The key advantage of tokenization includes reduced loss of data, the ability to secure data sensitiveness, compliance scope, and compatibility with other technology. Growing concern for data sensitiveness in all the data sensitiveness companies is fueling growth in the coming years. Apart from this, rising case of data fraud activities and there is increasing data payment security are some of the trend propelling growth in the coming years. Tokenization market is often utilized for processing of credit card and this further fuel demand in the upcoming years.
Requirement for payment card commerce data security standard compliance to protect cardholder data to Bolster Demand
Increase in number of case for data breaching and cyber-attack activities are influencing demand for worldwide tokenization industries across the globe. For example, cyber-attacks by the WannaCry ransomware struck various financial institution, banks, and hospitals. Close to 200,000 computers across the globe were hacked owing to the attack activities. Several such cyber-attacks have raised up concerns about security of data and this is driving growth in the coming years. The significant demand for market surveillance is driving growth in the upcoming years.
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Technical Support Needed to Maintain in- House Tokenization to Fuel Growth
On the other hand, high expense associated with tokenization and upgrade of hardware required for tokenization is expected to be one of the key factor hampering overall growth in the coming years. Technical support needed to maintain in-house tokenization is one of the key concern for organizations, mostly small scale and large scale enterprises in the coming years.
Due to rapid advancement in technology several companies are concentrated towards spending in cyber security and several companies are developing advanced security suits which includes software and hardware in the coming years. These are some of the factor stimulating growth in the coming years.