PUBLISHER: KBV Research | PRODUCT CODE: 1457236
PUBLISHER: KBV Research | PRODUCT CODE: 1457236
The Global Payment Card Skimming Market size is expected to reach $5.6 billion by 2030, rising at a market growth of 9.6% CAGR during the forecast period.
North America segment experiences a high incidence of payment card fraud, including skimming attacks. Therefore, the North America segment captured $969.0 million revenue in the market in 2022. Cybercriminals looking to take advantage of weaknesses in payment systems and steal private cardholder information find the region appealing due to its sizable population, extensive ATMs, point-of-sale terminals, and online payment systems.
Electronic payment methods offer convenience and accessibility for consumers, allowing them to make purchases, transfer funds, and conduct financial transactions anytime, anywhere. The interconnected nature of global payment networks increases the risk of payment card skimming, as cybercriminals exploit vulnerabilities in payment infrastructure to steal card data from unsuspecting victims worldwide. Therefore, the growing adoption of electronic payment methods worldwide drives the market's growth.
Additionally, the number of daily online transactions has significantly increased due to the expansion of the global e-commerce sector. according to the ITA, over 80% of internet users in France, or 41.8 million people, purchased online in 2021. Online buyers tend to shop more frequently, about 50 times a year, with an average transaction value of $73 (€62) in 2021. In 2021, they spent about $3,667 (€3,100) on their purchases. Hence, the growth of the global e-commerce industry is driving the market's growth.
However, Advanced security technologies, such as encryption, tokenization, and intrusion detection systems, require significant upfront investment in hardware, software, and infrastructure. The costs associated with maintenance and support can be recurring and may escalate over time as security requirements evolve and threats become more sophisticated. Hence, high implementation costs associated with advanced security measures hamper the market's growth.
By Component Analysis
Based on component, the market is bifurcated into solution and services. The services segment attained a significant revenue share in the market in 2022. The landscape of payment card skimming threats constantly evolves, with cybercriminals employing increasingly sophisticated tactics and techniques to perpetrate fraud. As a result, organizations require specialized expertise and comprehensive solutions to detect, prevent, and mitigate the risks associated with payment card skimming.
By Organization Size Analysis
Based on organization size, the market is categorized into large enterprise and small & medium-sized enterprises. In 2022, the large enterprise segment registered the highest revenue share in the market. Large enterprises typically operate at a significant scale, with extensive payment infrastructure, diverse business operations, and a high volume of transactions.
By Deployment Type Analysis
On the basis of deployment type, the market is segmented into on-premise and cloud. In 2022, the cloud segment attained a noteworthy revenue share in the market. Cloud-based solutions offer scalability and flexibility, allowing organizations to quickly scale their security infrastructure up or down in response to changing business needs, transaction volumes, and security requirements.
By Application Analysis
By application, the market is divided into identity theft, payment fraud, money laundering, ATMs, and others. In 2022, the identity theft segment registered the highest revenue share in the market. Payment card data exploitation for illicit purposes and unauthorized access are major concerns, as seen by the growing need for solutions in this market.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated a substantial revenue share in the market. The region is experiencing rapid economic growth, increased consumer spending, and a growing reliance on electronic payment methods. As the region undergoes digital transformation and adopts new technologies for financial transactions.
List of Key Companies Profiled
Global Payment Card Skimming Market Report Segmentation
By Component
By Organization Size
By Deployment Type
By Application
By Geography