New York, USA, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global payment gateway market is likely to register a revenue of $67,434.4 million by 2028, at a CAGR of 16.6% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the growing penetration of internet and the rising eCommerce sales across the globe are the major factors anticipated to accelerate the growth of the global payment gateway market over the forecast period. In addition, the increasing usage of mobile wallets & smartphones and the developments in mobile payment technology are other factors expected to boost the market growth by 2028.
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Moreover, the increasing usage of mobile banking channels and the growing demand for instant mobile-based payments around the world are predicted to create massive growth opportunities for the payment gateway market in the estimated timeframe. However, the rising cyber security issues across the globe may restrict the market growth in the coming years.
COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has prominently impacted the payment gateway market growth. This is mainly due to the ongoing movements toward digital payments, e-commerce, cash displacement, and quick payments. For example, Amazon saw 40 % year-over-year growth in the second quarter of 2020. Moreover, differences in purchasing behavior between geographies greatly decreased during the pandemic as many consumers, especially the elderly, began to purchase online for the first time. These factors have propelled the growth of the payment gateway market during the unprecedented times.
Hosted Sub-segment to be Most Profitable
By type, the hosted sub-segment is projected to have a dominating market share and register a revenue of $38,088.6 million by 2028. This is majorly due to the growing popularity of hosted payment gateway, as utilities look for solutions to enable the continual usage of dependable online payments and billing.
Large Enterprise Sub-segment to Hold the Largest Market Share
By enterprise size, the large enterprise sub-segment valued for $12,574.2 million in 2020 and is projected to account for the majority of market share during the analysis period. The prominent growth of the sub-segment can be attributed to the growing predisposition of the people towards online purchase and the rising adoption of payment processing and digital transaction techniques by large-scale firms for collecting money from their customers.
Travel & Hospitality Sub-segment to Witness Fastest Growth
By end use, the travel & hospitality sub-segment garnered a revenue of $3,363.6 million in 2020 and is expected to reach up to $12,412.3 million during the forecast period. The sub-segment’s essential aspects, such as faster and safer digital contactless payment methods are likely to boost the travel & hospitality sub-segment growth. Besides, it also benefits the industries, such as air transportation, food services, lodging, drinking establishments, travel agencies, and car rentals.
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Asia-Pacific Region to Observe Fastest Growth
By region, the Asia-Pacific payment gateway market is predicted to account for $25,652.0 million by 2028 and witness dominating growth over the forecast period. This growth is attributed to the increase in number of government initiatives that are targeted at improving the online payment infrastructure in the region. In addition, the Chinese government is hugely focusing on improving internet connectivity in rural areas, which is resulting in prominent growth of payment gateway market in the Asia Pacific region.
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global payment gateway market are:
- PayPal Holdings, Inc.
- Visa Inc.
- STRIPE
- Amazon.com Inc.
- Mastercard
- FIS (Worldpay)
- PayU
- FISERV, INC. (BluePay)
- BitPay, Inc.
- JPMorgan Chase & Co.
These players are implementing several strategies to gain a chief position in the global industry.
For instance, in June 2021, Xpate, a company focused on enhancing the global payments using a design-centric method to serve mounting business needs, stated that the company is attempting to streamline the management of card payments by launching a new payment gateway and operational support project called, xpate Links.
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More about Payment Gateway Market:
- Payment Gateway Industry Experiences Rapid Evolution with Rising Digitalization
- How do Payment Gateways Act as a Catalyst to Drive E-Commerce Businesses?
