The rise in simple and complex digital payments has enhanced the industry growth. Tokenization in numerous industries is being used extensively because of the increasing demand for customer experience. It allows industries to improve their operations and productivity. Tokenization is helping the end-users to make better decisions associated with payment modes, assets management, safeguarding customer data, and others. The industry is gaining much popularity in emerging nations such as India and Brazil.
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Data Bridge Market Research analyses that the Global Tokenization Market is expected to reach USD 8,318.53 million by 2029 from USD 2401.60 million in 2021 at a CAGR of 16.8% during the forecast period. The increasing demand for the tokenization will provide potential opportunities for the market growth in the forecast period.
Increasing demand of customer experience is anticipated to drive the market's growth rate
Several market players that successfully implement a customer experience strategy are most likely to achieve higher customer satisfaction rates and therefore improve revenue growth. The improvement of customer experience includes numerous strategies such as empowering employees to offer better service, customer journey mapping, value ideas, capturing customer feedback, and others.
For instance,
- In 2022, SuperOffice AS reported that customer experience is a top priority for businesses for the next five years, which helps to surge their profits more than other two factors, namely pricing and product. Further, according to American Express research, around 86% of customers are willing to pay more for better experience.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Solutions and Services), Organization Size (Large Organizations and SMES), Deployment (Cloud and On-Premises), Technique (API-Based and Gateway-Based), Technology (Internet of Things (IOT), Machine learning and artificial intelligence, Cloud computing, Natural language processing (NLP), Block chain, and Others), Application (Payment Security, User-Authentication, Compliance Management, Data Processing, Encryption and Others), End-User (Banking, Financial Services & Insurance, IT & Telecommunications, Government & Public Sector, Media & Entertainment, Retail & E-Commerce, Manufacturing, Energy & Utilities, Automotive, Aerospace & Defence & Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Fiserv, Inc. (U.S.),Thales Group (France),Hewlett Packard Enterprise Development LP (India),Broadcom (U.S.),Open Text Corporation (Canada),Mastercard. (U.S.), Micro Focus (U.K.), Visa (U.S.), American Express (U.S.), Entrust Corporation (U.S.), VeriFone, Inc (U.S.), PaymentVision (U.S.), Quantoz NV (Netherlands), Paya, Inc.(U.S.), AsiaPay Limited (Hong Kong), Bluefin Payment Systems (Ireland).
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis
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Segment Analysis:
The global tokenization market is segmented into seven notable segments based on offering, deployment, technology, technique, organization size, application, and end user.
- On the basis of offering, the global tokenization market is segmented into solutions and services.
The solutions segment of offering type is anticipated to dominate the tokenization market
The solutions segment is expected to dominate the global tokenization market with a 71.7% market share as it provides a complete tokenization interface compared to service
- On the basis of organization size, the global tokenization market is segmented into SMES and large organizations.
The large organizations segment of organization size type is anticipated to dominate the tokenization market
The large organizations segment is expected to dominate the global tokenization market with a 63.8% market share as it has numerous business operations, which can be integrated partially through tokenization.
- On the basis of deployment, the global tokenization market is segmented into on-premises and cloud. The cloud segment is anticipated to dominate the global tokenization market with 73.4% market share as the data can be accessed easily through internet connectivity.
- On the basis of technology, the global tokenization market is segmented into cloud computing, Internet of Things (IOT), blockchain, machine learning and artificial intelligence, natural language processing (NLP), and others. The cloud computing segment is anticipated to dominate the global tokenization market with a 25.6% market share as it gives maximum security and compliance solution for sensitive data.
- On the basis of technique, the global tokenization market is segmented into API-based and Gateway-Based. The API-based segment is anticipated to dominate the global tokenization market with a 61.7% market share as the application interface can be customized easily as per the requirement and scalable.
- On the basis of application, the global tokenization market is segmented into payment security, user authentication, compliance management, data processing, encryption, and others. The payment security segment is expected to dominate the global tokenization market with a 37.0% market share as it gives several opportunities to secure financial data and adopt a subscription-based model.
- On the basis of end user, the global tokenization market is segmented banking, financial services and insurance (BSFI), IT & telecommunications, media and entertainment, retail & e-commerce, automotive, healthcare and life sciences, manufacturing, energy and utilities, aerospace and defense, government and public sector, and others. The banking, financial services and insurance (BSFI) segment is expected to dominate the global tokenization market with a 25.5% market share as the implantation of blockchain technology, and fractionalization of assets are creating new opportunities.
Major Players
Data Bridge Market Research recognizes the following companies as the major tokenization market players in tokenization market are Fiserv, Inc. (U.S.),Thales Group (France),Hewlett Packard Enterprise Development LP (India),Broadcom (U.S.),Open Text Corporation (Canada),Mastercard. (U.S.), Micro Focus (U.K.), Visa (U.S.), American Express (U.S.), Entrust Corporation (U.S.), VeriFone, Inc (U.S.), PaymentVision (U.S.), Quantoz NV (Netherlands), Paya, Inc.(U.S.), AsiaPay Limited (Hong Kong), Bluefin Payment Systems (Ireland).
Market Development
- In 2021, Lookout, Inc. launched a new mobile security offering for small businesses. This development will help the company to diversify the portfolio to provide better solutions for numerous purposes, which could be one-stop solution for customers, which helps to attract new customers
- In 2022, Visa announced a new platform, Visa Acceptance Cloud (VAC), to modernize the capabilities of payment services. This new platform will assist the company in improvising and boost the capabilities of solutions provided to the customers, which can improve the customer relationship with the company
Regional Analysis
Geographically, the countries covered in the tokenization market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in tokenization market during the forecast period 2022 to 2029
North America dominates the tokenization market due to the highest rate of adoption of digital technologies. Most U.S. citizens use some online payment mode for transactions. Additionally, market trends in North America, such as buy now pay later for cryptocurrencies, boost the regional market.
Asia-Pacific is estimated to be the fastest-growing region in tokenization market the forecast period 2022 to 2029
Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 because of the aggressive penetration of innovation and data digitization in this region, resulting in the normalization of tokenization technology. The region also has foreign investment in data and technological industries, which boosts the growth of the industry.
For more detailed information about tokenization market report, click here – https://www.databridgemarketresearch.com/ar/reports/global-tokenization-market
