NEW YORK, May 01, 2018 (GLOBE NEWSWIRE) -- The global online payment gateway market is expected to grow significantly from USD 61.0 Billion in 2017 to USD 129.8 Billion in 2024 at a CAGR of 11.4%. Increasing adoption of e-commerce, a growing number of customers of online services across the globe, and an increasing number of small enterprises are the factors driving the market. Moreover, the growing popularity of m-commerce, and government support for digital transactions infrastructure across the globe is also driving the market. Easy access, full-time availability with time-saving comparison of the goods, and attractive online bids are a few more factors augmenting the market growth. Thus, online shopping through online modes offers a reliable and faster means to do transactions and shopping. Lack of trust while performing online transactions and payments, and security concerns may hamper the growth of the industry.
Online payment gateways are the merchant/trader services that offer smooth transactions while executing online shopping or online payment gateways to make payments and settlements. The transaction processes credit cards, debit cards, and direct payments for the different online businesses and e-commerce. Any commercialized bank or the financial service provider can provide the services of online payment gateways. The online payment gateways make sure that a proper, safer, smoother, and secure transaction has been done while performing online shopping.
The platform based payment gateway solution segment is expected to hold the major share during the forecast period
Based on interaction mode, the platform based payment gateway solution segment holds the major share of the industry in 2017 and the trend is expected to continue over the forecast period owing to the increasing adoption and number of e-commerce and m-commerce platforms. Increasing internet penetration and adoption of digital payments offers flexibility to customers for faster and more secure payment solutions.
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Online Payment Gateway - Regional insight
North America held the largest share of the industry and is expected to continue its dominance over the forecast period. The growth in this region is mainly driven by dependence on electronic payment for online shopping. Moreover, online payment solutions offer a secured and safer transaction platform, thus propelling the North American market. The Asia-Pacific (APAC) region is anticipated to witness the highest CAGR over the forecasted period owing to the expansion of micro and small enterprises along with an increasing number of customers performing online shopping in the emerging economies through the market.
Key findings from the report:
- The global online payment gateway market is likely to reach USD 129.8 Billion by 2024.
- Based on interaction mode, the platform based payment gateway solution segment holds the major share of the industry in 2017, and the trend is expected to continue over the forecast period owing to the increasing adoption and number of e-commerce and m-commerce platforms.
- On the basis of organization, medium enterprises is the largest segment in 2017, and micro & small enterprises is expected to be the fastest growing segment during the forecast period.
- The Asia-Pacific (APAC) region is anticipated to witness the highest CAGR over the forecasted period owing to the expansion of micro and small enterprises along with an increasing number of customers performing online shopping.
- Some of the key companies operating in the market include PayPal Holdings, Inc.; PESOPAY.COM; Amazon Payments, Inc.; CASHU; Stripe; CCBill; AsiaPay; Cardstream Limited; Sage Pay Europe Limited; Payson AB; Certitrade AB; ServiRed, Sociedad Española de Medios de Pago, S.A.; Webonline Dot Com Sdn Bhd.; WebMoney; Realex Payments; Klarna Bank AB (publ); MyGate Communications (Pty) Ltd; Wirecard AG; MercadoLivre SRL, among others.
The report segments the global online payment gateway market on the basis of interaction mode, organization size, and region.
By Interaction Mode
- Local bank integrates
- Platform based payment gateway solution
- Direct payment gateway
- Pro/self-hosted payment gateways
- Hosted payment gateways
- API/non-hosted payment gateways
- Others
By Organization Size
- Micro and small enterprises
- Medium enterprises
- Large enterprises
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Rest of the World (RoW)
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