The escalation in digitization is expected to increase the growth pace of real time payments globally. Reports that evaluate the information and communication technology industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is anticipated to achieve a USD 23.57 billion income while expanding with a CAGR of 29.7% in the forecast period.
The adoption of real time payments by individuals has increasingly encouraged the growth of the market. The convenience provided by real time payments is a prime factor bolstering the progress in the market. Moreover, the surge in online shopping is significantly inspiring the Real Time Payment Market Size’s progress. The soaring card payment activities around the world are expected to provide exceptional avenues for expansion of the Real Time Payment Market Size in the forecast period.
The segmentation of the Real Time Payment Market Size is conducted on the basis of deployment, solution, service, verticals, and region. Based on solution, the Real Time Payment Market Size is segmented into payment processing, fraud management, payment gateway, payment security, and others. On the basis of services, the market is segmented into managed services and professional services. The segmentation of the Real Time Payment Market Size on the basis of deployment consists of on-premise and cloud. The vertical based segmentation of the Real Time Payment Market Size comprises of BFSI, retail, government, IT & telecommunication, energy & utilities, and others. Based on the region, the Real Time Payment Market Size is segmented into North America, Europe, Asia Pacific, and the rest of the world.
The eminent players shaping the Real Time Payment Market Size are Fidelity National Information Servcs Inc (US), Fiserv Inc (US), Paypal Holdings Inc (US), ACI Worldwide Inc (US), Wirecard AG (Germany), Visa Inc Class A (US), Mastercard Inc (US), Worldline SA (France), Temenos AG (Switzerland), and Apple Inc (US).
Detailed Regional Analysis
The regional evaluation of the Real Time Payment Market Size includes regions such as North America, Europe, Asia Pacific, and the rest of the world. The North American region is the major market for real-time payment. It has produced the highest revenue in 2017 and is projected to have the highest market value throughout the forecast period. The evolution of the North American region is accredited to the amplified adoption of digital payments by customers in the nations such as the US, and Canada. The European region is the next principal market for the real-time payment market as it is a technically progressive region and has a well-known infrastructure. The technical developments in the delivery of secure payment have powered the development of real-time payment market in these countries.
A strengthened growth pace is observed in the market due to the productive effect exerted both externally and internally by key driving factors. The competency of the market is bolstered by the reconditioned nature of the assets existing in the market. The market is anticipated to achieve an unequivocal lead in the market place credited to amended strategies in specific areas. Also, the deals being devised in the market are presumed to inspire the expansion of the market in the approaching years. The absorbed charges in the market are easily dealt with, freeing up more resources for the progress in the market. The evolution of the market is chiefly due to the reductions in profile-raising and miscellaneous expenses. The firms operating in the market are insistently dealing with the deterrents to growth and are making approaches that are likely to influence a beneficial consequence with regards to the market's advancement.
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