Mobile Payment Security Faces Multi-Billion Payday
Back when mobile payments first got started, there were plenty of people who swore they’d never be caught using such systems.
The idea of having anything related to your bank on your mobile device was just too ludicrous to be imagined; such users would be hacked within an inch of their lives and in a matter of days.
However, security measures improved to match, and have presented us with a much safer proposition. Safety in mobile payments will continue to drive development, and the mobile payment security field is looking at some big gains to come as a result.
Word from Wise Guy Reports suggests that, by 2020’s end, the mobile payment security market will reach $3.11 billion annually. That’s an impressive number by itself, but even better when you consider that it was worth around $1.06 billion in 2015, meaning the market will nearly triple in a five year span. That means a compound annual growth rate (CAGR) of 23.96 percent over the forecast period, which is staggering gains by any measure.
With around 280 million mobile payment users worldwide right now—this number is set to double before 2020’s over—it’s clear that all these users are going to want protection, and in a big way. Everything about the mobile payments market is on the rise, and that means that everything from intrusion protection to fraud and virus protection should all be growth markets.
This really shouldn’t come as a surprise, at least in general terms. One of the biggest reasons people stayed out of the mobile payments market to begin with was the perception that it wasn’t safe.
That perception was quickly struck down with regular advances—Apple’s even using a kind of biometrics now with its Touch ID system—but as anyone who follows the security market knows, for every new security measure, there’s at least one black-hat working to break it.
So every new security measure must be followed up by development on the next one to replace the one that will likely at some point be blocked.
That means ongoing investment, and a market whose products will likely not fall out of demand. So in the end, it’s clear that mobile payment security won’t be losing demand any time soon.