Tokenization is the process of encrypting data that is sensitive to unique identification symbols. This process then retains all the information that is necessary that is in a format that allows the informations security to not be compromised. Tokenization is beneficial as it makes it more difficult for individuals to breach security and hack the system to gain user data. The advantages of tokenization include the ability to secure sensitive data, PCI scope, compatibility with other technologies, reduction of data loss and overall internal protection.
As there is Increase in credit card fraudulent activities, there is a rise in the demand for payment security. Payment security can encompass several components such as contactless payments and tokenization-as-a-service model. These factors increase the market size for tokenization. Issues such as budget constraints, poor knowledge about security tokens among the end user and the competition that tokenization faces against traditional IT systems are restraining the overall market growth for tokenization.
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Competitive Landscape:
The major players in the market are as follows:
Tokenex, LLC
Paymetric, Inc.
Liaison Technologies, Inc.
Futurex
Hewlett Packard Enterprise
Ciphercloud
Symantec Corporation
First Data Corporation
Gemalto NV
Cardconnect Corp.
Cybersource
Thales E-Security, Inc.
Protegrity Usa, Inc.
3delta Systems, Inc.
Fiserv, Inc.
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