Mobile Payment Security Software Primed for Hefty Growth
It’s a point that’s been repeated a lot—even around here—but it’s important enough to bear repetition. One of the biggest problems in mobile payments, bar none, has been security. Rather, the perception that mobile payments is falling down on the job when it comes to security. That perception has prompted a substantial number of advances since mobile payments started, and a new report from It Intelligence Markets says that this field will only gain from here.
The It Intelligence Markets study found that the global mobile payment security software market was set to grow at a compound annual growth rate (CAGR) of 24 percent through 2021. The raw numbers are impressive enough, but the market itself will provide plenty of excitement on its own.
The overall market isn’t just primed for growth, it’s also set to shrink; the market will consolidate, which will spur competition despite there ultimately being fewer firms in play. As the firms in the field jockey for position, some will be bought, while others inevitably realize the value of teaming up with stronger players.
Several fields will adopt the produce of the mobile payments security software market, including the banking, financial services, and insurance (BFSI) market. With mobile payments increasingly proving popular in the cashless transaction market, bolstering security will be a top priority.
This isn’t the first that we’ve seen the mobile payments security software market climb, though; it’s been on something of a tear for years now. Increasing digitization and advances in the mobile payments field—not to mention the more stationary online payments field—has fueled a lot of gains.
Security has always held mobile payments back, so it’s no surprise to see that, as the mobile payments field itself grows, so too must the market for mobile payments security tools. Businesses trying to offer up mobile payments solutions must provide powerful security tools or risk potential customers throwing over the system for something else. There are more than enough alternatives out there, so security becomes vital to protecting the growth—and the existence—of mobile payments tools.
Only time will tell what impact this has, but for right now, businesses are doubling down on mobile payments security, and the end result should give us plenty to watch.