New York, USA, Jan. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global payment processing solutions market is estimated to register $176,749.5 million revenue by 2027 and grow at a stable CAGR of 12.6% over the forecast period from 2020-2027. The comprehensive report offers a concise outline of the payment processing solutions market’s present framework including chief facets of the market such as growth factors, hindrances, restraints and several opportunities during the estimated period of 2020-2027. The report also provides all the market figures to help new entrants analyze the market easily.
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Dynamics of the Payment Processing Solutions Market:
Drivers: Increasing advancements in digital technology and rapid growth in the e-commerce sector are the main factors to drive the growth of payment processing solutions market by 2027. In addition, growing adoption of payment processing applications in smartphones is expected to further boost the market growth during the forecast period.
Opportunities: Rising use of smartphones with advanced digital technology and reliable internet facility are the factors estimated to offer ample growth opportunities for the payment processing solutions market by 2027.
Restraints: Growing cases of cyberattacks that hugely impacts the business is the prime factor predicted to hinder the market growth during the analysis timeframe.
Covid-19 Impact on the Payment Processing Solutions Market:
The outbreak of the Covid-19 pandemic has hurled every business and sector of the world off-course; however, the global payment processing solutions market remained unaffected and rather witnessed significant boost. The fear of the coronavirus as well as government-led lockdowns and mobility restrictions made people across the globe adopt digital payment solutions. These services included delivering essential goods, groceries, and food items, thus benefitting several e-commerce platforms and delivery websites. These are the major factors that propelled the payment processing solutions market growth during the pandemic.
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Segments of the Payment Processing Solutions Market:
The report has fragmented the payment processing solutions market into a few segments based on payment method, deployment method, vertical, and region.
Payment Method: Debit Card Payment Sub-segment to be Most Profitable
By payment method, the debit card sub-segment is anticipated to have the highest market share and grow at a CAGR of 12.5% by 2027. The growth is attributed to the benefit of zero service and interest charges offered on debit card payments. In addition, payments made via debit cards are much faster than credit cards, thus driving the growth of the sub-segment during the analysis years.
Deployment Method: Cloud-based Deployment Sub-segment to Have the Highest Growth
By deployment method, the cloud-based sub-segment is predicted to have the highest market growth with a CAGR of 13.3% during the 2020-2027 timeframe. Cloud deployments effectively help in saving user’s data and offers transparent digital transactions along with security. These factors are estimated to drive the sub-segment’s growth during the analysis period.
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Vertical: BFSI Sub-segment to be Most Dominant
By vertical, the BFSI sub-segment is projected to have a dominant market share and grow at a CAGR of 12.8% during the analysis timeframe. Acceptance of digital payments in the financial institutions to make faster transactions in a convenient manner is anticipated to boost the sub-segment’s growth by 2027. In addition, the wide adoption of advanced technologies in both web and mobile software is estimated to further accelerate the growth of the payment processing solutions market’s sub-segment by 2027.
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Region: Payment Processing Solutions Market in the Asia-Pacific Region to Witness Better Growth Opportunities
By regional analysis, the market in the Asia-Pacific region is expected to growth immensely with a CAGR of 13.5% during the forecast period due to government initiatives for promoting the utilization of digital payment solutions across the region. In addition, adoption of advanced payment processing applications in several government institutions and among people is also predicted to drive the market’s growth in the Asia-Pacific region by 2027.
Prominent Payment Processing Solutions Market Players:
• PayPal
• Fiserv, Inc.
• Global Payments, Inc.,
• FIS
• Mastercard
• VISA, Inc.
• ACI Worldwide, Inc.,
• PaySafe
• Dwolla, Inc.
• Wirecard
These players are working on building strategies such as product enhancement, merger and acquisition, partnerships and collaborations to assist the market development.
For instance, in January 2022, Corsair, an established private equity firm for software and payment investments, announced its acquisition of a major stake in Aurora Payments, a leading payment solutions provider, with an aim to accelerate its organic growth and enhance its product offerings.
The report also sums up many crucial facets of the payment processing solutions market including financial performance of the key players, SWOT analysis, product portfolio, and newest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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