Published on : Jan 16, 2019
Albany, New York, January 16, 2019: At the time when there has been widespread data breaches and cyber-attacks aimed at financial statements, bank accounts, medical records, voter registration and stock trades, the significance of tokenization has escalated. Moreover, tokenization is used in card processing which further signifies the prominence of the market for tokenization. The Payment Card Industry Data Security Standard (PCI DSS) has delineated guidelines which organizations must abide by, states that credit card data must be protected when stored.
The PCI-DSS suggests replacing debit card and credit card numbers with tokens. These aforementioned insights are according to the report titled, “Tokenization Market—Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026,” which has been lately incorporated in the ever-expanding repository of Market Research Hub (MRH). Analyzing a host of factors, tokenization market is expected to grow at an impressive CAGR of over 18% during the forecast period 2018-2026.
Given the potential for momentous and significant financial losses on account of a cyber-security breach, majority of the world’s enterprises are unprepared for the grim reality of cyber-attacks. For example, May 2017 witnessed several financial institutions, banks and hospitals being the victims of ransom ware by WannaCry.
Through tokenization, companies might align and integrate cyber-security issues into business strategy and gain competitive advantage as a trusted provider with respect to reliability, safety, data ethics and privacy. However, soaring implementation and upgrade cost for tokenization is projected to act as inhibitors in the growth of tokenization market.
Tokenization Market: Report Content
The report distills insights on tokenization market through quantitative and qualitative analysis for the assessment period 2018-2026. The report delves into drivers, restraints, opportunities and trends influencing the growth of tokenization market. The report also does the segregation of the market to offer an in-depth view on tokenization. The segmentation of the tokenization market is done on the basis of component, solution, enterprise size, end-use and region.
The report starts with market scope followed by market taxonomy and overview of the market. The market overview section includes indicators which are projected to define the market position during the assessment period. The report also includes market attractiveness analysis for each segment for a comprehensive assessment of the tokenization market.
The final section of the report includes the competitive landscape of the tokenization market which incorporates company overview, product portfolio, financial overview and strategies. Prominent companies elucidated in the report are Hewlett Packard Enterprise Development L.P., TokenEx, CyberSource Corporation, CipherCloud Inc. and Thales e-secutiry, among others.
Tokenization Market: Research Methodology
The research methodology in this report includes secondary sources, primary sources and analysis from panel of expert for the assessment period 2018-2026. Secondary sources applied in the report include, but are not limited to annual reports, government document, SEC filings, investors’ presentation, World Bank database, market reports, relevant patent, statistical database and regulatory database. Primary sources include telephonic interviews, e-mail interactions and honest reviews of the market across regions. Expert panel relentlessly analyzes the report with the view to offer readers with authentic and unbiased report. The analysis of the performance of market across regions has been done taking Y-o-Y growth and BPS into consideration. The report has been analyzed through absolute dollar opportunity analysis, which are often ignored while assessing the market.
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