BANGALORE, India, July 30, 2020 /PRNewswire/ -- The global Payment Processing market size is projected to reach USD 68.8 Billion by 2026, from USD 36.2 Billion in 2019, at a CAGR of 9.6% during the forecast period 2020-2026.
The ongoing evolution in payments ecosystems, which encompasses a blurring of the lines between payment types and bold entry moves by non-bank players leveraging non-traditional business models, has spurred a wave of industry consolidation. The rapid change in payment space, including the emergence of real-time payments and blockchain, has disrupted the conventional payment provider model and made digital transactions.
Though these digital transactions opened up many doors for cyber-attackers, significant improvements in regulatory mechanisms are likely to curtail these assaults during the projected period.
TRENDS INFLUENCING THE PAYMENT PROCESSING MARKET SIZE
Initiatives to encourage digital and electronic payments, high penetration of smartphones, emphasis on enhancing customer service, and consumer demand for immediate payments and settlements are major drivers for the Payment Processing Solutions Market size.
As retailers concentrate on diversifying their business activities, they are gradually adopting wireless and mobile computing technologies for handling transactions. This, in effect, is expected to accelerate the Payment Processing market size during the forecast period.
Processing payment solutions help retailers boost customer satisfaction, minimize costs, and reduce fraudulent transactions. These factors are further expected to increase the Payment Processing Solutions Market size.
Payment processing solutions help media and entertainment companies cut costs and provide innovative protection options for digital payment systems. This widespread adoption of payment processing solutions by various industry verticals is expected to increase the Payment Processing Solutions Market size during the forecast period.
The rapid change in payment space, including the emergence of real-time payments and blockchain, has disrupted the conventional payment provider model. It ultimately opened up many doors for cyber-attackers. Nonetheless, over the projected period, significant improvements in regulatory mechanisms are likely to curtail those assaults.
Based on the payment method, the credit card segment is expected to hold the largest Payment Processing Solutions Market share during the forecast period
By vertical, the hospitality segment is expected to hold the largest payment processing market share during the forecast period.
Based on the region, North America is expected to hold the largest payment processing market share. The North American market for payment processing solutions is highly competitive, with countries such as the US and Canada focused on R&D and innovation. Credit card is North American countries' preferred form of payment for customers in both the electronic and point-of-sale (POS ) systems.
The Payment Processing Solutions Market report offers an exhaustive geographical analysis of the global Payment Processing Solutions market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
In 2019, the global Digital Payment market size was USD 35510 million, and it is expected to reach USD 70640 million by the end of 2026, with a CAGR of 10.2% during 2021-2026.
The Digital Payment Market report focuses on the global Digital Payment status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Digital Payment development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
In 2018, the global Online Payment Gateway market size was 1570 million USD, and it is expected to reach USD 4740 million by the end of 2025, with a CAGR of 14.8% during 2019-2025.
China dominates the online payment gateway market and is expected to continue its dominance during the forecast period. The China market took up about 18.97% of the global market in 2017, while the USA and Europe were about 15.86%, 15.72%.
Online payment gateways have a wide range of applications, such as Micro and Small Enterprise, Large Enterprise, Mid-Sized Enterprise. And Micro and Small Enterprise was the most widely used area, which took up about 61.09% of the global total in 2017.
The mobile wallet market size was valued at USD 1,043.1 Billion in 2019 and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
A mobile wallet lets consumers make purchases from any place at any time, including during travel. It not only offers competitive price transaction facilities but also makes it easy for customers to monitor their accounts. These factors are, in turn, expected to increase the Mobile Wallet Market size.
Increased use of smartphones period coupled with high internet penetration is projected to propel the demand over the forecast. Furthermore, the easy accessibility of mobile apps for digital payments is expected to fuel the growth of Digital Payments Solutions Market size.
The key regions covered in the Digital Wallets market report are North America, Europe, China, Japan, Southeast Asia, India, and Central & South America, etc.
This report focuses on the global Digital Wallets status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Digital Wallets development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
Payment processing software provides businesses with the means to process customer credit card payments either in person or online.
Rising per capita disposable income is expected to encourage customers to spend more online, spurring demand for the Payment Processing Software Market.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources