Growing Security Concerns to boost the demand for Tokenization Market
The tokenization market worldwide is expected to grow with a CAGR of 18.9% during the forecast period from 2019 to 2027, starting from US$ 880.9 Mn in 2018. The growth of security concerns worldwide is driving the growth of the tokenization market. A tokenization system is a data security system that changes the data in unique symbols, known as a token, and carries all the required information of the sensitive data. Tokenization helps secure sensitive data information, provides internal protection, and reduces data loss chances. Nowadays, the tokenization system is widely used by various end-use industries such as BFSI, defense, healthcare, and others. Thus, we expect the tokenization market to grow tremendously during the forecast period.
Market Synopsis
BFSI will lead the Market
The BFSI (banking, financial services, and insurance) segment leads the tokenization market by application in 2018. In the same year, the BFSI segment accounts for nearly 25% of the revenue share. The global banking and capital market industry had US$ 123.7 Tn worth of assets in 2017. To prevent client data from disclosure, to prevent credit card fraud, and other deceptions, the tokenization system is widely adopted by banks, financial services organizations, and insurance companies. As a result, we expect significant BFSI segment growth during the forecast period.
The Asia Pacific will be the Fastest Growing.
North America led the tokenization market in 2018, followed by Europe and the Asia Pacific. North America has 1/3rd of the revenue share in the same year. Technological advancements and tokenization adoption are the Market's major growth factors. Therefore, we expect the Asia Pacific to be the fastest-growing region in the tokenization market during the forecast period. In addition, the growth of the BFSI industry and rising cashless transactions in the region are the major factors for the growth of the Asia Pacific. Consequently, we expect the Asia Pacific region to be the fastest-growing region in the tokenization market throughout the forecast period.
Some of the prominent players operating in the tokenization market are First Data Corporation, Gemalto, Fiserv, Inc., Micro Focus, Symantec Corporation, Thales e-Security, Inc., Visa Inc., WEX Inc., Worldpay Group plc, CipherCloud, Liaison Technologies, Inc., Protegrity USA, Inc., TokenEx, Bluefin, Mastercard Incorporated, Ingenico, Discover Financial Services among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The tokenization market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global tokenization market based on component, end-user, solution, and geography. Key segments covered in the report are as follows:
