Global Payment as a Service Market, 2019-2024 - Rising Demand for Integrated Payment Procedures and Adoption of Alternative Payment Methods
DUBLIN, May 20, 2019 /PRNewswire/ -- The "Payment as a Service Market by Component (Platform and Services), Service (Professional (Integration & Deployment and Support & Maintenance) and Managed Services), Vertical (Retail and Hospitality), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global payment as a service market size is expected to grow from USD 5.7 billion in 2019 to USD 16.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period.
Regulatory initiatives to promote payment solutions thriving on secure and real-time transactions; and optimized customer/merchant experience with quick and secure payment methods are the major factors driving the growth of the payment as a service market.
The platform segment is expected to hold a higher market share
The platform solutions provide innovative, high-quality customer experiences and services while remaining compliant with shifting market regulations. They also enable merchants and other billing organizations to more easily and quickly strike the right balance between protecting and advancing their own interests with the help of good customer relationships, and opening up access and opportunities for innovation to meet the consumer demands.
This platform is supported by Application Programming Interface (APIs) that sit between a merchant's backend services and the front-end experiences provided by Payment Service Provider (PSPs). Moreover, by leveraging an API-driven platform, merchants can increase customer satisfaction, expand into new markets, future-proof their IT infrastructures, and accelerate the time to market of new products and services.
Integration services and deployment segment is expected to have significant growth in the payment as a service market during the forecast period
Integration services are aimed at streamlining business applications by integrating various operational modules of the payment industry. These services include project management, procurement, installation, designing, engineering, testing, and commissioning. Most system integration and deployment service providers are offering API-based integration services to merchants. In addition, payment integrators provide the integration of payment and transaction data into billing systems, CRM software, and other enterprise applications.
North America is expected to have the largest market size, and MEA is projected to grow at a significantly high rate during the forecast period
North America is a frontrunner in technological adoption. The payment as a service market in North America is very competitive, due to the presence of a large number of solution providers. The North American market is highly regulated and controlled by various government standards and regulations. The major economies in this region are the US and Canada. The US and Canada have been expansively implementing payment as a service solutions.
North America has developed a robust infrastructure for digital payment solutions. The deep penetration of internet and mobile devices in North America has created opportunities for enterprises to reach out to clients, channel partners, and other stakeholders in the region. The commercial banks from North America are increasing their IT spending to promote the adoption of instant payments in the region. With the advent of payment as a service applications, marketers can centralize customers' data from various sources at one platform, thereby saving hours of integration work.
The payment as a service market includes various major vendors such as First Data, TSYS, Paysafe, Verifone, Ingenico, Aurus, Agilysys, and Alpha Fintech
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Payment as a Service Market
4.2 Global Payment as a Service Market, By Service and Region
4.3 Payment as a Service Market, By Region
4.4 Payment as a Service Market: Global Revenue Share
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Regulatory Initiatives to Promote Payment Solutions Thriving on Secure and Real-Time Transactions
5.2.1.2 Optimized Customer/Merchant Experience With Quick and Secure Payment Methods
5.2.2 Restraints
5.2.2.1 Lack of Unification of Global Standards for Cross Border Payments
5.2.3 Opportunities
5.2.3.1 Government Initiatives Change the Favoring Adoption of Payment as a Service By Merchants
5.2.3.2 Rising Demand for Integrated Payment Procedures and Adoption of Alternative Payment Methods
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Applications of Payment as a Service Solutions
5.3 Use Cases
5.3.1 First Data
5.3.2 Valitor
5.3.3 Agilysys
5.3.4 Ingenico
5.3.5 Verifone
5.4 Payment Services Evolution Models
5.4.1 Enterprise License Model
5.4.2 Managed Service
5.4.3 Service Bureau Model
5.4.4 Payment as a Service
6 Payment as a Service Market, By Component
6.1 Introduction
6.2 Platform
6.2.1 Need for Increasing Customer Satisfaction and Decreasing Infrastructure Costs to Drive the Platforms Market
6.3 Services
6.3.1 Increase in the Number of Digital Transactions in Emerging Economies to Drive the Services Segment
7 Payment as a Service Market, By Service
7.1 Introduction
7.2 Professional Services
7.2.1 Integration and Deployment
7.2.2 Consulting
7.2.3 Support and Maintenance
7.3 Managed Services
7.3.1 Vendors Providing Managed Services Offer A Complete Suite to Enhance the Customer Experience Management
8 Payment as a Service Market, By Vertical
8.1 Introduction
8.2 Retail
8.2.1 Growing Marketplace for Online Retail Shopping to Drive the Demand for Payment as a Service in the Retail Vertical
8.3 Hospitality
8.3.1 Growing Demand for Enhanced Customer Experience to Fuel the Demand for Payment as a Service in the Hospitality Vertical
8.4 Media and Entertainment
8.4.1 Expansion of Smartphones Market and Availability of High Speed and Affordable Data Services to Set the Demand for Payment as a Service in Media and Entertainment Vertical
8.5 Healthcare
8.5.1 Increase in Healthcare Spending and Rapid Deployment of New Technologies to Fuel the Demand for Payment as a Service in the Healthcare Vertical
8.6 Banking, Financial Services, and Insurance
8.6.1 Increasing Focus on Real-Time Payments to Drive the Demand for Payment as a Service in the BFSI Vertical
8.7 Others
9 Payment as a Service Market, By Region
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.2 Canada
9.3 Europe
9.3.1 United Kingdom
9.3.2 Germany
9.3.3 France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 South Korea
9.4.4 Australia and New Zealand
9.4.5 Rest of Asia Pacific
9.5 Middle East and Africa
9.5.1 Kingdom of Saudi Arabia
9.5.2 United Arab Emirates
9.5.3 Rest of Middle East and Africa
9.6 Latin America
9.6.1 Brazil
9.6.2 Mexico
9.6.3 Rest of Latin America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.3 Ranking of Key Players
10.4 Competitive Scenario
11 Company Profiles
11.1 Introduction
11.2 First Data
11.3 TSYS
11.4 Paysafe
11.5 Verifone
11.6 Ingenico
11.7 Aurus
11.8 Agilysys
11.9 Pineapple Payments
11.10 Alpha Fintech
11.11 First American Payment Systems
11.12 FIS
11.13 Allpago
11.14 Helcim
11.15 Valitor
11.16 Intelligent Payments
11.17 PPRO
11.18 PayStand
For more information about this report visit https://www.researchandmarkets.com/r/av3vw9
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