New York, USA, March 22, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global payment gateway market is predicted to rise at a tremendous CAGR of 17.7%, thereby garnering a revenue of $98,198.70 million in the 2021-2030 timeframe. This integrated report presents a brief outlook of the current framework of the global market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: In the past few decades, the penetration of internet has increased across the globe drastically, which is anticipated to be the primary growth driver of the payment gateway market in the forecast period. Along with these, growth in e-commerce sales is expected to push the market forward.
Opportunities: Rise in demand for instant mobile-based payments is estimated to provide numerous growth opportunities to the market in the forecast period. Additionally, growing use of mobile banking channels is predicted to propel the growth of the market.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to lack of internet access in emerging economies which might prove to be a restraint for the payment gateway market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The payment gateway market, however, faced a positive impact of the pandemic. The pandemic saw an increase in the adoption of e-commerce, digital payments, and mobile transfers. These factors increased the demand for payment gateways which pushed the growth rate of the market in the pandemic period.
Segments of the Market
The report has divided the payment gateway market into certain segments based on type, enterprise size, end-use, and region.
Type: Hosted Sub-segment to be the Most Profitable
By type, the hosted sub-segment is expected to be the most dominant by 2030. The growing usage of dependable online billing and payments has increased the demand for hosted payment gateways, which is further expected to boost the growth of this sub-segment.
Enterprise Size: Large Enterprise Sub-segment to Grow Rapidly
By enterprise size, the large enterprise sub-segment is expected to witness tremendous growth by 2030. Increasing shift of large enterprises towards e-commerce business models is further expected to boost the growth of this sub-segment.
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End-Use: BFSI Sub-segment to Experience Massive Surge in Growth Rate
By end-use, the BFSI sub-segment is expected to flourish immensely during the forecast timeframe. The increased adoption of mobile and online applications by prominent financial institutions for hassle-free financial transactions is further expected to boost the growth of this sub-segment.
Asia-Pacific Region to Have the Highest Market Share
By regional analysis, the payment gateway market in Asia-Pacific region is predicted to be the most dominant by 2030. Various government initiatives to boost the online payment infrastructure is expected to boost the growth of this market in this region in the forecast period.
Prominent Market Players
Some of the prominent players of the payment gateway market are
- PayPal Holdings, Inc.
- FIS(Worldpay)
- BitPay, Inc.
- STRIPE
- Mastercard
- FISERV, INC.(BluePay)
- Visa Inc.
- PayU
- JPMorgan Chase & Co.
- Amazon.com Inc
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in September 2022, India’s Competition Commision of India, the government’s antitrust watchdog, approved the acquisition of BillDesk, an Indian online payment gateway company, by PayU, a global payment service company. This acquisition and approval will help PayU to increase its foothold in the payment gateway market substantially in the coming period.
Finally, the report also summarizes many crucial aspects of the global including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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More about Payment Gateway Market:
- How do Payment Gateways Act as a Catalyst to Drive E-Commerce Businesses?
- Significance of Payment Gateways in the Contemporary World and Its Transformational Trends
- Payment Gateway Market to Observe Significant Growth Due to Company Collaborations and Product Launches by Market Players, such as Paytm, Xpate, and Others
