Tokenization Market is expected to register exponential growth

According to the latest research report published by Market Data Forecast, the global tokenization market is estimated to reach USD 5.02 billion in 2024 and USD 13.29 billion by 2029, growing at a CAGR of 21.5% during the forecast period.

The tokenization business is quickly expanding, propelled by increased digitization and demand for secure transactions. To safeguard information, tokenization substitutes unique identifiers (tokens) for sensitive data. Its uses include money processing, cybersecurity, and data privacy, among others. The market is being driven by the deployment of blockchain technology and regulatory compliance requirements. Key stakeholders include technology companies, financial institutions, and startups that provide tokenization solutions. With growing security requirements and developing digital ecosystems, the tokenization market is primed for further growth and innovation.

Global Tokenization Market Report Scope:
• Market Size (2029): USD 13.29 Billion
• Market Size (2023): USD 5.02 Billion
• CAGR (2024 to 2029): 21.5%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Component, Application, Technique, Deployment, Enterprise Size, End User, and Region.
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Finserv (US), Visa (US), American Express (US), CipherCloud (US), Tokenex (US), Futurex (US), Symantec (US), Liaison Technologies (US), Thales e-Security (France), PayU (Netherlands), AsiaPay (China) and Others.

Market Drivers:

Tokenization lowers the possibility of data breaches, which is driving market expansion. Because credit and debit card payment information contains a plethora of insight, criminals prey on businesses that take these cards. Additionally, it shields companies from the damaging financial effects of data theft. Valuable personal information is just not available for theft, even in the event of a breach. Because credit card details are no longer physically stored in POS terminals and internal systems, credit card tokenization helps online businesses increase the security of their data from the time of data capture to storage.
Additionally, there are potential market opportunities due to the growing demand for cloud-based tokenization services and solutions. The process of converting sensitive data into an irreversible, non-sensitive placeholder known as a token and safely storing the original, sensitive data outside of the company's internal systems is known as cloud-based tokenization. Compared to conventional on-premises tokenization, it may be less expensive and simpler to integrate. By eliminating sensitive data from an organization's data settings, it also further lowers risk and the breadth of compliance. Additionally, by substituting format-and/or length-preserving tokens for the original, sensitive data, enterprises can protect that data without compromising its usefulness or the flexibility of their present business processes.

Market Restraints:

The rise of the tokenization market remains restrained by the increasing complexity of implementation and fraud protection. When it is executed, tokens are created and genuine credit and debit card values are kept in token vaults. The complexity of managing tokenization is rising along with the amount of storage space. Globally, the use of internet payments has increased since the COVID-19 epidemic. Additionally, as the reliance on online payment channels grows, cybercriminals are increasingly targeting these systems. To perform efficient real-time screening following tokenization, as part of an optimised fraud rule set, it is critical to comprehend and evaluate several elements surrounding each transaction. A Bank Identification Number (BIN), which specifies the information such as the issuer, card type, and country of issuance, must be kept on file as a result.
The growth pace is further slowed down by a deficient workforce and ineffective management of the user adoption process. A workforce's effectiveness with technology is directly related to its use. Real value will not be obtained from the system if staff members are not fetching the appropriate reports or entering data. Reliability and digitization will be able to fully take root if the industry's increasingly complex corporate cultures are made simpler. Leadership cultivates the attitudes and behaviours required for organisational dependability and supports talent retention and business expansion by putting in place a training program for all staff members. Training should cover the principles of dependability, explain how maintenance and operations relate to it, and demonstrate how to use tokenization technologies to offer strong protection against data breaches and guarantee compliance with regulations.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/tokenization-market

Key Insights from The Report:
• Based on Component, the Solutions segment led the market and accounted for a large share of the global market in 2023.
• Based on Application, the Online segment captured the largest share of the global market in 2023.
• Based on Technique, API-Based is anticipated to dominate the market during the forecast period in 2023.
• Based on Deployment, the Cloud segment is expected to lead the market in the forecast period in 2023.
• Based on Enterprise Size, the Small & Medium Enterprises segment is expected to lead the market in the forecast period in 2023.
• Based on End-User, the banking, financial services, and insurance (bfsi) segment is estimated to dominate the global tokenization market.
• North America dominated the smart building market in 2023. Asia-Pacific accounted for the second-highest share of the global market in 2023, and the European region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Component:
• Solutions
• Services

By Application:
• Supermarkets/Hypermarkets
• Convenience Stores
• Pharmacies
• Online
• Others

By Technique:
• API-Based
• Gateway-Based

By Deployment:
• On-Premise
• Cloud

By Enterprise Size:
• Large Enterprises
• Small & Medium Enterprises

By End-User:
• BFSI
• Retail & eCommerce
• Government
• Healthcare
• Telecom & IT
• Energy & Utilities
• Others

By Region:
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Tokenization Market, By Component
6.1.1 Solutions
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2024-2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Tokenization Market, By Application
6.2.1 Supermarkets/Hypermarkets
6.2.2 Convenience Stores
6.2.3 Pharmacies
6.2.4 Online
6.2.5 Others
6.2.6 Market Size Estimations & Forecasts (2024-2029)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Tokenization Market, By Technique
6.3.1 API-Based
6.3.2 Gateway-Based
6.3.3 Market Size Estimations & Forecasts (2024-2029)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Tokenization Market, By Deployment
6.4.1 On-premise
6.4.2 Cloud
6.4.3 Market Size Estimations & Forecasts (2024-2029)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Tokenization Market, By Enterprise Size
6.5.1 large
6.5.2 SMEs
6.5.3 Market Size Estimations & Forecasts (2024-2029)
6.5.4 Y-o-Y Growth Rate Analysis
6.5.5 Market Attractiveness Index
6.6 Tokenization Market, By End-User
6.6.1 BFSI
6.6.2 Retail & eCommerce
6.6.3 Government
6.6.4 Healthcare
6.6.5 Telecom & IT
6.6.6 Energy & Utilities
6.6.7 Others
6.6.8 Market Size Estimations & Forecasts (2024-2029)
6.6.9 Y-o-Y Growth Rate Analysis
6.6.10 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Tokenization Market, by Region
7.2 North America - Market Analysis (2024-2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Component
7.2.3 By Application
7.2.4 By Technique
7.2.5 By Deployment
7.2.6 By Enterprise Size
7.2.7 By End-User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Component
7.3.3 By Application
7.3.4 By Technique
7.3.5 By Deployment
7.3.6 By Enterprise Size
7.3.7 By End-User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Application
7.4.4 By Technique
7.4.5 By Deployment
7.4.6 By Enterprise Size
7.4.7 By End-User
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Component
7.5.3 By Application
7.5.4 By Technique
7.5.5 By Deployment
7.5.6 By Enterprise Size
7.5.7 By End-User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Component
7.6.3 By Application
7.6.4 By Technique
7.6.5 By Deployment
7.6.6 By Enterprise Size
7.6.7 By End-User

8. Key Player Analysis
8.1 Finserv
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Visa
8.3 American Express
8.4 CipherCloud
8.5 Tokenex
8.6 Futurex
8.7 Symantec
8.8 Liaison Technologies
8.9 Thales e-Security
8.10 PayU
8.11 AsiaPay

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

Contact Us:
Market Data Forecast
www.marketdataforecast.com
Phone: +1-888-702-9626
Email: sales@marketdataforecast.com
5th Floor, Trendz Pride, Patrika Nagar Rd Number 1, HUDA Techno Enclave, HITEC City, Hyderabad, Telangana 500081, India

This release was published on openPR.