세계 BFSI 업계 토큰화 시장은 데이터 보안의 중요성, 규제 준수, 디지털 결제 시스템의 부상 등을 배경으로 2025-2032년 예측 기간 동안 11.67%의 CAGR을 기록하며 2024년 6억 8,378만 달러에서 2032년 16억 5,352만 달러로 성장할 것으로 예상됩니다.
이는 데이터 보안에 대한 관심 증가, 규제 준수, 디지털 결제 시스템의 부상으로 인한 것입니다. 금융기관이 취급하는 민감한 고객 데이터의 양이 점점 증가함에 따라 고도의 보안 대책의 필요성이 최우선 과제로 떠오르고 있습니다. 토큰화는 기밀 데이터를 비기밀에 해당하는 '토큰'으로 대체하는 것으로, 특히 사이버 위협이 양적, 질적으로 고도화되는 환경에서 데이터 유출 및 사기 위험을 최소화하는 데 중요한 역할을 하고 있습니다.
주요 성장 요인 중 하나는 GDPR(General Data Protection Regulation), PCI DSS(Payment Card Industry Data Security Standard)와 같은 세계 데이터 보호 규제가 강화되고 있다는 점입니다. 이러한 규제로 인해 BFSI 기업들은 규정 준수를 위해 토큰화와 같은 안전하고 확장 가능한 솔루션을 요구하고 있습니다. 또한, 온라인 뱅킹, 모바일 지갑, E-Commerce로 인한 디지털 거래로의 급속한 전환은 안전하고 효율적인 데이터 보호 수단에 대한 수요를 더욱 증가시키고 있습니다. 클라우드 컴퓨팅과 SaaS(Software-as-a-Service) 플랫폼이 금융 부문에 도입되면서 토큰화의 중요성은 더욱 커지고 있으며, 분산형 및 하이브리드 환경에서 데이터 보안을 보장하는 데 기여하고 있습니다.
그러나 이러한 성장 요인에도 불구하고 시장에는 몇 가지 제약이 있습니다. 높은 도입 및 통합 비용은 특히 리소스가 한정된 중소형 금융기관에 장벽이 될 수 있습니다. 또한, 기존 IT 인프라와 토큰화를 통합하는 데에는 복잡성이 수반되고, 상당한 커스터마이징이 필요한 경우가 많습니다. 또한, 신흥 시장에서는 토큰화 시스템 도입 및 관리에 대한 인식 부족과 전문 지식의 부족도 장벽이 될 수 있습니다.
시장 동향은 지역에 따라 다릅니다. 북미는 성숙한 사이버 보안 생태계와 엄격한 규제 시행으로 인해 현재 이 시장을 선도하고 있습니다. 반면, 아시아태평양은 급속한 디지털 혁신, 금융 포용성 확대, 데이터 보호에 대한 정부의 노력으로 인해 가장 높은 성장률을 보일 것으로 예상됩니다. 전반적으로 BFSI 업계 토큰화 시장은 기술 발전과 사이버 리스크 환경의 변화 속에서 안전한 디지털 혁신과 규제 준수를 우선시하는 금융업계의 노력으로 지속적인 성장이 예상됩니다.
세계의 BFSI 업계 토큰화 시장을 조사했으며, 시장의 정의와 개요, 시장 규모 동향과 예측, 각종 분류별 상세 분석, 산업 구조, 시장 성장 촉진요인 분석, 경쟁 상황, 주요 기업 개요 등의 정보를 정리하여 전해드립니다.
Global tokenization in the BFSI market is projected to witness a CAGR of 11.67% during the forecast period 2025-2032, growing from USD 683.78 million in 2024 to USD 1653.52 million in 2032F, owing to the growing emphasis on data security, regulatory compliance, and the rise of digital payment systems. As financial institutions handle increasingly vast amounts of sensitive customer data, the need for advanced security measures has become paramount. Tokenization, which replaces sensitive data with non-sensitive equivalents or "tokens," plays a crucial role in minimizing the risk of data breaches and fraud, especially in an environment where cyber threats are growing both in volume and sophistication.
