Absolute Market Insights recent analysis of the Tokenization Market finds that the increasing demand in tokenization is expected to witness maximum growth in the Tokenization during the forecast period. The global Market revenue stood at a value USD 2.3 Bn in the year 2021.
Market Synopsis
Tokenization refers to a process by which a piece of sensitive data, such as a credit card number, is replaced by a surrogate value known as a token. The sensitive data still generally needs to be stored securely at one centralized location for subsequent reference and requires strong protections around it.
Tokenization on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Tokenization Market is predicted to grow at a CAGR of roughly 19.21% during the forecast period.
- The Tokenization Market was estimated to be worth roughly 2.3 Bn in 2021 and is expected to reach USD 5.6 Bn by 2028; based on primary research.
- On the basis of region, Tokenization Market is projected to dominate worldwide.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Tokenization Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Tokenization can be applied to all types of data, including social security numbers, license numbers, electronic health records, prescriptions, and even addresses; therefore, the demand for this service has increased from several end-users..Tokenization reserves the value of cardholder data for service providers while making it useless to criminals if it is compromised and it dramatically lowers the likelihood of a credit card breach.
Restraint:
The implementation of tokenization creates tokens and stores the actual values of credit/debit cards in token vaults. Due to the increasing storage space, the complexities in the management of tokenization are also increasing. Post the outbreak of COVID-19, the use of online payments has surged worldwide. Due to increased dependency on online channels for payments, these channels have become a favorite target for cyber attackers.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Tokenization Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America to hold a major share of the global tokenization market in 2021. At the same time, Asia Pacific tokenization market is likely to witness strong growth rate in the future. The rapid adoption of tokenization solutions in technologically advanced Asian countries such as Japan and China is driving regional market growth. The growing penetration of smartphones and the internet, increasing technological innovations, and the rising presence of many local and foreign organizations are further driving the region’s growth. The players operating in developing economies such as India are embarking on the launch of new solutions to increase their footprint in the market. For instance, in November 2021, India-based company Cashfree Payments introduced a tokenization solution, Token Vault allowing merchants to save card network tokens effortlessly.
List of Prominent Players in Tokenization:
- American Express Company
- AsiaPay Technology
- Bluefin Payment Systems
- CardConnect
- FIS
- Fiserv
- Fortanix
- Futurex
- Lookout
- Mastercard
- Micro Focus (CyberRes)
- Thales
- TokenEx
- utimaco GmbH
- Visa
- Other Market Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Tokenization?
- How will the Tokenization change in the upcoming six years?
- Which application and product will take a lion’s share of the Tokenization?
- What is the Tokenization drivers and restrictions?
- What will be the CAGR and size of the Tokenization throughout the forecast period?
This market titled Tokenization will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years – 2016-2028
Base Year – 2021
Historic Years – 2016-2020
Forecast Years – 2022-2028
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Segments Covered
- Offering
- Solutions,
- Services
- Deployment
- Cloud,
- On-Premise
- Organization Size
- Small and Medium Enterprises,
- Large Enterprises
- Type
- Vaultless Tokenization,
- Vaulted Tokenization
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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