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Increasing Incidence of Sophisticated Threats to Drive Adoption of Mobile Payment Security Software
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Mobile phones are offering unprecedented opportunities for expansion of financial activities in emerging economies, where in the forthcoming years, the number of mobile phone users is expected to exceed the number of bank account users. The increasing usage of wireless networks for payment is leading to a rise in the number of online transaction. Moreover, rising cyber-attacks and data breaches is causing significant losses as well as security vulnerabilities in third-party mobile payment providers. These factors are collectively propelling the growth of the global mobile payment security software market.
Despite increasing penetration of smart devices in developing countries, the absence of strong telecom infrastructure in several countries and low level of awareness regarding mobile payment security software are impeding the growth of the global market. Furthermore, the presence of unfavorable retailer payment policies and government regulations and compliance are hindering the growth of the market. However, the growing utilization of multi-factor authentication techniques is anticipated to bolster the growth of this market in the near future. This method uses several authentication techniques including phone-based authentication, biometrics technologies, and smart cards to prevent unauthorized access to financial details of the customers.
In terms of geography, the global mobile payment security software market is segmented into North America, Southeast Asia, Europe, China, Japan, and India. Each regional market has been assessed on the basis of consumption, production, market share, revenue, and growth rate. Due to the growing adoption of mobile payment, increasing number of mobile internet users, and rising awareness regarding usage of digital wallets for e-commerce transactions, the North America market for mobile payment security software is expected to flourish during the forecast period.
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The global mobile payment security software market is a highly fragmented arena. Companies are competing fiercely in terms of price, quality, and product innovation to gain a competitive edge over other players in the market. In recent times, the authors of the report have analyzed that the market players are investing heavily in product marketing and enhancing distribution channel in order to increase visibility in this highly competitive marketplace. Mergers and acquisitions are amongst the most common trends observed in this market. Some of the key players in the market are Apple, Vantiv, UL, CA Technologies, MagTek, Gemalto, Intel, Google, VASCO, HP Enterprise, and Chase Paymentech Solutions.
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