Tokenization Market is segmented by Data by Type, Service Tokenization, Software Tokenization, by Application – BFSI, IT, Telecom and Media, Healthcare and Pharma, Government and Defense, Others. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Valuates Reportsunder the Software Category.
The global Tokenization market size is projected to reach USD 2709.9 million by 2028, from USD 1140.7 million in 2021, at a CAGR of 13.0% during 2022-2028.
Major factors driving the growth of the tokenization market are
The tokenization market is expected to grow due to its ability to reduce the risk of data breaches. Tokenization protects companies from the financial consequences of data theft.
For merchants, tokenization also reduces the impact of security breaches. Because merchants store tokens rather than credit card numbers in their systems, hackers will gain access to tokens that are useless to them. Tokenization helps to reduce the cost of data breaches, which have resulted in massive losses for many retailers and banks. These factors are further expected to fuel the growth of the tokenization market.
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TRENDS INFLUENCING THE GROWTH OF THE TOKENIZATION MARKET
The growing use of tokenization in the BFSI sector is expected to propel the tokenization market forward. Because it deals with money, cybercriminals target the BFSI sector. It shows a large number of financial transactions, which thieves find appealing. As a result, it is constantly looking for advanced payment security solutions and services to protect its employees, customers, assets, offices, branches, and operations; as a result, it controls a large portion of the tokenization market by vertical. Tokenization solutions are popular in the BFSI sector and have a high acceptance rate because they help companies manage PCI DSS regulatory compliance.
The need for an accurate longitudinal view of patients has arisen as a result of a push to collect real-world data (RWD) and a greater focus on producing real-world evidence (RWE) to improve patient outcomes. This information requires precise matching and linking over time, as well as confidentiality in accordance with HIPAA regulations. It must also be able to guarantee a high level of confidence in the combined data used to link events and outcomes for the correct patient. While meeting HIPAA compliance standards, this approach allows the tokenization engine to link together records that don’t look similar enough in other matching algorithms. Thus the increasing adoption of the healthcare sector is expected to drive the growth of the tokenization market.
The adoption of data tokenization by governments is expected to drive the growth of the tokenization market. Data tokenization allows government agencies to share data without jeopardizing privacy, allowing them to pool data for more in-depth analysis. This mingling of tokenized government data with other data sources to generate powerful insights—securely and with little risk to privacy—is likely data tokenization’s most powerful application. Tokenization can be used to de-identify and share unstructured data in addition to de-identifying structured data. Tokenization offers many new use cases for sharing data that resides in emails, images, text files, and other similar files, as governments increasingly use such data.
SMEs primarily use tokenization products and services to comply with responsibilities and reduce fraud risks. These SMEs are using tokenization solutions to protect sensitive data from network flaws and attacks. One of the main goals of attackers targeting SMEs is to use their applications to gain access to client information, payment details, and other confidential information. Cybercriminals take advantage of SMEs’ lack of security by automating attacks on thousands of applications at once. SMEs are increasingly turning to cloud-based tokenization solutions to save money, time, and resources. Tokenization as a Service (TaaS) addresses the financial constraints that SMEs face, with the segment increasingly implementing cloud-based tokenization solutions, fueling the growth of the tokenization market for SMEs.
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TOKENIZATION MARKET SHARE ANALYSIS
Based on components, the services segment is expected to grow at a faster rate. The high growth of the service segment can be attributed to technological advancements, which have led to a demand from businesses for assistance in integrating solutions into their existing infrastructure.
Based on verticals, BFSI is expected to be the most lucrative during the forecast period. Because it deals with money, the BFSI vertical is a target for cybercriminals. To address this issue, the financial services industry is constantly on the lookout for advanced payment security products and services to protect its employees, customers, assets, offices, branches, and operations. As a result, the vertical accounts for a significant portion of the tokenization market.
Based on region, APAC is expected to be the most lucrative during the forecast period. The APAC Tokenization market is expected to grow rapidly in the coming years. The Asia Pacific is one of the world’s fastest-growing regions. Due to the rapid adoption of tokenization solutions, it is expected to be the fastest-growing market. Japan and China, two of the region’s most technologically advanced countries, are undisputed market leaders in tokenization.
