Selbyville, Delaware, Oct. 03, 2023 (GLOBE NEWSWIRE) --
The payment orchestration platform market valuation is projected to reach USD 4.8 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing shift from cash to digital payments, encompassing mobile and online transactions will drive the market demand. Of late, consumers and several businesses are embracing the convenience of mobile wallets, online payment gateways, and contactless payment options. The proliferation of these payment methods has made way for complex payment ecosystem, adding challenges for businesses to manage diverse transactions seamlessly, further increasing the preference for payment orchestration platforms and solutions.
With the ongoing expansion of digital payments, businesses are also adopting advanced payment orchestration solutions to stay competitive and adapt to the changing dynamics of the financial industry, further boosting the market revenue.
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Payment orchestration platforms market from the B2B platform segment is poised to generate substantial revenue by 2032. The shift towards digitalization is driving the adoption of payment orchestration platforms by businesses to manage complex B2B transactions through multiple currencies and various payment methods. Moreover, the efforts by industry players on developing innovative solutions to cater to rising need of companies to enhance payment operations, ensure compliance, and provide seamless experience to partners and clients, is also expected to propel the industry growth.
For instance, in November 2022, Treasury Intelligence Solutions, a pioneer in corporate B2B payments, introduced new domestic payment orchestration program for businesses for deploying TIS to simplify and expedite payment activities throughout their domestic network of vendors, suppliers, and partners.
Payment orchestration platform market from the cross-border transaction segment will record significant growth between 2023 and 2032. This can be attributed to the rising number of cross-border payments since the COVID-19 epidemic driven by the prohibition of international travel and the tightening of government boundaries. According to Mastercard data, 47% of small firms are doing more overseas business than before the pandemic. Payment orchestration platforms streamline these processes by facilitating efficient and cost-effective cross-border transactions for businesses for ensuring compliance with international regulations. The rapid globalization of e-commerce is also surging cross-border transactions, further driving the market expansion.
Payment orchestration platform market from the BFSI end-use segment is estimated to expand at notable CAGR up to 2032, led by the rising proliferation of digital banking, mobile payments, and online financial services. Payment orchestration platforms play crucial role in modernizing payment infrastructure as they help in ensuring financial institutions to meet the growing customer expectations while maintaining operational efficiency.
For instance, in June 2023, Weavr developed Embedded Finance Cloud to enable the BFSI industry to safely design and deliver embeddable financial products with new type of orchestration platform. The ongoing introduction of such solutions to assist financial institutions to manage multitude of payment methods by ensuring compliance with regulatory standards will augment the market outlook.
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Asia Pacific payment orchestration platform market is set to depict robust growth rate through 2032, impelled by the rapidly evolving payment landscape, increasing digitalization, and the surge in e-commerce activities in the region. According to Mastercard, 20% of Australians shopped from international suppliers in 2021 while 60% of Asians conduct payments through digital wallets. Moreover, the burgeoning fintech sector, regulatory initiatives promoting digital payments, and the growing adoption of alternative payment methods are likely to fuel the regional market growth.
The competitive landscape of the global payment orchestration platform market includes prominent enterprises, such as BNT Soft, Payoneer Inc., Spreedly, APEXX Fintech Limited, IXOLIT Group, Modo Payments, Akurateco, Stripe, CellPoint Digital, Aye4fin GmbH, Rebilly, and Razorpay. These companies are actively expanding their global presence by forming strategic partnerships, diversifying their service offerings, and entering new markets. For instance, in May 2023, CellPoint Digital partnered with Grupo Xcaret in Mexico to simplify travel payments. The collaboration helped CellPoint Digital to offer its payments orchestration platform to Xcaret, one of Mexico's major entertainment, travel, and hotel companies.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Payment Orchestration Platform Market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 – 2032
2.3 Regional trends
2.4 Platform type trends
2.5 Functionality trends
2.6 End-use trends
Chapter 3 Payment Orchestration Platform Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Globalization and increase in Cross-Border Transactions
3.8.1.2 Ongoing global shift towards digitalization and e-commerce
3.8.1.3 Increasing penetration of smartphones and the internet
3.8.2 Industry pitfalls & challenges
3.8.2.1 Data security risk
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
