Tokenization Market size was valued at USD 1,526.90 Million in 2020 and is projected to reach USD 7,766.87 Million by 2028, growing at a CAGR of 22.57 % from 2021 to 2028.
Tokenization is the process of converting sensitive data into non-sensitive data known as “tokens” that can be utilized in a database or internal system without exposing it to the public. Tokenization can be used to safeguard sensitive data by replacing it with an irrelevant value of the same length and format as the original.
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Increasing need to stay compliant with regulations and growing need to ensure continuous customer experience as well as maintain fraud prevention levels due to increased financial crimes are some of the factors that have supported long-term expansion for Tokenization Market.
Recent Developments
In August 2020, Federal Bank chose Fiserv to support the launch of their first independent credit card.
In July 2020, Bank of Baroda’s partnered with Fiserv for digital transformation.
Prominent Players
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Visa
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Thales e-Security
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Symantec
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Micro Focus
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Fiserv
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Gemalto
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First Data
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Worldpay
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Dell Technologies
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Cipher Cloud.
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North America to Dominate the Market
North America to hold the largest market size during the forecast period. Being a highly regulated region, the presence of regulations such as CCPA, surge in cyberattacks, especially payment frauds across industries, is expected to drive the need for tokenization solutions and services across North America.
Tokenization Market Segmentation:
On the basis of Component
· Solutions
· Services
On the basis of Services
· Professional Services
· Managed Services
On the basis of Application Area
· Payment Security
· User Authentication
· Compliance Management
On the basis of Tokenization Technique
· API-Based
· Gateway-Based
On the basis of Deployment Mode
· On-premises
· Cloud
On the basis of Organization Size
· SMEs
· Large enterprises
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
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In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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