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Based on the deployment model, the cloud segment held over 70% of the mobile payment security software market share in 2022, propelled by its scalability, which is allowing businesses to expand services without extensive hardware investments. Cloud solutions also offer cost-effectiveness through subscription models, thereby accommodating both startups and established enterprises. Their flexibility enables on-the-go mobile payment operations, while rapid deployment ensures quick implementations.
Automatic updates enhance security, and integration capabilities facilitate seamless connections with various applications. Furthermore, robust security measures, compliance adherence, and innovative collaborations make cloud deployment a preferred choice, fostering the market demand.
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Based on end-use industry, the BFSI segment accounted for 27% of the mobile payment security software market share in 2022, due to the stringent action plans by banks to fortify cybersecurity. The rise in digital threats is compelling financial institutions to intensify their efforts in securing transactions. This drive involves the implementation of advanced security solutions including mobile payment security software to protect sensitive customer data.
For instance, in June 2023, The Reserve Bank of India has devised a comprehensive 10-point action plan to bolster cybersecurity in financial transactions. This strategy involves discussions with tech giants, such as Google and Apple, to enhance the security of mobile devices. The plan also emphasizes the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) technologies into cybersecurity frameworks to fortify the sector against the emerging digital threats.
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North America mobile payment security software market recorded more than 34% of the revenue share in 2022, attributed to the collaborative partnerships geared toward enhancing payment security. Companies are joining forces to integrate advanced security technologies, such as encryption and tokenization, for the fortification of payment systems against cyber threats.
For instance, in October 2023, Bluefin, a player in the Payment Card Industry (PCI) that validated encryption and the tokenization technologies safeguarding payments and sensitive data, entered a collaboration with Invenco by GVR, a global leader in convenience retail solutions, to introduce PCI-validated P2PE solutions for the retail petroleum forecourt sector in North America, enhancing payment security in this industry. These strategic alliances ensure the robust protection of sensitive data, which helps in fostering trust among businesses and consumers.