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Tokenization Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Tokenization Market By Application
- BFSI
- IT, Telecom and Media
- Healthcare and Pharma
- Government and Defense
- Others
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SIMILAR REPORTS
– Global Asset Tokenization Software Market Insights and Forecast to 2028
– China Asset Tokenization Software Market Report & Forecast 2021-2027
– Global Asset Tokenization Platforms Market Size, Status and Forecast 2021-2027
– Global Tokenized Securities Market Insights, Forecast to 2028
– Global Payment Tokenization Market Insights, Forecast to 2028
– The global cryptocurrency market size was valued at USD 1.49 billion in 2020 and is projected to reach USD 4.94 billionby 2030, growing at a CAGR of 12.8% from 2021 to 2030.
– The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.
– The global network security market size was valued at USD 18,480 million in 2019, and is projected to reach USD 63,398 million by 2027, registering a CAGR of 16.7% from 2020 to 2027.
– The global Network Packet Broker market size is projected to reach USD 1075.5 million by 2027, from USD 679.8 million in 2020, at a CAGR of 6.8% during 2021-2027.
– The global Contactless Payments market size is projected to reach USD 23410 million by 2027, from USD 10260 Millionin 2020, at a CAGR of 12.0% during 2021-2027.
– The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
– Mobile Payment Market Global Opportunity Analysis and Industry Forecast 2020–2027
Click Here To See Related Reports on Tokenization Market
About Us:
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
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Valuates Reports
[email protected]
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
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SOURCE Valuates Reports
Tokenization Market is segmented by Data by Type, Service Tokenization, Software Tokenization, by Application – BFSI, IT, Telecom and Media, Healthcare and Pharma, Government and Defense, Others. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Valuates Reportsunder the Software Category.
The global Tokenization market size is projected to reach USD 2709.9 million by 2028, from USD 1140.7 million in 2021, at a CAGR of 13.0% during 2022-2028.
Major factors driving the growth of the tokenization market are
The tokenization market is expected to grow due to its ability to reduce the risk of data breaches. Tokenization protects companies from the financial consequences of data theft.
For merchants, tokenization also reduces the impact of security breaches. Because merchants store tokens rather than credit card numbers in their systems, hackers will gain access to tokens that are useless to them. Tokenization helps to reduce the cost of data breaches, which have resulted in massive losses for many retailers and banks. These factors are further expected to fuel the growth of the tokenization market.
Browse The Table Of Contents And List Of Figures At https://reports.valuates.com/market-reports/QYRE-Auto-26Y3935/global-tokenization
TRENDS INFLUENCING THE GROWTH OF THE TOKENIZATION MARKET
The growing use of tokenization in the BFSI sector is expected to propel the tokenization market forward. Because it deals with money, cybercriminals target the BFSI sector. It shows a large number of financial transactions, which thieves find appealing. As a result, it is constantly looking for advanced payment security solutions and services to protect its employees, customers, assets, offices, branches, and operations; as a result, it controls a large portion of the tokenization market by vertical. Tokenization solutions are popular in the BFSI sector and have a high acceptance rate because they help companies manage PCI DSS regulatory compliance.
The need for an accurate longitudinal view of patients has arisen as a result of a push to collect real-world data (RWD) and a greater focus on producing real-world evidence (RWE) to improve patient outcomes. This information requires precise matching and linking over time, as well as confidentiality in accordance with HIPAA regulations. It must also be able to guarantee a high level of confidence in the combined data used to link events and outcomes for the correct patient. While meeting HIPAA compliance standards, this approach allows the tokenization engine to link together records that don’t look similar enough in other matching algorithms. Thus the increasing adoption of the healthcare sector is expected to drive the growth of the tokenization market.
The adoption of data tokenization by governments is expected to drive the growth of the tokenization market. Data tokenization allows government agencies to share data without jeopardizing privacy, allowing them to pool data for more in-depth analysis. This mingling of tokenized government data with other data sources to generate powerful insights—securely and with little risk to privacy—is likely data tokenization’s most powerful application. Tokenization can be used to de-identify and share unstructured data in addition to de-identifying structured data. Tokenization offers many new use cases for sharing data that resides in emails, images, text files, and other similar files, as governments increasingly use such data.
