Market Introduction
Tokenization solutions are often used for credit card processing. The payment card industry (PCI) council defines tokenization as a process wherein the primary account number (PAN) is replaced with an alternate/surrogate value known as a token. The key factor attributed to the growth of the North America tokenization market is the growing data security concerns in all the data-sensitive organizations across the world. The tokenization market is likely to witness a noteworthy growth owing to a huge number of financial firms choosing for rising security in payment processing systems. Also, with rising incidences of credit card fraudulent activities, there is an increase in the demand for payment security.
Market Overview and Dynamics
The North America tokenization market was valued at US$ 591.6 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. Tokenization extensively moderates a retailer or organization’s scope of compliance with these regulations. For example, if an organization/retailer no longer stores its customers’ authentic PANs in its websites, POS terminals, as well as information systems, the number of systems required to be reported to be compliant with the GDPR and PCI DSS requirements are significantly reduced. Thus, to decrease the footprint of sensitive data within an organization, retailers are implementing tokenization solution, which is likely to drive the growth of tokenization market.
Key Market Segments
In terms of component, the solution segment accounted for a larger share of the North America Tokenization market in 2019. In terms of deployment, the cloud segment held a larger share of the market in 2019. In terms of enterprise size, the large enterprise segment accounted for a larger share of the market in 2019. In terms of industry vertical, the BFSI segment held the largest market share in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the tokenization market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Broadcom, Inc.; CipherCloud, Inc.; Fiserv, Inc.; and Micro Focus International plc, are among the major companies listed in the report.
Reasons to buy report
NORTH AMERICATOKENIZATION MARKET SEGMENTATION
North America Tokenization Market, by Component
North America Tokenization Market, by Deployment
North America Tokenization Market, by Enterprise Size
North America Tokenization Market, by Industry Vertical
North America Tokenization Market, by Country
North America Tokenization Market-Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 591.6 Million |
| Market Size by 2027 | US$ 2751.3 Million |
| CAGR (2020 - 2027) | 24.6% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Tokenization Market is valued at US$ 591.6 Million in 2019, it is projected to reach US$ 2751.3 Million by 2027.
As per our report North America Tokenization Market, the market size is valued at US$ 591.6 Million in 2019, projecting it to reach US$ 2751.3 Million by 2027. This translates to a CAGR of approximately 24.6% during the forecast period.
The North America Tokenization Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Tokenization Market report:
The North America Tokenization Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Tokenization Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Tokenization Market value chain can benefit from the information contained in a comprehensive market report.
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