According to FMI research, the mobile payment security market was valued at US$ 1.1 trillion in 2022 and is expected to grow at a 21.5% CAGR to US$ 7.8 trillion by 2032. Global demand for mobile payment security solutions is expected to rise over the forecast period as the number of digital payments such as credit/debit cards, mobile wallets, and internet payments rises.
The increasing frequency of data breaches is one of the key factors driving the growth of the mobile payment security industry. As the number of data breaches rises, so makes the amount of money lost as a result of them. As a result, there is a growing demand for mobile payment security solutions.
The rising need for Payment Card Industry Data Security Standard (PCI DSS) rules, increased end-user knowledge of mobile payment security, and government efforts to promote cashless payment can all be attributed to increased sales of mobile payment security solutions.
KEY TAKEAWAYS:
- The biometrics segment of the mobile payment security market is expected to grow at the fastest CAGR of 21.0% from 2016 to 2032.
- Banking and financial services are expected to grow rapidly in the mobile payment security market, with a CAGR of 20.6% through 2032.
- In the United States, the market for mobile payment security is expected to reach US$ 2.8 Tn by 2032, growing at a CAGR of 21.2% during the forecast period.
- The United Kingdom is expected to have a market share of US$ 334.6 billion in the mobile payment security market by 2032, with a CAGR of 20.4% over the forecast period.
- The Chinese mobile payment security market is expected to be worth US$ 534.7 billion by 2032, growing at a CAGR of 20.9% during the forecast period.
- Japan is expected to have a market size of US$ 434.3 Bn for mobile payment security by 2032, with a CAGR of 19.8% through 2032.
- South Korea is expected to have a market share of US$ 255.5 billion in mobile payment security by 2032, with a CAGR of 18.9%.
COMPETITIVE LANDSCAPE:
The mobile payment security market is extremely competitive due to the large number of firms operating in both domestic and foreign markets. The market is moderately concentrated, with major competitors primarily relying on technological breakthroughs and mergers and acquisitions. The mobile payment security market is dominated by BioCatch, Braintree, Carta Worldwide, Daon, and Duo.