GITNUX MARKETDATA REPORT 2024
Payment Security Industry Statistics
The payment security industry is expected to grow significantly as more businesses and consumers adopt electronic and mobile payment methods, with a focus on compliance with regulations and advancements in technologies such as tokenization and encryption to combat fraud and data breaches.
In this post, we present a comprehensive overview of key statistics shaping the landscape of payment security in the industry. From the exponential growth of e-commerce transactions to the increasing prevalence of cyber attacks, these data points highlight the critical importance of robust payment security solutions in today’s digital world. Explore the numbers and trends that are driving advancements in safeguarding online transactions and combating fraud.
Statistic 1
"By 2021, nearly 75% of all transactions are expected to be e-commerce, increasing the need for advanced online payment security solutions."
Statistic 2
"Contactless payments are predicted to exceed $1 trillion worldwide by 2023."
Statistic 3
"The global payment security market size is expected to reach $43.76 billion by 2027."
Statistic 4
"Identity theft accounted for over 40% of all fraud attempts in 2019."
Statistic 5
"Over 60% of businesses experienced a cyber attack in 2020, a majority of which were payment fraud."
Statistic 6
"In 2020, 88% of global consumers indicated a preference for biometrics in payment security systems."
Statistic 7
"The fraud detection and prevention market size is expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023."
Statistic 8
"In 2019, 27% of all cyber attacks targeted banks and other financial institutions, highlighting the need for payment security."
Statistic 9
"Mobile wallet transactions are expected to reach $13.98 trillion by 2022."
Statistic 10
"63% of businesses are expected to increase spend on payment security in 2021."
Statistic 11
"In 2020, eCommerce fraud increased by 7% globally."
Statistic 12
"Global e-commerce fraud losses are projected to grow to $20 billion in 2021."
Statistic 13
"Global spending on payment card fraud detection solutions was valued at $28.6 billion in 2021."
Statistic 14
"E-commerce is estimated to comprise 95% of all purchases by 2040, underscoring the need for payment security."
Statistic 15
"Nearly 58% of consumers are likely to abandon a transaction if they perceive a lack of security."
Statistic 16
"Approximately 80% of businesses expect to adopt AI-powered authentication technology by 2022 to enhance payment security."
Statistic 17
"As of 2019, more than 83% of money stolen in e-commerce fraud came from mobile."
Statistic 18
"It's projected that cybercriminals will steal an estimated 33 billion records in 2023, driving the need for payment industry security."
Statistic 19
"Global bio-metric transactions, a key component in future payment security, are projected to reach nearly $10 billion by 2027."
Jannik Lindner
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The statistics are checked by us and then entered into the database. Our market data reports have been linked to by some of the largest publishers and companies on the Internet.
