The point-to-point encryption standard illustrates the requirements for a solution to be accepted as a payment card industry (PCI) compliant. A point-to-point encryption solution is a combination of hardware, software, applications, and processes. The provider of the point-to-point encryption payment solution must adhere to the PCI standards and get the solutions audited and validated from the PCI so as to assure enterprises that the data is secured.
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Deployment of a PCI-listed point-to-point encryption solution involves more complexities and costs for encryption service providers. Hence, PCI has introduced NESA i.e. Non-listed Encryption Solutions Assessment, presenting a different approach to solution providers looking for PCI point-to-point encryption validation. NESA helps card brands and enterprises evaluate encryption solutions that do not wholly comply the PCI point-to-point encryption standard. Firms can decide whether to go with non-validated point-to-point encryption solutions or validated ones to secure their system as the implementation of a PCI point-to-point encryption solution is voluntary.
Increasing adoption of digital payment modes, rising requirement for adherence to PCI guidelines, and growing fraudulent activities on e-commerce are driving the point-to-point encryption payment market. On the other hand, lack of trust in online banking would restrain the oint-to-point encryption payment market during the forecast period.
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North America is expected to be a dominant point-to-point encryption payment market across the globe from 2018 to 2026, primarily due to increasing activities of malware, phishing emails, etc. in the region. The market in Asia Pacific is likely to expand at the maximum CAGR during the forecast period, as the region mostly comprises developing economies such as India and China, which are witnessing rapid deployment of point-to-point encryption solutions.
Based on end-user industry, the point-to-point encryption payment market can be divided into retail, health care & utilities, pharmaceuticals, banking, financial services & insurance (BFSI), securities & insurance, small & medium businesses, food & beverages, and education. The retail industry is one of the top contributors to the point-to-point encryption payment market, as the industry is highly targeted by cyber-attackers, owing to the large number of monetary transactions made via payment-processing networks.