DUBLIN, March 12, 2021 / PRNewswire / – Added Report “Mobile Payment Security Software Market – Growth, Trend, Impact of COVID-19, and Projections (2021 – 2026)” ResearchAndMarkets.com’s offering.
The Global Mobile Payment Security Software Market is expected to grow at a CAGR of 9.2% over the expected periods (2021-2026). Increased adoption of mobile wallets both in emerging countries and in developed countries offers many opportunities for service providers and buyers, leading the market demand for security software.
Mobile payment methods are expected to grow significantly, as a result of the rise in smartphones and the various benefits associated with them, such as an improved user experience, leading to shorter waiting times in queues and wider payment offers to customers.
Mobile payment can be made either by SMS via QR codes, or Near Field Communication (NFC). Consumers are becoming more and more familiar with using mobile phones for a variety of purposes, including secure financial transactions through mobile applications, or a web banking site. The adoption of multi-factor authentication methods is also expected to help market growth.
The growing number of digital payments, such as credit / account payments, mobile wallets, and online payments, is expected to boost the mobile payment security software market over the expected period. The growing number of data breaches is one of the main factors contributing to the growth of the market. According to the Payment Methods Report 2019 by the European Payments Council, it is estimated that 2.1 billion users worldwide can use an e-wallet to make payments or send money. Fast-growing loyalty programs in the field of mobile wallets are giving further impetus to the growth of mobile payments across the globe.
In the last few years, the use of mobile applications to make payments and mobile app crashes has increased dramatically. The breaches usually start with a public copy of the app with bugs in the code that an engineer hacker can reverse to steal data. It is estimated that more than 11.6 million mobile devices are affected by malicious code at any given time. The most common methods that lead to data breaches come from dangerous app behavior, including aggressive data collection and data sharing.
With the recent revolution of COVID-19, the mobile payment security software market is expected to see significant growth, due to increased use of digital payment services.
Retail business to control the market.
- In the last five years, sales have become a mobile activity especially with the rise in popularity of mobile e-wallets. The introduction of 5G advances innovations in retail technology and, therefore, benefits the consumer. But the security risks associated with these wallets drive the market demand.
- Global retailers such as Walmart, Target and Dunkin accept mobile payments by gaining out loyalty power and using mobile payments as a way to make the payment process as pain-free as possible. This requires an ever-increasing level of payment security to maintain a messenger relationship.
- Rising global e-commerce businesses are driving market demand. According to the U.S. Department of Commerce, consumers spent 517.36 billion USD online with U.S. buyers in 2018, up 15% from 449.88 billion USD spent in 2017. This trend is expected to continue and provide mobile payment security software solutions.
- Rambus has implemented “Vaultify Shop,” which allows retailers to digitize credit cards, gift cards, loyalty points and coupons into a single secure mobile wallet and create a seamless shopping experience for consumers.
- As a result of COVID-19, the e-commerce sector is in high demand as consumers order essential items such as food, clothing, among others, through e-commerce websites where the most users the digital payment method.
Key topics covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 SUMMARY
4 MARKET DYNAMICS
4.1 Market outlook
4.2 Introduction for market drivers and restrictions
4.3 Market drivers
4.3.1 Growing mobile payments due to increase in smartphone movement driving market demand
4.4 Market barriers
4.4.1 Increased risk of spying through piracy hampers market demand
4.5 Value chain analysis
4.6 Business Attractivity – Porter Force Five Review
4.7 Assess the impact of COVID-19 on the industry
5 MARKET VIEW
5.1 End user business
5.2 Geography
6 COMPETITIVE LAND
6.1 Company Profiles
6.1.1 Broadcom Corporal
6.1.2 OneSpan
6.1.3 UL Transfer Security
6.1.4 MagTek Inc.
6.1.5 Corporra NCR
6.1.6 Fidelity National Information Services Inc.
6.1.7 Ingenico Group
6.1.8 FICO Initiative
6.1.9 Chase Paymentech Solutions
6.1.10 Braintree Payment Solutions LLC
6.1.11 Bluefin Payment Systems LLC
7 INSPECTION ANALYSIS
8 THE FUTURE
For more information about this report, visit https://www.researchandmarkets.com/r/1n1yjr
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