Tokenization is the process of turning a sensitive data, such as an account number, into a random string of characters called a “token” that has no sensitive data if breached. Tokens are then sent to an organization’s internal systems for use, serve as reference to the original data, and cannot be used to guess those values.
USA is now the key providers of Tokenization. The market concentration is unbalanced in this market. Some players do the business on Tokenization both in the software/service and hardware, but this report only cover the software/service product market, because the hardware usually cannot used only by tokenization. Visa (CyberSource), American Express, Lookout (CipherCloud), Thales, Protegrity etc. are the key suppliers in the global Tokenization market. Top 5 took up about 43% of the global market in 2020. The market has many small and new players, so the market concentration is very unbalanced.
Looking into the future, the Tokenization market size will reach about 2.38 billion USD in 2027 from 940 million USD in 2020 all around the world, with the CAGR of 13.0%. North America is the largest region of Tokenization in the world in the past few years and it will keep increasing in the next few years. North America market took up about 58.6% the global market in 2020, while Europe and APAC were about 22.9%, 12.8%.
Tokenization is mainly classified into the following types: service and software. Service is the most widely used type which takes up about 67% of the global market size in 2020. As for the application, Tokenization can be classified then into BFSI, IT, Telecom and Media, Healthcare and Pharma, etc. BFSI segment was the most widely used area which took up about 48% of the global total in 2020.
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