March 28, 2020
Tokenization

Tokenization Market To Witness Immense CAGR Through 2019 To 2027

The global tokenization market was valued at US$ 880.9 million in 2018 and is set to grow by 18.9 per cent in the CAGR during the forecast period.

The strong need to protect critical information from disclosure is a major growth driver for the tokenization market. Replacing data with unique identification symbols that hold all the information needed for the data is called tokenization. Today, the tokenization system has been used to protect sensitive data from fraud.

Access sample: https://www.credenceresearch.com/sample-request/59958

Tokenization has various advantages, such as protection from hackers and thieves, reduced PCI scope, online protection and internal protection, among others. Increased data breaches and cyber attacks worldwide are the other major drivers of increased demand for tokenization. Due to the wide application of tokenization in the financial sector, there is a huge demand on the market. We, therefore, expect to see robust growth in the tokenization market throughout the forecast period.

On the basis of the application, the market for tokenization is led by the segment BFSI (banking, financial services and insurance) in 2018. In the same year, the BFSI segment had around 25% of its revenue share. While payment at various shopping stores, tokenization exempts merchants to keep client’s data in their systems. Growing cashless transactions worldwide is the main growth factor for the segment. According to the World Payments Report (WPR), cashless transaction volumes are valued at US$ 482.6 billion in 2016 and are growing at around 10% per year. In addition, tokenization is being adopted for the security of client’s privileged information banks, financial services and insurance companies. As a result, we expect the BFSI segment to show significant growth over the forecast period.

Based on geography, North America was the largest tokenization market region supported by Europe and the Asia Pacific in 2018. North America has a value contribution of more than 35% in the same year. North America has the highest share due to early adoption and penetration of the tokenization system. Tokenization is widely used in North America in a variety of industries such as BFSI, retail, defence, health and other industries. Strict government compliance and growth in payment security concerns in the region are the other major growth factors. We, therefore, expect that North America will see stagnant growth throughout the forecast period from 2019 to 2027.

Key questions answered in this report

  • What was the market size of tokenization in 2018 and forecast up to 2027?
  • Which is the largest regional market for tokenization?
  • What are the major trends followed in overall tokenization across different regions?
  • Who are the key tokenization companies leading the market?
  • What are the key strategies adopted by the leading tokenization companies in the market?

Access sample: https://www.credenceresearch.com/sample-request/59958

Leave a Reply

Your email address will not be published. Required fields are marked *