Read the full report: https://www.reportlinker.com/p05974413/?utm_source=GNW
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