Payment security software market to grow by 16 percent through 2022
The global market for payment security software will grow by nearly 16 percent CAGR from 2018 to 2022, driven by digital transformation, the growth of online transactions, and the increasing adoption of multifactor authentication (MFA), according to new research from Technavio.
The Americas led the global market in 2017, with a market share of nearly 43 percent. The EMEA region had the second largest share, followed by the APAC region. The APAC region is expected to show incremental growth over the forecast period, however, while market growth in the Americas is declining.
“The increasing number of fraudulent activities in the e-commerce industry due to the high volume of trade has led to several vendors adopting various methods to prevent online fraud,” says a senior ICT research analyst at Technavio. “Presently, many e-commerce companies provide their customers with a personal account, which contains personal information and financial data. The implementation of such solutions is not only protecting customers from fraud but also driving the overall growth of the global payment security software market.”
Technavio previously predicted the global ecommerce payment market will reach $135 billion by 2022, with biometrics securing a growing number of mobile purchases.