Payment Processing Solutions Market to grow by USD 63.48 billion from 2022 to 2027|ACI Worldwide Inc., Alibaba Group Holding Ltd., Block Inc., and more among the key companies in the market - Technavio

NEW YORK, Nov. 1, 2023 /PRNewswire/ -- The payment processing solutions market size is estimated to increase by USD 63.48 billion from 2022 to 2027, at a CAGR of 12.18%, according to the recent market study by Technavio. The Payment Processing Solutions market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed below. ACI Worldwide Inc., Alibaba Group Holding Ltd., Block Inc., BlueSnap Inc., CCBill LLC, Fidelity National Information Services Inc., Finix Payments Inc., Fiserv Inc., Global Payments Inc., Mastercard Inc., MIH PayU BV, One97 Communications Ltd., PayPal Holdings Inc., Paysafe Ltd., PhonePe Pvt. Ltd., Razorpay Software Pvt. Ltd., Secure Payment Systems Inc., Stripe Inc., Visa Inc., and Worldline SA. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report -Request a sample report

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.

Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered. 

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Payment Processing Solutions Market - Segmentation Analysis

The payment processing solutions market report extensively covers market segmentation by deployment (cloud-based and on-premises), method (credit card, debit card, e-wallet, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the cloud-based segment is significant during the forecast period. In this segment, the processing solutions are hosted on distant servers and can be accessed online. In a cloud-based deployment model, data and software used for payment processing are stored by a third-party cloud service provider. Thus, several businesses are able to access and utilize payment processing solutions on a subscription or pay-as-you-go basis. The main advantages of the cloud-deployment model include scalability, flexibility, and lower upfront costs. Hence, such factors are expected to drive market growth during the forecast period.

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Payment Processing Solutions Market - Market Dynamics

Key Drivers

The increasing adoption of contactless payment solutions drives the payment processing solutions market growth during the forecast period. The launch of portable installment payment gateways, like PayPal, Phoenpe, and others, has enhanced the most common way of covering bills. As a result, customers are not required to carry credit cards or debit cards for payments. The rising adoption of mobile devices and wearables has led to the growing popularity of the use of mobile payments. There is increasing adoption of several platforms, such as NFC PoS terminals, among retailers that enable mobile payments. The main benefit for retailers of the implementation of NFC PoS terminals is that it helps to streamline the operations process, which boosts their revenues. Hence, such factors are expected to drive market growth during the forecast period.

Significant Trends

Increasing financial inclusion across the world is a key trend in the payment processing solutions market during the forecast period. The main goal of financial inclusion initiatives is to make formally accessible financial services and tools available to people and businesses that have previously been underrepresented in the banking system or failed to benefit from it. Hence, this has a significant impact on the payment processing industry as the financial inclusions are expanding globally. As a result, it fuels the access to financial services to common people, which in turn increases the number of financial transactions as more people and businesses have access to digital wallets, payment cards, and bank accounts. Hence, such factors are expected to drive market growth during the forecast period.

Major Challenges

Privacy and security concerns regarding consumer data is a significant challenge hindering the payment processing solutions market growth during the forecast period. Some of the main risks associated with online transactions include identity theft and bank account hacking. The personal data which are stored by internet service providers to notify their customers about price increases and changes are prone to cyber security attacks. Additionally, versatile specialist co-ops collect individual data to target clients and customize publicizing messages. Furthermore, retailers gather data on consumers, such as information on the behavior of users, consumer profiles, and data mining with the help of cookies which is a breach of privacy. Hence, such privacy concerns are expected to drive market growth during the forecast period.

Payment Processing Solutions Market - Regional Analysis

The market is segmented by region North America, Europe, APAC, South America, and Middle East and Africa. An analysis of key leading countries has been included.

• North America is estimated to account for 41% of the growth of the global market during the forecast period. The increasing adoption of mobile wallets and digital payment options in several countries in North America, such as the United States, Canada, and Mexico are significantly contributing to the market growth. Furthermore, there is an increasing preference for credit cards as means of payment among consumers, which is expected to positively impact the market. Hence, such factors are expected to drive market growth during the forecast period.

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What are the key data covered in this Payment Processing Solutions Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the payment processing solutions market between 2023 and 2027
• Precise estimation of the payment processing solutions market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the payment processing solutions market across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of payment processing solutions market vendors.

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Table of Contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Method
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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