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Digital Payment Market: Market Segments: By Component [Solutions (Payment Gateway Solutions, Payment Processing Solutions, Wallet Solutions, Payment Security and Fraud Management Solutions, Point of Sale Solutions), Services (professional services (Consulting, Implementation, Support and Maintenance), Managed Services)]; By Deployment Mode (On-Premises and Cloud); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Product Type (Standalone and Integrated); By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Product Overview
Digital Payment is the method of payment using digital methods. In digital payments, both the payee and the payer employ automated methods to collect and move money. The whole transaction is completed online. There are several advantages to the introduction of digital payments across many sectors.
Market Highlights
Digital Payment Market is expected to project a notable CAGR of 14.5% in 2030.
Digital Payment Market to surpass USD 167.6 billion by 2030 from USD 77.9 billion in 2019 at a CAGR of 14.5% throughout the forecast period, i.e., 2020-30. The increase in the number of e-commerce industries, advances in mobile payment technology, increased use of mobile wallets to make payments and the advent of stable & safe payment gateways are the main factors driving the growth of the digital payment industry.
Digital Payment Market: Segments
SMEs segment to grow with the highest CAGR during 2020-30
Digital Payment Market is segmented by Organization Size as SMEs and Large enterprises. The greater market share in 2019 was accounted by Large enterprises segment. Large businesses are categorized as companies with a workforce strength of over 1,000 workers. Large businesses are adopting digital payment solutions because of the need to digitize their payment landscape, adapt to dynamic customer trends, streamline business processes and improve market competitiveness. Large businesses practice the omnichannel approach as they focus on enriching the experience of the customer.
Digital Payment Market: Market Dynamics
Drivers
High proliferation of digital initiatives
Countries around the world are embracing ICT technologies in order to promote digital economies. Governments are following numerous measures in order to digitize the payment process. Digital payments are one of the main growth imperatives for a country's economy. It can help boost productivity and economic growth, improve accountability, increase tax collections, boost financial inclusion, and create new economic opportunities for end-users.
Restrain
Lack of global standards for cross-border payments
It is expected that the absence of uniform policies would deter businesses from buying digital payment policies, which could be a restraining factor in the growth of the digital payment industry. The higher costs of digital payments are one of the key factors hindering the development of the digital payment industry. Insurance companies have had to pay out expensive premiums due to the ransomware attacks of the last two to three years. And if the Digital Payment providers do not cover the ransom fee, the recovery cost for the infected computer is high.
Digital Payment Market: Key Players
• PayPal Holdings Inc
• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• American International Group, Inc.
• Visa Inc.
• MasterCard Incorporated (MasterCard)
• Amazon.com Inc.
• Alphabet Inc.
• Apple Inc.
• CCAvenue (Avenues India Pvt. Ltd)
• Paytm Mobile Solutions Private Limited
• Stripe Inc.
• Alipay.com Co. Ltd
Digital Payment Market: Regions
Digital Payment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Digital Payment Market in North America held the largest market share of XX.X% in the year 2019 and it is expected to continue its market dominance in the future due to the presence of a large number of solution providers in the region. Market growth can be attributed to the presence of a large number of providers of digital payment solutions in the region. The growth of the mobile commerce industry combined with the developed digital economy in North America are additional factors driving demand. Asia Pacific is expected to emerge as the fastest-growing regional market during the forecast period. The growth of digitalization, coupled with government efforts to use digital payments in developed countries, is propelling the industry. A increasing number of small and medium enterprises in the region are expected to create growth opportunities for players. India's increasing e-commerce industry and an expanding consumer base are expected to contribute to market growth.
Digital Payment Market report also contains analysis on:
Digital Payment Market Segments:
By Component:
• Solutions
o Payment Gateway Solutions
o Payment Processing Solutions
o Payment Wallet Solutions
o Payment Security and Fraud Management Solutions
o Point of Sale (POS) Solutions
• Services
o Professional Services
Consulting
Implementation
Support and Maintenance
o Managed Services
By Deployment Type:
• On-premises
• Cloud
By Organization Size:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
By Vertical:
• Banking, Financial Services, And Insurance
• Retail and Ecommerce
• Healthcare
• Travel and Hospitality
• Transportation and Logistics
• Media and Entertainment
• Other
• Digital Payment Market Dynamics
• Digital Payment Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Digital Payment Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Digital Payment Market?