One of the primary growth drivers is the tightening of global data protection regulations such as the General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), and other financial compliance mandates. These regulations have compelled BFSI players to seek secure, scalable solutions like tokenization to ensure compliance. Additionally, the accelerated shift toward digital transactions, driven by online banking, mobile wallets, and e-commerce, has further boosted demand for secure and efficient data protection mechanisms. The increasing adoption of cloud computing and Software-as-a-Service (SaaS) platforms in financial services has also amplified the relevance of tokenization, as it ensures data security across distributed and hybrid environments.
Despite these growth drivers, the market faces several restraints. High implementation and integration costs, particularly for smaller financial institutions with limited resources, can deter adoption. Integrating tokenization with legacy IT infrastructures is also complex and often requires substantial customization. Moreover, a lack of awareness and expertise in implementing and managing tokenization systems remains a barrier in emerging markets.
Market conditions vary across regions. North America currently dominates the market due to its mature cybersecurity ecosystem and strict regulatory enforcement, while the Asia-Pacific region is expected to register the fastest growth owing to rapid digital transformation, increasing financial inclusion, and favorable government initiatives promoting data protection. Overall, the global tokenization market in BFSI is poised for sustained growth, as the sector continues to prioritize secure digital transformation and regulatory adherence amidst evolving technological and cyber risk landscapes.
For instance, in 2023, Banco Santander (Banco Santander SA and its subsidiaries) made a landmark move to combat financial data breaches by fully implementing tokenized APIs across its European Open Banking platform, setting a new security standard for PSD2 compliance. The system replaces sensitive customer data, such as account numbers and transaction details, with dynamic, context-specific tokens, ensuring that third-party fintechs like Klarna and Plaid can access only authorized information without exposing raw data.
Escalating Cybersecurity Threats and Regulatory Compliance in BFSI
The BFSI sector is increasingly targeted by cyberattacks due to the sensitive nature of financial data. Tokenization replaces sensitive data with unique tokens, reducing the risk of data breaches. Regulatory bodies worldwide are enforcing stricter compliance measures, compelling financial institutions to adopt advanced security solutions like tokenization. By replacing sensitive data with unique, non-reversible tokens, financial institutions significantly reduce the risk of data breaches. Regulatory frameworks such as PCI-DSS, GDPR, and PSD2 are tightening compliance requirements, compelling banks and payment processors to adopt tokenization.
For instance, in January 2025, new global research from the IBM Institute for Business Value (IBV) and Palo Alto Networks revealed that organizations are struggling with mounting cybersecurity complexity, managing an average of 83 security tools from 29 different vendors. The study also finds that 70% of companies with highly integrated security platforms report improved business outcomes, including greater operational efficiency and increased revenue.
The report underscores the challenges posed by expanding digital connectivity, which broadens attack surfaces and introduces new vulnerabilities. As cyberattacks grow more sophisticated, both defenders and attackers are increasingly leveraging AI, intensifying the race to stay ahead in cybersecurity.
The initiative comes as PSD2 regulations tighten, requiring banks to share customer data securely with fintech partners.
Accelerated Digital Transformation and Cloud Adoption
The BFSI sector's rapid shift toward digital banking, mobile payments, and cloud-based infrastructure has amplified vulnerabilities, driving demand for tokenization. Cloud-based tokenization is gaining traction due to its scalability and cost efficiency. Open Banking ecosystems, which rely heavily on APIs, also benefit from tokenization by ensuring third-party apps access only tokenized data, never raw credentials. Additionally, the rise of Central Bank Digital Currencies (CBDCs) has spurred experimentation with tokenization for secure digital currency transactions.
For instance, in June 2024, Mastercard announced its ambition to achieve 100% e-commerce tokenization in Europe by the end of the decade, as part of its commitment worldwide to ending manual card entry and making online shopping safer and more accessible. To meet the growing complexity of digital payment, Mastercard is leveraging tokenization, guest checkout simplified, and passkeys to provide a frictionless and secure payment experience on every device, browser, and operating system.
