The global payment security market size was valued at USD 19.5 billion in 2021. The market is projected to grow from USD 19.5 billion in 2021 to USD 47.02 billion by 2028, exhibiting a CAGR of 15.80% during the forecast period.
Payment security is a term used to describe a collection of security products and services created to reduce the risk of data breaches, stop financial fraud, and stop unauthorized transactions. Additionally, it uses data encryption, firewalls, and data loss prevention (DLP) protocols to secure all kinds of online financial transactions. The industry's notable growth in the banking, financial services, and insurance (BFSI) sectors are producing a favorable picture of the market.