The payment as a service market is expected to grow at a CAGR of 23.9%
NEW YORK, May 14, 2019 /PRNewswire/ --
The payment as a service market is expected to grow at a CAGR of 23.9% during the forecast period due to regulatory initiatives to promote payment solutions thriving on secure and real-time transactions
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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 significant 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.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The breakup of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, RoW – 5%
The payment as a service market includes various major vendors such as First Data, TSYS, Paysafe, Verifone, Ingenico, Aurus, Agilysys, and Alpha Fintech
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the payment as a service market along with their company profiles, recent developments, and key market strategies. The report segments the payment as a service market by component (platforms and services), service, vertical, and region.
Key Benefits of Buying the Report:
The payment as a service market has been segmented on the basis of components (platform and services), services, verticals, and regions.
The report will help the market leaders/new entrants in the payment as a service market in the following ways:
1. The overall payment as a service market revenue stream has been estimated based on the revenues generated by vendors, offering payment as a service platform solutions and services. Wherein services are inclusive of integration and deplyemnt, support and maintenance, and consulting services, offered by professional service providers. Moreover services segment also includes revenues generated by Managed Service Providers (MSPs). The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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