The technology industry continues to be a hotbed of innovation, with activity driven by the need for stronger and more comprehensive cybersecurity measures to protect against cyber threats and attacks, and growing importance of technologies such as EMV chip technology, tokenisation platforms, mobile payment technologies and encryption technologies in securing digital transactions and protecting sensitive payment card information. EMV tokenisation may also use biometric authentication technologies such as fingerprint or facial recognition, to provide an additional layer of security. In the last three years alone, there have been over 3.6 million patents filed and granted in the technology industry, according to GlobalData’s report on Innovation in Cybersecurity: EMV tokenisation. Buy the report here.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
300+ innovations will shape the technology industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the technology industry using innovation intensity models built on over 2.5 million patents, there are 300+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, byzantine fault tolerant blockchain, secure multi-party computing and decentralized identity framework are disruptive technologies that are in the early stages of application and should be tracked closely. Secure hash algorithms (SHA), zero knowledge proof, and private blockchains are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are firmware security and multimedia signal encryption, which are now well established in the industry.
Innovation S-curve for cybersecurity in the technology industry
EMV tokenisation is a key innovation area in cybersecurity
EMV tokenisation is a payment security technique employed to conceal sensitive credit and debit card details. Rather than employing the conventional 16-digit card number, a token, which is a randomly generated sequence of numbers, is utilised as a substitute to represent the card data. This method enhances the difficulty for hackers to access the genuine card information and makes it more challenging to utilise the data in case of unauthorised acquisition.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 460+ companies, spanning technology vendors, established technology companies, and up-and-coming start-ups engaged in the development and application of EMV tokenisation.
Key players in EMV tokenisation – a disruptive innovation in the technology industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to EMV tokenisation
Source: GlobalData Patent Analytics
Visa is a leading patent filer in EMV tokenisation. The company’s patents are aimed at describing a method and a server computer for authenticating a cardholder account. The server computer implements the method, which includes obtaining a first identifier and a cryptogram from a first entity, identifying an issuer associated with the cardholder account, forwarding the first account identifier and the cryptogram to a second entity for validation, receiving a second identifier from the second entity, and sending the second identifier to the first entity.
The first identifier can be associated with the cardholder account. The second identifier can be generated by the second entity and associated with a validated form of the first identifier.
By geographic reach, Black Gold Coin leads the pack, followed by Apple and Keypasco. In terms of application diversity, Healthy.io holds the top position, followed by Memjet Technology and Journey.ai.
EMV tokenisation helps enhance payment security by protecting sensitive card information. It reduces the risk of fraud and unauthorised access, instilling customer trust, and ensuring secure and seamless transactions in both physical and digital payment environments.
To further understand how cybersecurity is disrupting the technology industry, access GlobalData’s latest thematic research report on Cybersecurity – Thematic Research.