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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.
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.
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 -
Other prominent vendors in the market include Chase Paymentech Solutions, Google, HP, Intel, Magtek, UL, and Vantiv.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Assumptions
PART 05: Introduction
PART 06: Market description
PART 07: Market developments
PART 08: Market landscape
PART 09: Product life cycle analysis
PART 10: Geographical segmentation
PART 11: Buying criteria
PART 12: Market drivers
PART 13: Impact of drivers
PART 14: Market challenges
PART 15: Impact of drivers and challenges
PART 16: Market trends
PART 17: Impact of trends
PART 18: Five forces model
PART 19: Vendor landscape
PART 20: Description of vendors
PART 21: Vendor matrix
PART 22: Other prominent vendors
PART 23: Appendix
PART 24: Explore Technavio
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