NEW YORK, Aug. 19, 2021 /PRNewswire/ -- The global payment gateways market size is expected to grow by USD 23.45 bn during 2020-2024, progressing at a CAGR of almost 17% during the forecast period.
NEW YORK, Aug. 19, 2021 /PRNewswire/ -- The global payment gateways market size is expected to grow by USD 23.45 bn during 2020-2024, progressing at a CAGR of almost 17% during the forecast period.
The focus on high customer satisfaction, high adoption of contactless payment solutions, and increased use of m-commerce are some of the major factors propelling the market growth. However, factors such as privacy and security concerns, threats from open-source payment gateways, and high entry barriers may impede the growth.
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Payment Gateways Market: End-user
By end-user, the report is segmented into large enterprises, micro and small enterprises, mid-sized enterprises. The large enterprises' segment will account for the largest market share during the forecast period owing to the generation of a large number of transactions. Companies operating in the banking, financial services, and insurance (BSFI), IT and manufacturing sectors are the major contributors in this segment. Furthermore, the demand for payment gateways is anticipated to surge from companies operating in the e-commerce, healthcare and life sciences, education, utilities and retail sectors during the forecast period.
Payment Gateways Market: Geographic Landscape
In terms of geography, 38% of the market's growth will originate from North America during the forecast period due to the high adoption of contactless payment solutions, particularly, in the US. In addition, governments of countries across North America have introduced stringent regulations to secure digital payment gateways while mandating the recertification of electronic payment systems used by merchants.
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Payment Gateways Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
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