The global payment security market is expected to reach $54.1 billion by 2028, growing at a CAGR of 16.5% during the forecast period of 2021-2028, according to ResearchAndMarkets.
The growth of this market is attributed to the increasing adoption of digital payment modes, the rising need to adhere to PCI DSS guidelines, and increasing cyber-attacks on digital payments.
In addition, the rising demand for advanced payment security solutions for digital e-commerce and the increasing use of payment applications across different industry verticals offers significant opportunities for the growth of the digital payment market. However, the lack of trust in online banking restrains the growth of this market to a certain extend.
