Wed, 04 Aug 2021

According to our latest market study on "TokenizationMarket to 2027- COVID- Impact and Global Analysis – by Component (Solution and Services), Deployment (Cloud and On-premise), Enterprise Size (SMEs and Large Enterprises), Industry Vertical (BFSI, Retail, IT & Telecom, Healthcare, Government, and Others); and Geography," the market was valued at US$ 1,159.5million in 2019 and is projected to reach US$ 6,823.7million by 2027; it is expected to grow at a CAGR of 25.7% from 2020 to 2027.

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In the short term, this change is expected to push payment providers to make changes in operating model, likely prioritizing greater flexibility, as well as new short-term goals. However, the long-term impacts of the epidemic on global payments are expected to be even greater. Some of the major changes that are anticipated to take place include robust thrust towards cashless society, need for innovative fraud protection tools and solutions, strict environment for payments fintechs, digital innovation, and growth for tokenized mobile wallets.

Impact of COVID-19 on Tokenization Market

The COVID-19 epidemic is changing the functioning of businesses worldwide. The worldwide payment ecosystem has proven strong in the face of the epidemic, as the general populationendures to trust payments systems as well as providers. Considering this factor, there were no considerable interruptions of fundamental infrastructure in the payment ecosystem.Nevertheless, the payment industry is not majorly affected by this crisis.The major changes for payment providers attributed to the epidemic comprise a surge in non-performing loans, a decline in revenues, and greater demand on client service teams. Total payment amounts have contracted owing to the decline in consumption as well as trade.

North America is estimated to dominate the tokenization market, followed by Europe. The growing payment security concerns and stringent regulatory compliances are some of the major factors anticipated to fuel the demand for tokenization in North America. Moreover, APAC is expected to witness the highest CAGR during the forecast period. The tokenization market in APAC is gaining prominence, as the tokenization solution offers proactive security measures to prevent data breaches. Additionally, the rising awareness among SMEs and large enterprises in the APAC region regarding the benefits of the tokenization process has resulted in increased adoption of tokenization to combat cyber frauds and data thefts.

APAC region comprises key economies, such as China, India, Australia, Hong Kong, and Japan, which are rapidly installing the tokenization solution in various industries.Moreover, the growing IT & telecom sector, particularly in developing economies of the region, is likely to propel the growth of the tokenization market. Additionally, the growing trend of online shopping in the MEA region is expected to boost the adoption of tokenization solutions by retailers.

Strategic Insights

In the tokenization market, the product development strategy is commonly adopted by companies to expand their footprint worldwide by meeting the growing demand for their offerings. A few of the recent product developments in the tokenization market are listed below:

2020: Futurex launched the Post-Quantum Hybrid certificate authority solution, which incorporates certificate lifecycle management in a FIPS 140-2 Level 3-validated hardware security module (HSM). This module is a secure solution for businesses. Whether it is public key infrastructure and vaultless tokenization, the company's KMES brings full-spectrum key management into a single device.

2019: Micro Focus announced the release of its Voltage SecureData z/Protect 8.1.0. The new release has added support for second-gen Format-Preserving Encryption, second-gen Secure Stateless Tokenization, as well as Format-Preserving Hash.

2018:TokenEx has launched multi-variant tokenization, a proprietary technology, which is designed to optimize how businesses run and interact with sensitive data. It enables a company's sensitive data to be identified and secured as it moves across several environments, providing security.

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Contact Information:

The Insight Partners

533, 5th Floor,

Amanora Chambers, East Block, Amanora Township,

Kharadi Road, Hadapsar, Pune-411028

Email: sales@theinsightpartners.com

Phone : +1-646-491-9876

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