New York, USA, July 25, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global payment gateway market is envisioned to generate a revenue of $98,198.70 million and grow at a CAGR of 17.7% during the forecast period from 2021 to 2030.
As per our analysts, with the rising e-commerce sales and increased internet penetration, the payment gateway market is expected to experience alarming growth over the estimated period. Besides, the increasing efforts by retailers to develop innovative mobile payment solutions, risk management, and customer service is further expected to bolster the growth of the market sub-segment during the analysis period. Moreover, the increasing demand for instant mobile-based payments and the growing use of mobile banking channels is predicted to create extensive growth opportunities for the market over the estimated period. However, the lack of internet access in emerging countries may hinder the growth of the market throughout the forecast timeframe.
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Segments of the Payment Gateway Market
The report has divided the market into segments based on type, enterprise size, end-use, and region.
Type: Hosted Sub-segment to be Most Productive
The hosted sub-segment is predicted to hold the maximum share of the market during the analysis period. The increasing popularity of hosted payment gateways due to enabling the clients to continue the usage of dependable online billing and payments is expected to fortify the growth of the market sub-segment over the forecast timeframe.
Enterprise Size: Large Enterprise Sub-Segment to be Most Lucrative
The large enterprise sub-segment is expected to hold the highest share of the market during the forecast timeframe. This is mainly due to the growing inclination of people toward an online purchase that makes large enterprises use payment gateways. Moreover, the increasing adoption of digital transaction techniques and payment processing by large-scale enterprises to collect revenue from their customers is predicted to propel the growth of the market sub-segment over the analysis period.
End-Use: BFSI Sub-Segment to be Most Profitable
The BFSI sub-segment is projected to hold the maximum share of the market during the estimated timeframe. This is mainly because the financial services industry (BFSI) always focuses on the adoption of new technology. The increasing introduction of innovative mobile and online applications by financial institutions to their clients by providing seamless digital payment platforms is expected to fuel the growth of the market sub-segment over the forecast timeframe.
Region: Asia-Pacific Region Expected to Dominate the Market
The Asia-Pacific region of the payment gateway market is expected to generate the highest share of the market during the forecast timeframe. This is mainly due to the increasing government initiatives for enhancing online payment infrastructure in this region. Furthermore, the existence of a large population in this region and the growing investment by domestic and international enterprises is expected to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Payment Gateway Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the payment gateway market. This is mainly because of the implementation of current trends in consumer and corporate behavior. Moreover, the ongoing movements toward e-commerce, contactless payments, and cash displacement in the last few years have increased the usage of payment gateways. In addition, the increasing need for cross-border payments is expected to enhance the demand for the payment gateway market during the estimated period.
Key Players of the Payment Gateway Market
The major players of the payment gateway market include
- FIS(Worldpay)
- PayU
- MASTERCARD
- Amazon.com Inc.
- BitPay, Inc.
- Visa Inc.
- FISERV, INC.(BluePay)
- STRIPE
- JPMorgan Chase & Co.
- PayPal Holdings, Inc., and many more.
These players are working on the development of new business tactics and strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry. – Inquire Here before buying the full report
For instance, in March 2021, Cashfree, a leading Indian-based payments, and banking technology company, announced its partnership with PayPal, an American multinational financial technology company. With this partnership, businesses using Cashfree’s payment gateway will be able to add the PayPal Express Checkout option to their order pages and accept payments from users across 200 markets.
Further, the report also presents other crucial aspects such as product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Payment Gateway Market:
- Payment Gateway Market to Observe Significant Growth Due to Company Collaborations and Product Launches by Market Players, such as Paytm, Xpate, and Others
- Significance of Payment Gateways in the Contemporary World and Its Transformational Trends
- How do Payment Gateways Act as a Catalyst to Drive E-Commerce Businesses?
