According to The Insight Partners' new research report titled "Tokenization Market Forecast to 2027 - Global Analysis," the global tokenization market is expected to reach US$ 6,823.7 million by 2027, growing at a CAGR of 25.7% between 2020 and 2027.

Credit card processing frequently employs tokenization solutions. Tokenization is defined by the payment card industry (PCI) council as a process in which the primary account number (PAN) is replaced with an alternate/surrogate value known as a token. The growing data security concerns in all data-sensitive organisations around the world are a key factor attributed to the growth of the global tokenization market. The tokenization market is expected to grow significantly as a result of a large number of financial institutions opting for increased security in payment processing systems. Furthermore, as the incidences of credit card fraud increase, so does the demand for payment security.

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Another factor driving the tokenization market is an increase in the number of cyberattacks and data breaches. In 2017, for example, cyberattacks by the WannaCry ransomware impacted a number of financial institutions, banks, and hospitals. Over 200,000 computers were compromised worldwide. A number of such cyberattacks have raised concerns about payment and data security. Furthermore, the demand for security solutions in SMEs has skyrocketed. However, factors such as high implementation costs and the cost of hardware upgrades are expected to limit the tokenization market's growth, particularly in the SME segment.

Tokenization is classified into component, enterprise size, deployment, and industry vertical markets. The market is further subdivided by component into solutions and services (managed/outsourced services, professional services). Payment security, customer data management, omnichannel management, compliance & policy management, and encryption are all components of tokenization solutions. The tokenization market is further divided into SMEs and large enterprises based on enterprise size. Furthermore, the market is divided into BFSI, retail, healthcare, government, IT & telecom, and others.

Geographically, North America is expected to account for a sizable portion of the global tokenization market. Robust adoption and penetration of tokenization solutions and services, as well as significant tokenization application across the region, are driving the growth of the tokenization market in North America. Furthermore, APAC is expected to grow rapidly due to rising adoption of cloud-based solutions in emerging economies, as well as an increase in the number of industries.

Broadcom Inc.; CipherCloud; Fiserv, Inc; First Data Corporation; TokenEx; Micro Focus International plc; OpenText Corporation; Visa Inc.; Sequent Software Inc.; and Thales Group are among the key players profiled in the tokenization market report.

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