Tokenization Market To Propel at a Mammoth Growth rate of Above 19% by 2030 The tokenization market had a value of about $2,591 million in 2021, and it will propel at a massive CAGR of above 19% in the years to come to reach over $12,684 million by 2030. The growth of the industry is chiefly credited to the increasing financial frauds and the growing requirement to protect payment gateways. Meeting safety standards to avert a data breach, although safeguarding the customer experience will also drive market growth in the future. The BFSI industry is the leader in the tokenization market. It will generate around $5 billion in 2030, because of the rise in seamless digital payments, while guaranteeing safe transactions. The banks are rushed to address the challenge of monetary fraud while confirming customer satisfaction. Tokenization reports this challenge and its executions help banks propose varied payment offerings and allow their clienteles to make protected transactions, therefore opening value for the banks. The cloud will record faster progress in the tokenization market, advancing at a growth rate of about 20%, by the end of this decade. This mode of deployment is extremely helpful, as merchants are not required to build safe payment infra with privileged info like passwords, credit card detail, usernames, and others. Cloud-based tokenization lets the exchange of sensitive info with UID symbols, which are permanent placeholders called tokens while safeguarding sensitive info outside the internal system. This decreases the difficulty of compliance and reduces merchants’ risk to update and guard the customers’ sensitive info. The PCI DDS requires administrations, which accept, transfer, and stock the data of any cardholder, to confirm that data is suitably protected. This requires vendors to receive payment through credit cards and to follow the regulations. Furthermore, protected networks must be preserved and frequently updated on the database of the sellers. Also, merchants are mandated to report separate systems that stock and process credit card info to ensure they are ensuing PCI DSS necessities. North America is the leader in the tokenization market. The regional market will generate a revenue of more than $6 billion in 2030, registering a growth rate of approximately 20% by the end of this decade. Some key factors fueling the growth of the market are increasing cases of data breaches, payment security apprehensions, and growing payment regulatory agreements in the region. According to a report, around 850,000 cybercrime cases were informed in 2021, with a growth of 7% from 2020 and a possible loss of around $7 billion. The increasing number of cyber fraud and data theft cases has led to the augmented acceptance of tokenization by large companies and also SMEs to augment security and fight against future attacks. The tokenization market is consolidated, with few players controlling the major share. Recently, they are involved in collaborations and partnerships, to beat all the competition. For example, American Express joined hands with Goldman Sachs in October 2021, to offer a cohesive cloud-based digital payment system for business clients. It bids support for manifold payment options, data, and analytics, in a single unified platform. The increasing demand for tokenization solutions is because of 5he rising cases of financial fraud, and an increasing requirement to find a secure payment gateway. Read More: https://www.psmarketresearch.com/market-analysis/tokenization-market