Transparency Market Research: Mobile Payments Security Market on a Big Rise
No one relishes the thought of hackers grabbing up every nickel connected to your Samsung Pay account, or worse, the bank account that’s probably behind it in some way. A new report from Transparency Market Research (TMR) notes that the global payment security software market is not only poised to trend upward, but also see some big changes in the near future.
The TMR report notes that there are indeed big gains likely forthcoming. The worldwide market for payment security software, including mobile payments along with the various other kinds of payment tools out there, is set to hit $23.7 billion by 2025, representing a compound annual growth rate (CAGR) of 8.9 percent.
This growth is likely due, at least in part, to the substantial number of use cases involved. With insurance, banking, and financial services all looking for security systems, that’s brought a lot of new money in. Mobile payments are proving a preferred mode of payment when it comes to cashless transactions, and thus, securing them only gets more vital.
Additionally, in a point that suggests a maturing market, market consolidation is poised to show up in the field as well. A growing slate of strategic alliances, as TMR puts it, will help on this front. However, the market may not grow as rapidly—or as high—as it might thanks to government regulations, which is expected to serve as a “roadblock.” TMR also suggests that a growing distrust of payments online by the consumer may also drag on the market.
We’ve known that consumers have had some distrust of mobile payments ever since mobile payments first emerged. However, we’ve also known that that distrust has been retracting as we go along. While TMR’s not wrong in pointing out the “surge in cyber-attacks and cases related to fraud” over the years, we’ve also seen matching surges in security developments. Mobile payments have only gotten safer since their incarnation, and one of the biggest reasons for increased attacks is that the market is a richer pot.
Still, improved security never really hurts. Sure, there’s a point where diminishing returns kick in, but making security better tends to improve the whole lot in life for all mobile payments users.