Tokenization is the process of creating a token that process the sensitive data and is a secured method that organizations can implement to ensure the safety of their customers. Tokenization is a process of replacing sensitive data with unique identification symbols that encrypt the essential information without revealing any sensitive data. The purpose of tokenization is to swap the sensitive data, particularly in payment cards or bank account information with a random number in the same format, but with no intrinsic value of its own. Tokenization is helpful in protecting consumer sensitive data such as credit card data from online hackers.
Increasing adoption of cloud computing security in public sectors, rising threats of credit and debit card fraud and data breaches, and growing adoption of online based payment solutions such mobile payment, credit card payment are key factors driving growth of the global tokenization market. Additionally, rising demand for management of sensitive data of customer coupled with stringent compliance, growing e-commerce sector, and digitization in various sectors such as healthcare, banking, financial are other factors expected to boost growth of the global tokenization market over the forecast period.
However, tokenization is effective only with regards to when the payment card data is stored, not when the card is swiped or a card number is entered. Moreover, the centralized token vault in which the original payment card data is stored becomes a potential target for criminals. Rise in sophisticated malware attacks is also key factors restraining growth of the global tokenization market. Lack of IT infrastructure in developing countries, and standardized approaches towards tokenization are other factors expected to hamper growth of the global tokenization market over the forecast period.
The global tokenization market report has been segmented on the basis of component, application area, deployment mode, organization size, end-user, and region. On the basis of region, the global tokenization market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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