The global tokenization market size is expected to reach USD 10.75 Billion by 2030 according to a new study by Polaris Market Research. The report “Tokenization Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Technique (API-based, Gateway-based); By Application; By Vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Factors such as the increasing number of data breaches have increased demand for the industry to reduce the risk of data breaches, pushing the market during the forecast period. Criminals target entrepreneurs who accept credit and debit cards, even though payment information contains a wealth of information. It protects an organization from the financial consequences of data theft. Even in a breach, valuable personal data is rarely available for theft.
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The major players have also launched the technology to secure data from rising data breaches. For instance, In 2021, IT Governance found 1,243 security incidents, accounting for 5,126,930,507 breached records. In comparison to 2020, this represents an 11% expansion of government incidents (1,120). In contrast, the percentage of breached records decreased significantly over the same period (20.1 billion). Also, in June 2021, TokenEx, a market leader in cybersecurity, stepped in to stop online thieves. TokenEx created technology that makes data unusable to thieves.
The Oklahoma City-based firm created proprietary technology that "desensitizes" critical information by replacing it with tokenized placeholders that bear no resemblance to the original inputs. Thus, this technology assists the various end-users from data breaches across the globe.
Based on the component, the services segment accounted for the leading share in the global industry. Consultation, training, education, support, and maintenance are all descriptions of professional services. These services help clients understand their alternatives and associated procedures. The solution sector is anticipated to have a larger market share during the forecast period. To safeguard their businesses from rising payment fraud and identity theft, a significant number of SMEs are dispatching these solutions.
Market players such as Micro Focus, Cardconnect, FIS, Fiserv, Futurex, Helpsystems, Lookout, Mastercard, Meawallet, American Express, Thales, Tokenex, Verifone, Entrust, and Visa are some key players operating in the global market.
In October 2021, Razorpay announced new tokenization solutions to businesses to provide end customers with the comfort of saved card transactions while adhering to RBI guidelines. The 'Razorpay TokenHQ' will help facilitate all major card networks, such as Mastercard, RuPay, and Visa. Nearly all of the 5 million business owners who use Razorpay's services will be prepared to accept tokenized card payments.
Polaris Market Research has segmented the tokenization market report based on component, application, tokenization technique, vertical, and region:
Tokenization, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Tokenization, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Tokenization, Technique Outlook (Revenue - USD Billion, 2018 - 2030)
Tokenization, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Tokenization, Regional Outlook (Revenue - USD Billion, 2018 - 2030)