· What could be the challenging factors in the growth of Digital Payment Market?
· What are the growth drivers for the Digital Payment Market?
Product Overview
Digital Payment is the method of payment using digital methods. In digital payments, both the payee and the payer employ automated methods to collect and move money. The whole transaction is completed online. There are several advantages to the introduction of digital payments across many sectors.
Market Highlights
Digital Payment Market is expected to project a notable CAGR of 14.5% in 2030.
Digital Payment Market to surpass USD 167.6 billion by 2030 from USD 77.9 billion in 2019 at a CAGR of 14.5% throughout the forecast period, i.e., 2020-30. The increase in the number of e-commerce industries, advances in mobile payment technology, increased use of mobile wallets to make payments and the advent of stable & safe payment gateways are the main factors driving the growth of the digital payment industry.
Digital Payment Market: Segments
SMEs segment to grow with the highest CAGR during 2020-30
Digital Payment Market is segmented by Organization Size as SMEs and Large enterprises. The greater market share in 2019 was accounted by Large enterprises segment. Large businesses are categorized as companies with a workforce strength of over 1,000 workers. Large businesses are adopting digital payment solutions because of the need to digitize their payment landscape, adapt to dynamic customer trends, streamline business processes and improve market competitiveness. Large businesses practice the omnichannel approach as they focus on enriching the experience of the customer.
Digital Payment Market: Market Dynamics
Drivers
High proliferation of digital initiatives
Countries around the world are embracing ICT technologies in order to promote digital economies. Governments are following numerous measures in order to digitize the payment process. Digital payments are one of the main growth imperatives for a country's economy. It can help boost productivity and economic growth, improve accountability, increase tax collections, boost financial inclusion, and create new economic opportunities for end-users.
Restrain
Lack of global standards for cross-border payments
It is expected that the absence of uniform policies would deter businesses from buying digital payment policies, which could be a restraining factor in the growth of the digital payment industry. The higher costs of digital payments are one of the key factors hindering the development of the digital payment industry. Insurance companies have had to pay out expensive premiums due to the ransomware attacks of the last two to three years. And if the Digital Payment providers do not cover the ransom fee, the recovery cost for the infected computer is high.
Digital Payment Market: Key Players
• PayPal Holdings Inc
• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• American International Group, Inc.
• Visa Inc.
• MasterCard Incorporated (MasterCard)
• Amazon.com Inc.
• Alphabet Inc.
• Apple Inc.
• CCAvenue (Avenues India Pvt. Ltd)
• Paytm Mobile Solutions Private Limited
• Stripe Inc.
• Alipay.com Co. Ltd
Digital Payment Market: Regions
Digital Payment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Digital Payment Market in North America held the largest market share of XX.X% in the year 2019 and it is expected to continue its market dominance in the future due to the presence of a large number of solution providers in the region. Market growth can be attributed to the presence of a large number of providers of digital payment solutions in the region. The growth of the mobile commerce industry combined with the developed digital economy in North America are additional factors driving demand. Asia Pacific is expected to emerge as the fastest-growing regional market during the forecast period. The growth of digitalization, coupled with government efforts to use digital payments in developed countries, is propelling the industry. A increasing number of small and medium enterprises in the region are expected to create growth opportunities for players. India's increasing e-commerce industry and an expanding consumer base are expected to contribute to market growth.
Digital Payment Market report also contains analysis on:
Digital Payment Market Segments:
By Component:
• Solutions
o Payment Gateway Solutions
o Payment Processing Solutions
o Payment Wallet Solutions
o Payment Security and Fraud Management Solutions
o Point of Sale (POS) Solutions
• Services
o Professional Services
Consulting
Implementation
Support and Maintenance
o Managed Services
By Deployment Type:
• On-premises
• Cloud
By Organization Size:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
By Vertical:
• Banking, Financial Services, And Insurance
• Retail and Ecommerce
• Healthcare
• Travel and Hospitality
• Transportation and Logistics
• Media and Entertainment
• Other
• Digital Payment Market Dynamics
• Digital Payment Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Digital Payment Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Digital Payment Market?
· What could be the challenging factors in the growth of Digital Payment Market?
· What are the growth drivers for the Digital Payment Market?
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
