Product Code: 56359
Global Mobile Payment Security Software Market is expected to grow at a CAGR of 9.2% over the forecast periods (2020 - 2025). Increasing adoption of mobile wallets in both emerging and developed countries is providing numerous opportunities for service providers and merchants, which is driving the market demand for security software.
- Mobile payment methods are expected to grow at a significant rate, owing to the increasing smartphone penetration and the various benefits associated with them, such as improved customer experience, which results in shorter waiting times in queues and wider payment offers to customers.
- Mobile payment can be performed either by SMS via QR codes, or Near Field Communication (NFC). Consumers are becoming increasingly familiar with using mobile phones for various purposes, including secure financial transactions via mobile applications, or web banking site. The growing adoption of multi-factor authentication techniques are also expected to aid the growth of market.
- Pirated mobile payment security software is a challenge in market growth. It directly increases security risks thereby affecting authenticity of mobile payments.
Scope of the Report
Industries such as Telecom & Information Technology, Banking & Financial Service, Government, Transportation, Retail, Entertainment, and Media are increasingly adopting mobile payments for ease in transaction, given the recent growing usage of wireless networks.
Key Market Trends
Retail Industry to Dominate the Market.
- In the past 5 years, retail has become a mobile function specially with the rise in popularity of mobile e-wallets. The introduction of 5G is enhancing innovations in retail technology and, in turn, benefitting the consumer. However the security vulnerabilities related to these wallets are driving the market demand.
- Global retailers such as Walmart, Target and Dunkin are adopting mobile payments by leveraging the power of loyalty and using mobile payments as a way to make the checkout process as painless as possible. This demands an increasing level of payment security to maintain customer relationship.
- Rising global e-commerce transactions are further driving the market demand. According to US Commerce Department, consumers spent USD 517.36 billion online with U.S. merchants in 2018, up 15% from USD 449.88 billion spent in 2017. This trend is expected to continue and give rise to mobile payment security software solutions.
- Rambus has rolled out "Vaultify Shop", which enables retailers to digitize credit cards, gift cards, loyalty points and coupons into a single secure mobile wallet and create a frictionless shopping experience for consumers.
Asia-Pacific to Witness the Highest Growth
- According to World Payments Report 2018 by Capgemini, Asia-Pacific is responsible for growth of global non-cash transactions, driven by mobile payments. Mature APAC countries such as Australia, Japan and Singapore are increasing the market share by growing at double-digit rate. This calls for increased mobile payment security software solutions.
- Global companies are also expanding into this region For instance, in May 2019, MYPINPAD, the global pioneer in payment acceptance and secure personal authentication solutions, partnered with Clik, a South-East Asian payments aggregator and data analytics CRM startup, to support retailers in the region in overcoming the challenges faced by the fragmentation of the local payments landscape.
- VIn June 2019, isa Inc. entered an agreement with Razer to create a partnership between the gaming firm's financial technology arm, Razer Fintech, with Visa's fintech fast track program, to create a prepaid service that will be embedded in Razer's e-wallet
The market is moving towards fragmented side as the number of vendors offering mobile payment security solutions are growing in number. Partnerships are majorly occurring in the domain which is leading to expansion of product portfolio,
- April 2019 - Digital Payments facilitator, PayU acquired California-based digital payment security firm, Wibmo, for USD 70 million. Acquiring the company will enable PayU to build a robust digital payment system ecosystem
- April 2019 - US-based Fidelity National Information Services Inc is planning to take advantage of India's financial sector to roll-out its security offeirngs. In March 2019, they acquired payment processor Worldpay for USD 35 billion.
- March 2018 - Payments software authentication provider MyPinPad partnered with Ingenico Group, a seamless payments provider, to deploy live pilots of PIN on Mobile (PoM) for small to mid-sized merchants and mobile transactions in Europe.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Growing Mobile Payments Due to Increased Smartphone Penetration is Driving the Market Demand
- 4.4 Market Restraints
- 4.4.1 Increased Risk of Exploitation Through Piracy is Restraining the Market Demand
- 4.5 Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By End-user Industry
- 5.1.1 Telecom & Information Technology
- 5.1.2 Banking & Financial Service
- 5.1.3 Government
- 5.1.4 Transportation
- 5.1.5 Retail
- 5.1.6 Entertainment & Media
- 5.1.7 Other End-user Industries
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Latin America
- 5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 CA Technologies
- 6.1.2 VASCO Data Security International Inc.
- 6.1.3 UL Transaction Security
- 6.1.4 Symantec Corporation
- 6.1.5 Verifone Systems Inc.
- 6.1.6 MagTek Inc.
- 6.1.7 Vantiv(Worldpay Inc.)
- 6.1.8 NCR Corporation
- 6.1.9 Scansource Inc.
- 6.1.10 Fidelity National Information Services Inc.
- 6.1.11 Ingenico Group
- 6.1.12 FICO Enterprise
- 6.1.13 Chase Paymentech Solutions
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS