Global Mobile Payment Security Software Market 2016-2020

Outlook of the global mobile payment security software market

Technavio’s market research analyst predicts the global mobile payment security software market to grow at an impressive CAGR of around 24% during the forecast period. One of the major drivers for this market is the recent increase in the usage of wireless networks among the individual consumers. The augmented utilization of wireless networks in mobile devices for payment in retail stores has increased the need for mobile payment security software. With an increase in the number of advanced and sophisticated threats, the need for mobile payment security software has risen. This increase in the need for a secure mobile payment platform will bolster the prospects for growth in this market.

The growing adoption of multi-factor authentication techniques will aid in the growth of this market during the forecast period. Multi-factor authentication is a verification technique that uses two or more different authentication methods to prevent unauthorized access to financial details of the customers. This method utilizes various authentication techniques, such as smart cards, phone-based authentication, and biometrics technologies, to authenticate payment transactions on mobile devices.  

Geographical segmentation of the mobile payment security software market

• Americas
• APAC
• EMEA

In this market study, analysts have estimated the Americas to account for more than 45% of the total market share by 2020. Due to the high penetration rate of smartphones and an increase in the number of mobile internet users, the adoption of mobile payment is increasing in the US. Also, the populace’s growing awareness about the usage of digital wallets for e-commerce transactions will also aid in the growth of this market in the Americas.

Competitive landscape and key vendors

The global mobile payment security software market is highly fragmented because of the presence of numerous small and large vendors. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion to gain maximum market shares during the forecast period. The high vendor competition has led to an increased number of mergers and acquisitions, wherein smaller entities are being acquired by or are being merged with, major players.

The leading vendors in the market are -

• Apple
• CA Technologies
• Gemalto
• Google
• VASCO

Other prominent vendors in the market include Chase Paymentech Solutions, Google, HP, Intel, Magtek, UL, and Vantiv.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global mobile payment security software market?
• What are the key market trends impacting the growth of the global mobile payment security software market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global mobile payment security software market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global mobile payment security software market?

Technavio also offers customization on reports based on specific client requirement.

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