Brooklyn, New York, Feb. 27, 2024 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global cards & payments IT services market is expected to grow at a CAGR of 8.4% from 2024 to 2029.
One of the key drivers of the market growth is the rising digitization of financial services, which include payment options. This has led to an increase in demand for various payment applications like Google Pay, Venmo, and PhonePe, which further propels demand for IT services in financial services.
Key Market Trends
- Introduction of Virtual Cards: The introduction of virtual credit cards has brought about a significant increase in the demand for IT services in cards & payment market, owing to the ease of carrying the card virtually over physically
- Advancement in New Technologies: Advancements in various technologies like artificial intelligence (AI), machine learning (ML), and data analytics. The increasing usage of these technologies in financial services for better optimization and operation has led to significant growth in the card & payment IT services market
- Increasing Government Investments: The growing investments into developing a digital infrastructure for payments by governments all over the world is a significant driver for the growth of the global market
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Cards & Payments IT Services Market - Forecast to 2029’’ https://www.globalmarketestimates.com/market-report/cards-payments-it-services-market-4449
Key Market Insights
- As per the payment outlook, the credit card segment is expected to be the largest segment during the forecast period
- As per the service type outlook, the payment gateway services segment is analysed to be the largest segment during the forecast period
- Asia Pacific region is estimated to be the fastest-growing region in the global market
- North America region is analyzed to account for largest share of the global market during the forecast period from 2024 to 2029
- The key market players in the global cards & payments IT services market include Accenture, TCS, Tech Mahindra, Cognizant, Wipro, HCL, Capgemini, NTT Data, CGI, Infosys, LTI, Mindtree, Synechron, Virtusa, and Cigniti, among others
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By Service Type (Revenue, USD Billion, 2024-2029)
- Processing Services
- Payment Gateway Services
- Card Management Services
- Fraud Detection and Prevention Services
- Consulting and Advisory Services
- Infrastructure Services
By Payment Type (Revenue, USD Billion, 2024-2029)
- Credit Cards
- Debit Cards
- Prepaid Cards
- Mobile Payments
- Contactless Payments
By Regional Outlook (Revenue, USD Billion, 2024-2029)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central and South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238 / +91 976 935 2498
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
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