SMEs primarily use tokenization products and services to comply with responsibilities and reduce fraud risks. These SMEs are using tokenization solutions to protect sensitive data from network flaws and attacks. One of the main goals of attackers targeting SMEs is to use their applications to gain access to client information, payment details, and other confidential information. Cybercriminals take advantage of SMEs’ lack of security by automating attacks on thousands of applications at once. SMEs are increasingly turning to cloud-based tokenization solutions to save money, time, and resources. Tokenization as a Service (TaaS) addresses the financial constraints that SMEs face, with the segment increasingly implementing cloud-based tokenization solutions, fueling the growth of the tokenization market for SMEs.
Get Your Sample Today: https://reports.valuates.com/request/sample/QYRE-Auto-26Y3935/Global_Tokenization_Market
TOKENIZATION MARKET SHARE ANALYSIS
Based on components, the services segment is expected to grow at a faster rate. The high growth of the service segment can be attributed to technological advancements, which have led to a demand from businesses for assistance in integrating solutions into their existing infrastructure.
Based on verticals, BFSI is expected to be the most lucrative during the forecast period. Because it deals with money, the BFSI vertical is a target for cybercriminals. To address this issue, the financial services industry is constantly on the lookout for advanced payment security products and services to protect its employees, customers, assets, offices, branches, and operations. As a result, the vertical accounts for a significant portion of the tokenization market.
Based on region, APAC is expected to be the most lucrative during the forecast period. The APAC Tokenization market is expected to grow rapidly in the coming years. The Asia Pacific is one of the world’s fastest-growing regions. Due to the rapid adoption of tokenization solutions, it is expected to be the fastest-growing market. Japan and China, two of the region’s most technologically advanced countries, are undisputed market leaders in tokenization.
Inquire For Customization: https://reports.valuates.com/request/customisation/QYRE-Auto-26Y3935/Global_Tokenization_Market
Tokenization Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Inquire For Regional Report: https://reports.valuates.com/request/regional/QYRE-Auto-26Y3935/Global_Tokenization_Market
Tokenization Market By Application
- BFSI
- IT, Telecom and Media
- Healthcare and Pharma
- Government and Defense
- Others
Inquire For Chapter Cost: https://reports.valuates.com/request/chaptercost/QYRE-Auto-26Y3935/Global_Tokenization_Market
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SUBSCRIPTION
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
SIMILAR REPORTS
– Global Asset Tokenization Software Market Insights and Forecast to 2028
– China Asset Tokenization Software Market Report & Forecast 2021-2027
– Global Asset Tokenization Platforms Market Size, Status and Forecast 2021-2027
– Global Tokenized Securities Market Insights, Forecast to 2028
– Global Payment Tokenization Market Insights, Forecast to 2028
– The global cryptocurrency market size was valued at USD 1.49 billion in 2020 and is projected to reach USD 4.94 billionby 2030, growing at a CAGR of 12.8% from 2021 to 2030.
– The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.
– The global network security market size was valued at USD 18,480 million in 2019, and is projected to reach USD 63,398 million by 2027, registering a CAGR of 16.7% from 2020 to 2027.
– The global Network Packet Broker market size is projected to reach USD 1075.5 million by 2027, from USD 679.8 million in 2020, at a CAGR of 6.8% during 2021-2027.
– The global Contactless Payments market size is projected to reach USD 23410 million by 2027, from USD 10260 Millionin 2020, at a CAGR of 12.0% during 2021-2027.
– The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
– Mobile Payment Market Global Opportunity Analysis and Industry Forecast 2020–2027
Click Here To See Related Reports on Tokenization Market
About Us:
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.
Contact Us:
Valuates Reports
[email protected]
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp: +91-9945648335
Website: https://reports.valuates.com
Twitter – https://twitter.com/valuatesreports
LinkedIn – https://in.linkedin.com/company/valuatesreports
SOURCE Valuates Reports