Payment Card Skimming Market

Payment Card Skimming Market Outlook - 2027

The payment card skimming is a procedure of identifying, controlling, and assessing risks such as identity theft, payment fraud & other risks associated for consumers using credit or debit cards during any financial transaction. Risk could be generated from numerous sourced such as digital theft, financial uncertainty and other variety of application for the skimming. 

Furthermore, payment card skimming is a type of software, which is used by the financial institutions to efficiently & effectively manage different kind of risks associated with the cards. Moreover, the risk is measured through transaction processes which further helps in providing insightful action plans for the real-time payment card skimming. Therefore, the demand for risk management during any online or offline card transaction is expected to boost the market growth for the global payment card skimming in the near future.

The global payment card skimming market is segmented on the basis of component, application, organization size, deployment, and region. Based on component, the payment card skimming market is divided into solution and services. The solution segment is further divided into fraud analytics, authentication, governance, risk & compliance solution (GRC) and others. In terms of fraud analytics, the market is divided into predictive analytics, descriptive analytics, social media analytics, big data analytics. The authentication is further divided into single factor authentication (SFA), multi factor authentication (MFA), risk based authentication (RBA). The services segment is also further categorized into Professional Services, Managed Service. 

On the basis of professional services, the market is divided into consulting, training & education, support & maintenance. In terms of application, the market is divided into identity theft, payment fraud, money laundering. The payment fraud segment is further divided into electronic payment fraud, mobile payment fraud, credit & debit card fraud. The organization size is further categorized into small enterprise, medium enterprise, and large enterprise. Also, the deployment is further categorized into cloud-based and on-premises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global payment card skimming industry include Fiserv Inc., Riskskill Inc., Quercia Software, C2C Smartcompliance, Complianceforge, Investedge, Matrix IFS, NASDAQ BWISE, Rivial Data Security And Sesame Software. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global payment card skimming market. 

COVID-19 Scenario Analysis

• During the COVID-19 outbreak, majority of companies have witnessed a severe decline in the payment card skimming market trends, however, the payment card skimming industry had a positive impact during the crisis owing to the government declared lockdown which in turn allowed consumer to use the online banking for every day-to-day transaction.
• Majority of financial institutions & banks have introduced attractive banking benefits such as cashbacks, gift cards, and others to support the consumers towards adoption of the digital payment. Moreover, the online payment transactions become secured & convenient for the consumers amid the coronavirus pandemic situation.

Top Impacting Factors

Increase in data & security breaches through the card transactions, rise in stringent government regulatory compliances, and surge in adoption of digital transaction using cards are driving the growth of the market. However, unavailability of skilled cybersecurity employees to secure the transaction is expected to hamper the growth of the market. Contrarily, integration of artificial intelligence in payment card skimming can be seen as an opportunity for the market investments.

Surge in Adoption of Digital Transaction Using Cards

With increasing number of digital transactions, the fraudulent activities have been parallelly rising during the transaction. The online e-commerce businesses have been relying mainly on the digital transactions for the payment of the goods & services which are being purchased. Furthermore, payment card skimming is an important problem associated with the digital payments where the consumer needs the assurance from the banking institutions. 

Moreover, owing to the security concerns which arise during the online card transaction, the payment card skimming is majorly required in the financial sector. Therefore, the surge in adoption of digital transaction using cards, will foster the growth for the global payment card skimming market during the forecast period.

Unavailability of Skilled Cybersecurity Employees to Secure Transactions

The financial organizations are facing major issues due to the lack of skilled professional to deal with the fraudulent activities relating to the card transactions. Furthermore, the cybersecurity professionals which are hired by the organizations lack the right qualification to analyze the loopholes during a cyber-attack. 

Moreover, the inability of the professionals to perform the independent tasks during the audits are adding the issues for the financial sector. Therefore, organizations are finding it difficult to hire employees for managing the payment card skimming. Therefore, unavailability of skilled cybersecurity employees to secure transactions is major hampering factor for the market.

Key Benefits of the Report

• This study presents analytical depiction of the global payment card skimming market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the payment card skimming market share.     
• The current market is quantitatively analyzed to highlight the global payment card skimming market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed payment card skimming market analysis based on the present and future competitive intensity of the market.

Questions Answered in the Payment Card Skimming Market Research Report    

• Who are the leading market players active in the global payment card skimming market size?
• What would be the detailed impact of COVID-19 on the global payment card skimming market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global payment card skimming market?
• What are the projections for the future that would help in taking further strategic steps? 

 Payment Card Skimming Market Report Highlights