Tokenization is the process of creating a “token” that process the sensitive data. A Tokenization is a solution that provides real-time payment of data security for all the transactions via smartphones, tablets, laptops, and other devices. The Tokenization is new technology that is driven by the tokenization system as the security and risk reduction benefits sensitive data that is replaced by the token which is isolated and segmented data stored in the database.
The study indicates that the Tokenization market that has cloud segment which is expected to be the fastest-growing deployment and 24/7 services and enhanced speed management capabilities. It benefits the organizations by availing the data security on the customer’s demand. It also helps the organizations to comply with DSS regulatory compliances. 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. Whereas, due to the rise in sophisticated cyber threats of critical information, the market is expected to gain traction in the next 5 years.
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The global The Tokenization market is expected to grow at USD ~$2341.38 Billion by 2023, at ~24.14% of CAGR between 2017 and 2023.
March 2018 – Mastercard Inc., an American multinational financial services corporation deployed payment solution which powers MasterCard digital enablement service tokenization for secured payment in mobile devices. The solution supports emerging payment platforms like Apple Pay, Android Pay, Samsung Pay and others which helps in enabling payment processing in wearable devices.
March, 2018 – WePower, the blockchain based energy trading platform partnered with industries like Elering AS, 220Energia and Eleon in Estonia to develop full cycle tokenized energy ecosystem. The solution is to launch pilot project for testing tokenization of energy which is based on the blockchain technology.
The prominent players in the Tokenization Market are –Symantec Corporation (US), Gemalto NV (Netherlands), CardConnect Corp. (US), Thales e-Security, Inc. (US), CyberSource Corporation (US), 3Delta Systems, Inc.(US), CipherCloud (US), Hewlett-Packard Enterprises (US), Liaison Technologies, Inc.(US), Futurex (US), Fiserv, Inc. (US), Paymetric, Inc. (US), First Data Corporation (US), and TokenEx LLC (US), Protegrity USA, Inc. (US) among others
Global Tokenization Market – Segmentation
The Global Tokenization Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by component: Comprises solution and services (professional and managed services)
- Segmentation by Application Area: Comprises payment security, user authentication, compliance management and others
- Segmentation by deployment: Comprises on-cloud and on-premise
- Segmentation by organization size: Comprises SME and large enterprises
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Global Tokenization Market – Regional Analysis
The global tokenization market is studied for North America, Europe, Asia pacific and rest of the world. North America is estimated to hold major market share during the forecast period. The presence of key players in the region, increase in online transactions and related frauds are driving the market. The rising demand from banking industry is likely to drive the market over the coming years. Asia pacific region is expected to substantial growth rate during the forecast period. The rise in payment transactions across SMEs and rising investments for tokenization solutions are driving the market in this region. The rising awareness of online transactions across untapped economies in developing countries like India and China are fuelling the market growth.
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- System Security
- Software investors
- Government agencies
- Tokenization vendors
- Payment solution providers
- Software vendors
- Value-Added Resellers
- Information Technology security agencies
- Managed Security Service Providers
- Tokenization Service Provider
- Tokenization Agencies
- Technology Integrators
- Research/Consultancy firms
- System integrators
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