Tokenization Market Insights
The Global Tokenization Market share is estimated to be worth USD 9.2 Billion by 2030, registering a 20% CAGR during the forecast period (2022- 2030).
Tokenization is a process that turns sensitive data into non-sensitive "tokens" that can be used in a database or internal system without bringing it into scope. Even though the tokens are extraneous values, they maintain certain aspects of the original data like length or format, allowing them to be applied in business operations without interruption. The original sensitive information is then gathered securely outside the company's systems. Tokenized data, unlike encrypted data, is generally unbreakable and irreversible. The distinction is very compelling: Tokens cannot be returned to their original form without the existence of extra, separately stored data since there is no mathematical relationship between the token and its original number, because of which if a tokenized environment is breached, the original sensitive data will not be compromised. Tokenization secures sensitive data while allowing it to be utilized for commercial purposes.
For online payment, the mobile is the prominent choice of people. And with the usage of online payment technology, the threat of cyber-attack is also growing, and people are now adapting to tokenization technology to deal with it. So, contactless payment is one of the key drivers for the Global Tokenization Market Growth. With the surging rate of cyber-attacks, it is difficult to protect sensitive information. As tokenization replaces vital information with tokens, it will be difficult for attackers to steal it.
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Regional Analysis
The Global Tokenization Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
Asia-Pacific economies are seeing significant growth in expanded payment innovation, especially in e-Commerce, as a result of growing technology advancements and boosting internet and smartphone usage leading to creating demand for the tokenization market in the forecast period
The North American region counted for the largest revenue share of over 35.0% in 2021. The region witnessed the highest rate of embracement of digital technologies.
The Middle East and Africa are estimated to register the highest CAGR of 27.52% from 2022 to 2030.
Market Segmentation
The Global Tokenization Market is segmented into the following types;
By Component
Solution
Service
Managed services
Professional services
Integration services
Consulting
Support and maintenance
Training and education
Others
By Application Area
Payment security
User authentication
Compliance management
Others
By Development
Outdoor positioning system
Indoor positioning system
Others
By Organization Size
Large enterprises
Small and medium-sized enterprises.
By End-User
Telecom and IT
Retail
Industrial
Healthcare
BFSI
Government Defense
Commercial
Automotive
Others
By Technology
Application Programming Interface-based
Gateway-based
By Deployment
Cloud
On premises
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Key Players
The Global Tokenization Market’s prominent key players are Symantec Corporation (US), Gemalto NV (Netherlands), Fiserv Inc. (US), Paymetric Inc. (US), First Data Corporation (US), CipherCloud (US), Futurex (US), CardConnect Corp. (US), 3Delta Systems Inc. (US) and Thales e-Security Inc. (US).
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