Digital Payment Market to Reach $457.8 Trillion by 2032 at 17.2% CAGR: Allied Market Research

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Jan 10, 2024, 10:01 ET

Increased penetration of smartphones and access to high-speed internet, growth of m-commerce industry, and massive adoption of mobile payments for online and retail shopping drive the growth of the global digital payment market.

NEW CASTLE, Del., Jan. 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Payment Market by Offering (Solution and Service), Transaction Type (Domestic and Cross Border), and Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & E-commerce, Media & Entertainment, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global digital payment industry generated $95.5 trillion in 2022, and is anticipated to generate $457.8 trillion by 2032, witnessing a CAGR of 17.2% from 2023 to 2032.

Prime determinants of growth

Increase in adoption of digital payment for online shopping due to reduced transaction time & convenience acts as a major driver in the market. In addition, increase in penetration of smartphones coupled with fast internet connectivity, rise in preference among consumers for digital payment, and massive adoptions of this payment channel among merchants are accelerating the digital payment market growth.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$95.5 Trillion
Market Size in 2032	$457.8 Trillion
CAGR	17.2 %
No. of Pages in Report	312
Segments covered	Offering, Transaction Type, Industry Vertical, and Region.
Drivers	Increased penetration of smartphones and access to high-speed internet Growth of m-commerce industry Massive adoption of mobile payments for online and retail shopping
Opportunities	Increase in demand for fast & hassle-free transaction services Rapid digitalization in payments sector
Restraints	Rise in data breach and security issues while conducting payments

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The solution segment to maintain its leadership status throughout the forecast period

Based on offering, the solution segment held the highest market share in 2022, accounting for more than three-fifths of the global digital payment market revenue, and is estimated to maintain its leadership status throughout the forecast period, as the convenience offered by digital payments, with features such as quick transactions and seamless interfaces, has fueled their popularity. In addition, the ongoing global shift towards a cashless economy has encouraged businesses and consumers to embrace digital payment solutions.

The domestic segment to maintain its leadership status throughout the forecast period

Based on transaction type, the domestic segment held the highest market share in 2022, accounting for more than two-thirds of the global digital payment market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing popularity of peer-to-peer (P2P) payments which is propelling the growth for domestic segment in digital payment market. However, the cross border segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032, owing to the rise of digital wallets and mobile payment apps that facilitate cross-border transactions. These platforms offer users the ability to make international payments seamlessly, eliminating the complexities associated with traditional banking channels.

The BFSI segment to maintain its lead position during the forecast period

Based on industry vertical, the BFSI segment accounted for the largest share in 2022, contributing more than one-fourth of the global digital payment market revenue, as the push towards central bank digital currencies (CBDCs) is gaining momentum, with several countries exploring the development of their own digital currencies. CBDCs have the potential to redefine the way financial transactions occur, offering increased efficiency, security, and potentially influencing monetary policies. However, the healthcare segment is expected to portray the largest CAGR of 21.5% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to the fact patients are increasingly seeking the convenience of paying for medical services, prescriptions, and insurance premiums through online portals and mobile applications, streamlining the financial aspects of healthcare management.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global digital payment market revenue, owing to the growth in use of smartphones for internet usage in day-to-day activities contributes toward growth of the online retail mobile payment transaction market in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.9% from 2023 to 2032, and is likely to dominate the market during the forecast period. Surge in adoption of online payments by various private players, government programs supporting digital transactions, and increase in contactless payments are expected to boost the digital payment market in Asia-Pacific.

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Leading Market Players: -

Paypal Holdings Inc.
Adeyn N.V.
Fiserv, Inc.
ACI Worldwide
Stripe, Inc.
Mastercard Incorporated
Temenos AG
FIS Global
Visa, Inc.
PayU

The report provides a detailed analysis of these key players of the global digital payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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.

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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.

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