Segment-Specific Growth in Tokenization Solutions for BFSI
Banks dominate tokenization adoption in the BFSI sector, driven by their high transaction volumes, stringent regulatory requirements, and critical need for fraud prevention in digital payments. Regulatory mandates like PCI-DSS compliance, RBI's tokenization rules (2022), and PSD2 in the EU have made tokenization indispensable for banks, particularly in securing card payments and enabling secure Open Banking APIs. The technology is widely embedded in digital payment systems, including contactless cards, mobile wallets (Apple Pay, Google Pay), and online banking, with major networks like Visa and Mastercard integrating tokenization into their infrastructures. Banks also benefit from significant fraud reduction. Beyond payments, banks leverage tokenization for secure customer onboarding, KYC processes, and cloud-based services, further solidifying their leadership.
While other BFSI segments are adopting tokenization, their adoption lags banks. Insurance companies use it primarily for fraud prevention in claims processing, while NBFCs and fintech firms apply it to digital lending and wallets, albeit on a smaller scale. Credit unions, constrained by budgets, are slower adopters but are gradually increasing usage due to rising cyber risks. Banks remain the primary drivers of tokenization, while other sectors continue to emerge as secondary markets.
For instance, in May 2025, Apex Group, the world's leading financial services group, has announced the acquisition of a majority ownership stake in Tokeny. The deal, which will give Apex Group 100% ownership of Tokeny over the next three years, is a follow-on to the initial investment and strategic partnership with Tokeny. This strategic turning point, wherein Apex Group is now acquiring a controlling stake in Tokeny, is an unequivocal indication of the firm's faith in the revolutionary power of tokenization for asset managers and institutional finance. It is also an indication of an even larger determination to provide turn-key digital infrastructure that streamlines and speeds the transition to increased liquidity and distribution across geographies.
Regional Leadership of North America in Tokenization Adoption
North America dominates the global tokenization market, fueled by strict regulations, advanced cybersecurity infrastructure, and a high concentration of financial innovators. North America's dominance stems from regulation, digital payment growth, fintech leadership, and cybersecurity investment. While Europe and Asia are catching up, the region remains the hub for tokenization innovation and adoption. The U.S. accounts for major part of the region's tokenization revenue, driven by early adoption from giants like Apple Pay (tokenized transactions) and Stripe (payment tokenization). Canada's upcoming Open Banking Framework (2025) is set to further accelerate adoption by mandating secure data-sharing practices.
For instance, in December 2023, IBM, which is headquartered in North America, launched Hyper Protect Offline Signing Orchestrator (OSO), a new technology designed to improve cold storage solutions for digital assets. OSO adds advanced security features like offline operations, time-based controls, and multi-party transaction approvals, addressing limitations of current cold storage methods. With the growing tokenization of global illiquid assets, IBM's OSO aims to provide a secure, efficient solution to support the expanding digital asset market.
Key Players Landscape and Outlook
The market structure of the global tokenization market in BFSI is dominated by several mature players across cybersecurity and IT solution vendors, which continuously attempt to improve their offerings through integration capabilities, scalability, and innovation. The competition is mainly based on technological advancement, data security solution reliability, ease of deployment, regulatory compliance, and versatility across various financial applications. Major players seek to distinguish themselves through offering end-to-end encryption, smooth integration with current IT infrastructure, and strong cloud-based solutions. Strategic partnerships, mergers, and acquisitions are also usually sought after to enrich product lines and acquire a competitive advantage in developing markets. The market dynamics are shaped by fast-changing cyber threats, growing need for secure digital transactions, expanding regulatory requirements, and accelerating deployment of digital banking services. As banks keep on digitizing and dealing with huge amounts of sensitive information, the need for scalable, compliant, and efficient tokenization services is expected to continue to be strong, increasing competition amongst providers to stay current in the market and have customers' trust.
For instance, in March 2025, Cashlink, Germany's leading crypto securities registrar, continues to shape the country's digital asset landscape by facilitating the issuance and custody of blockchain-based securities under the Electronic Securities Act (eWpG), helping issuers reduce reliance on traditional depositories and cut costs. In a major development, 21X is preparing to launch Europe's first fully licensed DLT-based trading and settlement system under the EU's DLT Pilot Regime. This new platform will create a regulated secondary market for digital securities, addressing liquidity and trading limitations for tokenized assets in the region.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.