Portland,OR, Aug. 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global payment processing solutions market garnered $39.57 billion in 2020, and is estimated to reach $146.45 billion by 2030, witnessing a CAGR of 13.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Rise in usage of smartphone and internet penetration across various countries, surge in demand for online payments, and increased requirement to improve the payment processes & providing customers with integrated & value-added services drive the global payment processing solutions market. However, lack of standardization for international transactions and privacy & security concerns hinder the market growth. On the other hand, rise in support from regulatory bodies to enable expansion & penetration of payment industry by offering tie-ups with e-commerce distribution, e-wallets, and other payment platforms creates opportunities in the coming years.
Covid-19 Scenario:
- Different banks and fintech companies have been adopting advanced solutions to carry out smooth, secured, and hassle-free payments.
- Furthermore, individuals and businesses have been adopting online payment options during the Covid-19 pandemic to avoid contact with other people and minimize the possibility of cross-contamination. This led to increased demand for payment processing solutions.
The report offers detailed segmentation of the global payment processing solutions market based on component, deployment mode, payment method, industry vertical, and region.
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Based on component, the solution segment accounted for the highest share in 2020, holding more than three-fifths of the total share, and is expected to continue its leadership status throughout the forecast period. However, the services segment is estimated to grow at the largest CAGR of 14.8% from 2021 to 2030.
Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for more than one-fifth of the global payment processing solutions market, and is expected to continue its dominance in terms of revenue during the forecast period. However, the retail & e-commerce segment is projected to witness the fastest CAGR of 18.3% from 2021 to 2030.
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Based on region, North America contributed to the fastest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its lead position by 2030. However, Asia-Pacific is projected to manifest the highest CAGR of 15.9% during the forecast period.
Leading players of the global payment processing solutions market analyzed in the research include ACI Worldwide, FIS, Elavon Inc., Global Payments Inc., Fiserv, Inc., PayPal, GoCardless, Stripe, Square, Inc., and Wirecard CEE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
