Digital Payment Industry Sales Revenue, Development Strategy, Growth Potential, Analysis and Business Distribution
Industry Insight
The Global Digital Payment Industry is expected to register a 16.77% CAGR, exhibiting substantial growth during the forecast period. The market was valued at USD 40,633.3 million in 2020; it is expected to reach USD 120,245.9 million by 2026. North America accounted for the largest market value of USD 13,864.1 million in 2020; the market is expected to register a CAGR of 17.50% during the forecast period.
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Top Grossing Players
The top-grossing players of the global Digital Payment Industry are listed as Aliant Payment Systems Inc. (US), PayU (Netherland), Fiserv, Inc. (US), Aurus Inc. (US), Novatti Group Limited (Australia), BlueSnap Inc. (US), Stripe (US), ACI Worldwide, Inc. (US), Global Payments Direct, Inc. (US), Adyen NV (Netherland), PayPal Holdings, Inc. (US), First Data Corporation (US), Wirecard AG (Germany), and YapStone, Inc. (US).
Top Impacting Factors
Digital payment has become one of the primary growth imperatives for a country's economy. It can help boost productivity and economic growth, improve transparency, increase tax revenues, expand financial inclusion, and open new economic opportunities for the end users. For the same, governments across the world are implementing ICT technology to promote digital economies. They are undertaking various initiatives to digitize the payment process. For instance, the Government of India that has launched various initiatives such as Digital India, the launch of Unified Payments Interface (UPI), and the 14444-helpline number to help promote digital payments. However, a lack of standards for cross-border payments is a challenge for the global Digital Payment Industry during the forecast period.
Segmentation of Market: Digital Payment
For further analysis of the global Digital Payment Industry, segmentation is conducted over component, deployment, organization size, and vertical.
For further analysis of the global Digital Payment Industry, segmentation is conducted over component, deployment, organization size, and vertical.
In terms of the component segment: Comprises of solution and services.
In terms of the deployment segment: Comprises of cloud and on-premise.
In terms of organization size: Comprises of Small & Medium Enterprises (SMEs) and large enterprise.
In terms of Vertical segment: Comprises of BFSI, IT & telecommunication, retail & e-commerce, media & entertainment, healthcare, hospitality, and others.
Region-Wise Analysis
North America led the market in the year 2018, with a market size of USD 15.8 billion. The expansion of the market can be attributed to the existence of a large number of digital payment solution providers in the region. The spreading out of the mobile commerce industry, coupled with the developed digital economy in the North America region, are additional factors motivating the market. In Canada, various factors such as customer willingness, reliable broadband, and network infrastructure, and inclination for cashless payments and banking economy are broadly contributing to the country’s higher rate of cashless transactions.
LIST OF TABLES
Table 1 Global Digital Payment Industry, By Region, 2017–2024
Table 2 North America: Digital Payment Industry, By Country, 2017–2024
Table 3 Europe: Digital Payment Industry, By Country, 2017–2024
Table 4 Asia-Pacific: Digital Payment Industry, By Country, 2017–2024
Table 5 Middle East & Africa: Digital Payment Industry, By Country, 2017–2024
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LIST OF FIGURES
FIGURE 1 Global Digital Payment Industry Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Digital Payment Industry
FIGURE 4 Value Chain Of The Global Digital Payment Industry
FIGURE 5 Share Of The Global Digital Payment Industry, By Country, 2017 (In %)
Continued……
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