Tokenization Market Insights

Tokenization is a process used in data security where sensitive data is replaced with a non-sensitive equivalent called a token. The token works as a reference or identifier for the sensitive data and maps back to it through a tokenization system. The process of creating a token is done using one-way cryptographic functions that convert the original data into tokens, making it difficult to recreate the original data without obtaining entry to the tokenization system's resources. Tokenization is commonly used in credit and debit card systems to replace data on the card, such as the primary account number, with a token that is linked to the actual data through a secure third-party provider. This can minimize the exposure of sensitive data and reduce the risk of unauthorized access and accidental exposure. Tokenization systems should be secured and validated using security best practices, and the token generation method must be proven to have no feasible means of direct attack, cryptanalysis, side channel analysis, or brute force techniques to reverse tokens back to live data.

The Global Tokenization Market is estimated to be worth USD 9.2 Billion by 2030, registering a 20% CAGR during the forecast period (2022- 2030).

Tokenization is a process that turns sensitive data into non-sensitive "tokens" that can be used in a database or internal system without bringing it into scope. Even though the tokens are extraneous values, they maintain certain aspects of the original data like length or format, allowing them to be applied in business operations without interruption. The original sensitive information is then gathered securely outside the company's systems. Tokenized data, unlike encrypted data, is generally unbreakable and irreversible. The distinction is very compelling: Tokens cannot be returned to their original form without the existence of extra, separately stored data since there is no mathematical relationship between the token and its original number, because of which if a tokenized environment is breached, the original sensitive data will not be compromised. Tokenization secures sensitive data while allowing it to be utilized for commercial purposes.

For online payment, the mobile is the prominent choice of people. And with the usage of online payment technology, the threat of cyber-attack is also growing, and people are now adapting to tokenization technology to deal with it. So, contactless payment is one of the key drivers for the Global Tokenization Market Growth. With the surging rate of cyber-attacks, it is difficult to protect sensitive information. As tokenization replaces vital information with tokens, it will be difficult for attackers to steal it.

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Regional Analysis

The Global Tokenization Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia-Pacific economies are seeing significant growth in expanded payment innovation, especially in e-Commerce, as a result of growing technology advancements and boosting internet and smartphone usage leading to creating demand for the tokenization market in the forecast period

The North American region counted for the largest revenue share of over 35.0% in 2021. The region witnessed the highest rate of embracement of digital technologies.

The Middle East and Africa are estimated to register the highest CAGR of 27.52% from 2022 to 2030.

Market Segmentation

The Global Tokenization Market is segmented into the following types;

By Component

Solution

Service

Managed services

Professional services

Integration services

Consulting

Support and maintenance

Training and education

Others

By Application Area

Payment security

User authentication

Compliance management

Others

By Development

Outdoor positioning system

Indoor positioning system

Others

By Organization Size

Large enterprises

Small and medium-sized enterprises.

By End-User

Telecom and IT

Retail

Industrial

Healthcare

BFSI

Government & Defense

Commercial

Automotive

Others

By Technology

Application Programming Interface-based

Gateway-based

By Deployment

Cloud

On premises

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Key Players

The Global Tokenization Market’s prominent key players are Symantec Corporation (US), Gemalto NV (Netherlands), Fiserv Inc. (US), Paymetric Inc. (US), First Data Corporation (US), CipherCloud (US), Futurex (US), CardConnect Corp. (US), 3Delta Systems Inc. (US) and Thales e-Security Inc. (US).

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