About the Mobile Payment Security Software
Due to the growing instances of theft of confidential financial data, a number of customers are adopting mobile payment security software for mobile devices. This will prevent fraudsters from gaining access to credit and debit card details as the entire payment transaction requires authorization between the merchant's acquirer and issuing bank. The rising adoption of m-commerce and mobile banking is likely to increase the adoption of mobile payment security software. There is also a growing need to secure personal financial information among users, which is fostering the growth of the market.
Technavio’s analysts forecast the global mobile payment security software market to grow at a CAGR of 23.7% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global mobile payment security software market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the installation of mobile payment security software in mobile devices that only cover smartphones and tablets. The revenue generated from after-sales services is not considered. The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mobile Payment Security Software Market 2016-2020
Technavio recognizes the following companies as the key players in the global mobile payment security software market: Apple, CA Technologies, Gemalto, Google, and VASCO.
Other Prominent Vendors in the market are: Chase Paymentech Solutions, Google, HP, Intel, Magtek, UL, and Vantiv.
Commenting on the report, an analyst from Technavio’s team said: “A key trend which is boosting market growth is the introduction of mobile biometrics. With an increase in the use of mobile devices for conducting financial and e-commerce transactions, the security of personal data has become a major concern. A number of biometric technologies such as fingerprint recognition, voice recognition, iris recognition, signature recognition, keystroke recognition, and facial recognition are being integrated into mobile devices, which will ensure authorized access to personal data transmitted through wireless networks. It will ensure the security of data and prevent fraudulent activities.”
According to the report, a key growth driver is the increased use of wireless networks. With an increase in the adoption of mobile devices among individual consumers, the use of wireless networks such as 2G and 3G has increased. With high adoption of LTE for conducting payment transactions on mobile devices such as smartphones and tablets, the instances of cyber-attacks have increased. This is likely to increase the number of identity thefts resulting in unauthorized access to secure financial information. This has increased the need for mobile payment security software, which will support the market growth.
Further, the report states that a major factor that could hamper market growth is the intense market competition among players. The dynamic technological landscape of the market is leading to the entry of new vendors through partnerships and acquisitions, which is intensifying the overall competitive landscape. This is compelling existing vendors to develop advanced software to remain competitive in the market. Some vendors such as Gemalto are also introducing customized software to cater to specific customer requirements. As many vendors provide mobile payment security software, the chances of price wars have increased. This will affect vendors' profit margins and the overall market revenue.
Apple, CA Technologies, Gemalto, Google, VASCO, Chase Paymentech Solutions, Google, HP, Intel, Magtek, UL, Vantiv.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook