New York, USA, April 18, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global payment gateway market is anticipated to rise at a stable CAGR of 16.6%, thereby garnering a revenue of $67,434.4 million in the 2021-2028 timeframe. This newly published report by Research Dive provides a brief overview of the contemporary nature of the payment gateway market including its cardinal aspects like growth drivers, growth opportunities, restraints, and hindrances during the forecast period of 2021-2028. All the vital market indicators are also provided in this report to help new entrants gain insights into the market easily.
Dynamics of the Market:
Drivers: Over the years, there have been tremendous technological improvements and advancements in the working of payment gateway platforms. These improvements are expected to be the biggest growth driver for the payment gateway market. Moreover, the growth in e-commerce sales across various sectors has also helped in the growth of this market.
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Opportunities: Increased penetration of the internet in remote areas of the globe has the potential to provide numerous growth opportunities to this market. Also, growth in demand for quick mobile-based payments is another factor that will offer huge growth opportunities to the market.
Restraints: However, the lack of internet access which still plagues the remotest parts of certain developing countries may prove to be a restraint in the growth of the payment gateway market.
Impact of Covid-19 on the Payment Gateway Market:
The Covid-19 pandemic and the subsequent lockdowns have negatively impacted industries across various sectors like never before. However, certain industries and markets have miraculously benefited from this situation. The payment gateway market is one such example. The global shift towards e-commerce due to lockdowns has, in turn, triggered a wave of launch of several payment gateways which facilitate online payments for online purchases from e-commerce websites. This has helped the market to grow despite the pandemic situation.
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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 Have the Highest Market Share
Based on the type, the hosted sub-segment of the payment gateway market is expected to have a dominant market share and garner a substantial revenue of $38,088.6 million by 2028. Hosted payment gateway is nothing but a third-party checkout system that guides the client to payment service provider’s websites. As customers who buy products from e-commerce websites have grown, there is an increase in the users of payment gateways who use them for payment and billing. This increase in the e-commerce websites’ users has helped in the growth of this sub-segment.
Enterprise Size: Large Enterprise Sub-segment to be the Most Dominant
Based on enterprise size, the large enterprise sub-segment of the payment gateway market is predicted to have the most dominant market share and surpass $43,389.9 million by 2028. As more and more people shift towards e-commerce websites for their daily use of consumer goods, large enterprises have started using this opportunity to get their businesses online. These large enterprises have designed payment gateways to help the customers easily complete the payment process on their websites. This has helped in the growth of this sub-segment.
End-Use: BFSI Sub-segment to be the Most Lucrative
By end-use, the BFSI sub-segment of the payment gateway market is expected to generate the maximum revenue and surpass $22,014.5 million by 2028. The banking, financial services, and insurance (BFSI) industry is a leader in terms of quickly adapting to new technologies. In this industry, especially, several financial institutions have tremendously benefited from the payment gateway systems, which have, in turn, helped in the growth of this sub-segment.
Region: Payment Gateway Market in North America Region to be the Most Profitable
By regional analysis, the payment gateway market in the Asia-Pacific region is expected to have the largest market share. It is expected to generate a revenue of $25,652.0 million by 2028. The most important reason behind this growth is that the governments of the developing economies of this region have taken several initiatives to introduce online payment systems in their respective countries for efficient digital and online payments.
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Prominent Payment Gateway Market Players:
Some prominent market players in the payment gateway market are
- Amazon.com
- BitPay
- PayPal Holdings
- PayU
- STRIPE
- FISERV Inc. (BluePay)
- Visa
- FIS(WorldPay)
- JPMorgan Chase &Co.
- Mastercard, among others.
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in June 2021, StoreHippo, an e-commerce giant, collaborated with Paytm, the leading digital fintech company in India. This collaboration will enable Paytm users to easily access businesses on StoreHippo and will also help StoreHippo to gain entry into the untapped Indian market. – Inquire & Get Quick Access to the Key companies' Development Strategy Report
Finally, this extensive report also summarizes many crucial aspects of the payment gateway market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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- The Global Payment Gateway Market is Anticipated To Generate A Revenue Of $67,434.4 Million, Growing At A CAGR Of 16.6% From 2021 To 2028
