Tokenization Market Overview:

Tokenization Market Size was valued at USD 4.8 billion in 2021. The tokenization market industry is projected to grow from USD 5.76 Billion in 2022 to USD 20.63 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20% during the forecast period (2022 - 2030). Some major factors driving the tokenization market growth are the increased adoption of online payment methods and the rise in security concerns associated with digitizing sensitive data.

Tokenization is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security. Tokenization is commonly used in credit and debit card systems , where it is used to replace data on the card (such as the primary account number or PAN) with a random set of numbers . Tokenization can also be used to protect other types of sensitive data, such as personal information or online passwords. Tokenization systems link the original data to a token but do not provide any way to decipher the token and reveal the original data . Tokenization can also be used in natural language processing, where it is used to divide a sentence or phrase into individual words or tokens.

The process is widely used in various industries due to the rising demand for a better customer experience. It helps industries to enhance their operations and productivity. It also helps end-users make better decisions regarding payment modes, asset management, safeguarding customer data, etc.

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COVID 19 report of the market

During the pandemic, several industries faced a lot of losses and were trying to find ways to gather growth. However, the tokenization market was positively impacted by the pandemic, and it is expected to showcase high growth in the forecast period. After the pandemic, online payment has increased to lessen the virus spread.

During the covid, people preferred online payment as they were indoors due to lockdown orders. The rising number of online payments also enhanced the number of cyberattacks such as fraud activities, phishing, counter-attacks, and others. As online payment is becoming important, the need for security is becoming important, and it will save people from losing their data. All business sectors are using this to make all data more secure from cyber-attacks. So, COVID 19 has created a good impact on the Tokenization Market.

Segmentation report of the market

The Tokenization Market is segmented into component, application area, deployment mode, organization size, and end-user. The market is categorized into solution, managed services, professional services, consulting, integration services, support and maintenance, training, and education.

The market is bifurcated into payment security, compliance management, user authentication, etc. The organization size is divided into large enterprises and small and medium enterprises. The end-user of the market are retail, industrial, healthcare, BFSI, telecom and IT, automotive, and others. Each market segment will hold a large market share and push the Tokenization Market for growth. Based on the region, the market will be analyzed in Asia Pacific, Europe, North America, and the rest of the world.

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North America is leading the market as the region has reduced the payment risk by using the technology. Several market players are also contributing, which boosts the CAGR of the market. Gemalto NV, Fiserv, Inc., Paymetric, Inc., First Data Corporation, CipherCloud, Futurex, and several others are prominent industry players. These players and the regions will drive the growth of the global Tokenization Market.

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