Digital Payment Market Application, Technological Advancement, Top Key Players, Financial Overview and Analysis Report Forecast to 2024
Global Digital Payment Services Market Research Report: by Component (Solution and Services), by Deployment (Cloud and On-Premise), by Organization Size (Large Enterprise and Small & Medium Enterprises (SMEs)), by Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce and others), by Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa) - Forecast till 2024
Digital Payment Services Market – Overview
The surging popularity of digital payments is paving the way for the development of the market globally. Reports that investigate the information and communication technology industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to capture a CAGR of 19.6 % through the forecast period to realize income levels touching USD 82.02 billion in the forecast period.
The improved accessibility to digital currencies, digital wallets, net banking, and bank cards is anticipated to inspire the Digital Payment Services Market’ progress globally. The broader availability of internet is adding to the Digital Payment Services Market’s expansion around the world. Furthermore, the amplified availability of smartphones is expected to advance the growth prospects for the Digital Payment Services Market.
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Key Players
The distinguished companies in the Digital Payment Services Market globally are Wirecard AG (Germany), Worldpay, LLC (UK), PayPal (US), First Data Corporation (US), Fiserv, Inc. (US), Global Payments Direct, Inc. (US), Novatti Group Limited (Australia), Adyen (Netherlands), Stripe (US), Aurus Inc. (US), BlueSnap Inc. (US), Aliant Payments (US), PayU (Netherlands), ACI Worldwide, Inc. (US), and YapStone, Inc. (US).
Segmental Analysis
The study of the segments in the Digital Payment Services Market has been carried out on the basis of deployment mode, organization size, component, vertical, and region. On the basis of component, the Digital Payment Services Market has been bifurcated into solutions and services. The solutions segment has additionally been segmented into payment gateway, point of sale, payment processing, payment security, payment wallet, and payment fraud management. On the basis of deployment mode, the Digital Payment Services Market has been segmented into on-premise and cloud. By organization size, the market for digital payment is segmented into large enterprises, and small & medium-sized enterprises (SMEs). By vertical, the Digital Payment Services Market has been segmented into healthcare, telecommunications and IT, banking, financial services and insurance (BFSI), media and entertainment, retail and e-commerce, and others.
Detailed Regional Analysis
The regional evaluation of the Digital Payment Services Market covers regions such as North America, Europe, Asia Pacific, and the rest of the world. The North American regional market is anticipated to be responsible for the major market share through the forecast period. The elevated demand from technically advanced industries such as retail and BFSI and the extensive adoption of e-commerce and m-commerce in the North American region is anticipated to lift the development of the regional market. The region in Europe is predicted to be the next principal during the review period owing to the growing demand for prompt and hassle-free transaction services and the founding of digital payment software start-ups. The Asia Pacific region is projected to be the fastest increasing throughout the assessment period as the demand in the region is estimated to upsurge more than the worldwide CAGR of 19.6%. The evolving countries such as India and China are directing the development of the Digital Payment Services Market with constant demand across the IT and telecom, BFSI, retail, and e-commerce industries.
Competitive Analysis
The instabilities in global currency are predicted to become stable and consequently place a beneficial impact on the market. The upturn of investment into physical capital is estimated to underpin the market’s growth in the forecast period. The market is being distinguished by the instrumental forces that are applying an imposing influence. The upgrades in the mining of natural resources are further supporting market expansion advancement. The improvement of substitute raw material resources is likely to further concentrate on the supply demands in the market. The progress in the efficacy of production facilities is buttressing the market’s growth pace in the coming years. Also, inventions in technology are anticipated to exercise a constructive inspiration on the enhancement of the market. The influence of governmental plans is stirring additional evolution of the market. The revivals carried out in the logistic chain are projected to produce favorable possibilities for progress in the coming period.
LIST OF TABLES
Table 1 Global Digital Payment Services Market, By Region, 2017–2023
Table 2 North America: Digital Payment Services Market, By Country, 2017–2023
Table 3 Europe: Digital Payment Services Market, By Country, 2017–2023
Table 4 Asia-Pacific: Digital Payment Services Market, By Country, 2017–2023
Table 5 Middle East & Africa: Digital Payment Services Market, By Country, 2017–2023
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LIST OF FIGURES
FIGURE 1 Global Digital Payment Services Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Digital Payment Services Market
FIGURE 4 Value Chain Of The Global Digital Payment Services Market
FIGURE 5 Share Of The Global Digital Payment Services Market, By Country, 2017 (In %)
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