Tokenization is the method of replacing complex data with distinctive symbols of authentication that maintain all the relevant data without compromising their safety. They are specifically intended to prevent unauthorized access to the significant data and information. They are widely used in businesses and so they can enhance credit card safety and e-commerce activities while reducing the cost and risk of adherence with industry and government norms. As compared to the conventional methods in which the credit or debits pins and number were stored in databases and were transferred via networks; tokenization make sure that hacker doesn’t get access to the cardholders sensitive information. This technology is widely used in different industries such as healthcare, IT and Telecom, government, banking, financial services and other.
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Some of the factors responsible for the growth of this market are following:
Global tokenization market is segmented on the basis of component as solution, services; application area is segmented as payment security, user authentication, compliance management; tokenization technique is application programming interface (API)-based, gateway- based; deployment mode is cloud, on- premises; organization size as small and medium-sized enterprises, large enterprises and vertical as banking, financial services, and insurance, government, retail, healthcare, it and telecom, energy and utilities, automotive, education, and others.
Few of the launches and acquisitions by prominent player in the market are as follow:
“According to Data Bridge Market Research, global tokenization market is set to witness healthy CAGR of 22.45% in the forecast period of 2019- 2026”
Few of the major competitors currently working in the global tokenization market are First Data Corporation, Gemalto, Fiserv, Inc, Micro Focus, Symantec Corporation, Thales eSecurity, WEX Inc., CipherCloud, Futurex, OpenText Corp., Worldpay, Protegrity USA, Inc., TokenEx, Bluefin Payment Systems, Sequent Software Inc, Discover Bank, Carta Worldwide, Ingenico Group., Verifone., Mastercard., Merchant Link, Rambus.com.
Tokenization is very beneficial as they make the process of payment more secure and easy. They are providing the user with smooth payment experience by reducing the complexity associated with the data breaches. They make sure that they protect the user data. Tokenization makes it considerably easier to achieve and maintain compliance with industry laws. They not only can be used with credit card plastics but can be work with apple pay, NFC payments and others. This is the factor which is accelerating its demand in the market.
Global Tokenization Market – Industry Trends and Forecast to 2026