According to the new market research report « Tokenization Market by Solution, Service, Application Area (Payment Security, User Authentication, Compliance Management), Deployment Mode (Cloud, On-Premises), Organization Size (SMEs, Large Enterprises), Vertical, and Region – Global Forecast to 2022 », published by MarketsandMarkets™, the tokenization market size is expected to grow from USD 823.0 Million in 2017 to USD 2,258.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 22.4%.
Some of the Prominent Key Players in the Tokenization Market are:
- Hewlett Packard Enterprise
- Symantec Corporation
- Gemalto NV
- Fiserv, Inc.
- First Data Corporation
- Cardconnect Corp.
- Thales E-Security, Inc.
- Cybersource
- Futurex
- Tokenex, LLC
The growing technology trend of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) has introduced many security threats associated with payment and healthcare data theft. As there is a rise in sophisticated cyber threats of critical information, the tokenization market is expected to gain traction in the next 5 years.
Payment security application area is expected to play a key role in the tokenization market
Payment security in the application area segment is expected to play a key role in changing the tokenization market landscape and grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Tokenization solution provides real-time payment data security for all the transactions through smartphones, tablets, and laptops, and other devices. Additionally, it helps organizations to comply with PCI DSS and HIPAA regulatory compliances.
Cloud-based deployment is expected to be the fastest-growing deployment mode.
In the tokenization market, cloud is expected to be the fastest-growing deployment mode , as it benefits organizations with increased scalability, speed, 24/7 services, and enhanced management capabilities. Cloud-based tokenization solutions are available according to customer’s demand, wherein customers can start or stop any service, at will.
North America is expected to contribute the largest market share; Asia Pacific (APAC) to grow at the highest CAGR
North America is expected to hold the largest market share and dominate the tokenization market from 2017 to 2022. The increased payment security challenges, along with meeting strict compliance regulation is driving the organizations in North America to adopt tokenization solutions. APAC offers potential growth opportunities for the tokenization market to grow, as countries in this region are investing heavily in deploying the payment security and compliance management solution.