Tokenization is a procedure to safeguard secure data. In case of emergency, token data can replace live data and at that moment live data can perform the same job as token data. Hence, there are fewer chances of live data being used by unauthorized people and for unauthorized applications. Thus, in these instances, tokenization helps to maintain data security in a broader manner, thus enhancing the operation of various systems.
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Keeping in view the popularity of tokenization, middleman companies do not store valuable information and criminals become the token holder. Considering the success of tokenization, it can be seen that this option has become the attractive target to fraudsters and thus there is high chance of data theft from this system. Moreover, there are lesser number of practices for securing data in the tokenization process and this is likely to limit the possibility of success of this system during the forecast period. The growth prospects of this process during the forecast period are also likely to be impacted by high cost.
On the basis of application, the tokenization market is segmented into payment security, user authentication, and compliance management. Tokenization market for payment security held the leading market share and this segment is expected to expand at the highest CAGR (compound annual growth rate) during the forecast period. Owing to growing chances of breaching data agreements, banks, financial institutions, retail shops, and small businesses incorporate these systems in their organizations. This system enables users to make any transaction using smartphones, laptops, and other electronic devices. With the rising popularity of online payments, the global tokenization market is expected to see steady growth rate over the forecast period.
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Based on deployment model, the global tokenization market is segregated into on-premises and cloud based. Cloud based services held the largest market share in the global tokenization market and this segment is likely to be the fastest growing. Cloud based tokenization systems help organizations to provide 24/7 services and improve management capabilities, thus broadening the scope of the tokenization market over the forecast period.
The global tokenization market is divided into five regions – North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the dominant share in the global tokenization market. North America experiences growing challenges for tokenization market as this region faces greater challenges for payment security and this region meets compliance regulation to a greater extent thus broadening the market scope of tokenization market. Asia Pacific is likely to be the fastest growing regional segment in the tokenization market as larger number of organizations are deploying this system and projecting high growth trajectory for the market during the forecast period.