The tokenization market size is expected to reach USD 2380.6 million by 2027 with a CAGR of 13.0%


BANGALORE, India, March 16, 2022 /PRNewswire/ — Tokenization market is segmented by Data by Type, Service Tokenization, Software Tokenization, by Application – BFSI, IT, Telecom & Media, Healthcare & Pharma, Government & Defense, Other. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Appreciate the reports under the Software Category.

The size of the global tokenization market is expected to reach $2709.9 million by 2028, $1140.7 million in 2021, at a CAGR of 13.0% over the period 2022-2028.

Key drivers for the tokenization market are

The tokenization market is expected to grow due to its ability to reduce the risk of data breach. Tokenization protects companies from the financial consequences of data theft.

For merchants, tokenization also reduces the impact of security breaches. Since merchants store tokens rather than credit card numbers in their systems, hackers will have access to tokens they don’t need. Tokenization helps 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 attractive. Therefore, it is constantly on the lookout 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 vertical tokenization market. Tokenization solutions are popular in the BFSI industry and have a high acceptance rate as they help businesses manage PCI DSS regulatory compliance.

The need for an accurate longitudinal view of patients arose as a result of a push to collect real-world data (RWD) and a greater focus on generating real-world evidence (RWE) to improve patient outcomes. This information requires accurate time matching and linking, and confidentiality in accordance with HIPAA regulations. It must also be able to ensure a high level of confidence in the combined data used to link events and outcomes for the correct patient. While adhering to HIPAA compliance standards, this approach allows the tokenization engine to link together records that do not look sufficiently similar in other matching algorithms. Thus, the growing 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 compromising privacy, allowing them to aggregate data for further analysis. This blending of tokenized government data with other data sources to generate powerful insights, securely and with little privacy risk, is probably the most powerful application of data tokenization. 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 this data.

SMBs mainly use tokenization products and services to comply with their responsibilities and reduce the risk of fraud. These SMBs use tokenization solutions to protect sensitive data against network breaches and attacks. One of the main goals of attackers targeting SMBs is to use their apps to gain access to customer information, payment details and other confidential information. Cybercriminals take advantage of SMBs’ lack of security by automating attacks on thousands of applications at once. SMBs are increasingly turning to cloud-based tokenization solutions to save money, time and resources. Tokenization as a service (TaaS) addresses the financial constraints faced by SMBs with the segment increasingly implementing cloud-based tokenization solutions, fueling the growth of the SMB tokenization market.

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TOKENIZATION MARKET SHARE ANALYSIS

Based on components, the service segment is expected to grow at a faster rate. The strong growth of the services segment can be attributed to technological advancements, which have led to a demand from enterprises for assistance in integrating solutions into their existing infrastructure.

Based on the 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 solve this problem, the financial services industry is constantly looking for advanced payment security products and services to protect its employees, customers, assets, offices, branches and operations. As a result, the vertical represents a significant portion of the tokenization market.

According to the 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 fastest growing regions in the world. Due to the rapid adoption of tokenization solutions, this market is expected to experience the fastest growth. Japan and Chinatwo of the most technologically advanced countries in the region, are undisputed leaders in the tokenization market.

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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
  • Health and pharmacy
  • Government and Defense
  • Others

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