Comprehensive Report Highlights Market Values, Research Methodology, Drivers, Restraints, and Regional Insights for Digital Payment Industry
Pune, 18.08.2023 : The Digital Payment Market, a rapidly evolving sector that revolutionizes financial transactions, has exhibited remarkable growth in recent years. The market, valued at USD 82.97 billion in 2022, is poised to reach a substantial value of USD 285.37 billion by 2029, registering a notable Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period (2023-2029). This comprehensive press release offers insights into the Digital Payment Market, encompassing market values, report scope, research methodologies, driving factors, limitations, and regional perspectives.
Digital Payment Report Scope and Research Methodology
The comprehensive “Digital Payment Market” report employs an intricate research methodology to provide a comprehensive analysis of the industry landscape. The report covers trends from the base year 2022 and extends into the forecast period up to 2029, with a particular emphasis on the impact of various factors, such as market dynamics, technological advancements, regulatory policies, and regional trends.
The report’s research methodology draws on a blend of primary and secondary data sources, analyzing various facets impacting the Digital Payment Market. Thorough investigations into market trends, regulatory landscapes, competitive dynamics, historical data, and emerging trends have been conducted. By employing comprehensive quantitative and qualitative analyses, the report presents a well-rounded understanding of the market dynamics, trends, opportunities, and challenges.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @: https://www.maximizemarketresearch.com/request-sample/16835
What are Digital Payment Market Dynamics?
The adoption of digital payments offers numerous advantages, including increased transaction speed, enhanced convenience, and improved security. As both consumers and businesses seek efficient and secure payment options, the digital payment market is poised for substantial growth. Additionally, initiatives by governments and financial institutions to promote digitalization and financial inclusion further contribute to market expansion.
Digital payments, often referred to as electronic payments or e-payments, have revolutionized the way financial transactions occur. The convenience, speed, and security offered by digital payment methods have led to a significant shift away from traditional cash-based transactions. As consumers and businesses increasingly embrace digital payments for their ease of use, efficiency, and security, the market for digital payments is expected to experience substantial growth.
What is Digital Payment Segmentation?
The report offers a comprehensive segment analysis based on various factors, such as solutions, modes of payment, deployment, enterprise size, and end-users. Notably, North America dominates the Digital Payment Market, driven by technological advancements, increasing digital literacy, and a growing preference for contactless transactions. The Asia-Pacific region is also expected to witness significant growth, fueled by rising internet penetration, expanding financial inclusion efforts, and the adoption of digital wallets.
1 Global Digital Payment Market, by Solution (2022-2029)
• Application Program Interface
• Payment Gateway
• Payment Processing
• Payment Security & Fraud Management
• Transaction Risk Management
• Others
According to solution, the payment processing sector, which accounted for around 25.0% of worldwide revenue in 2022, dominated the digital payment market. As consumers’ desire for online shopping expands throughout the world, retailers are implementing payment processing systems to offer seamless checkout experiences to customers. Players who offer payment processing solutions are focusing on mergers and acquisitions as well as collaborations to increase their market share. For instance, PayU bought Red Dot Payment, a provider of payment solutions, in July 2019 to strengthen its position in Singapore.
2 Global Digital Payment Market, by Mode of Payment (2022-2029)
• Bank Cards
• Digital Currencies
• Digital Wallets
• Net Banking
• Point of Sales
• Others
The point-of-sale sector, which accounted for more than 52.0% of worldwide revenue in 2022, dominated the digital payment market in terms of payment method. Point of sale (POS) systems are those that retail businesses utilise to complete transactions. The benefits of using a point of sale include quick checkout options, a customised customer experience, and several payment methods. The point-of-sale payment method is used by many shops and restaurants to enhance the payment experiences of their clients. For instance, in order to include point-of-sale technologies into its food ordering process, Grubhub, an online food ordering service, established a partnership with ParTech Inc., a maker of point-of-sale systems, in January 2020.
3 Global Digital Payment Market, by Deployment (2022-2029)
• Cloud
• On-premises
Based on deployment, the on-premise market segment held a commanding 65.0% share of worldwide revenue in 2022. On-premise digital payment solutions allow businesses total control over their apps and systems, which are simple for their IT team to manage. On-premise digital payment solutions are also used by businesses to safeguard their apps and systems against hazardous threats. For instance, Microsoft declared a collaboration with ACI Global in November 2019. The collaboration resulted in lower long-term capital investment and higher security for ACI World Wide’s on-premises clients.
4 Global Digital Payment Market, by Enterprise size (2022-2029)
• Large Enterprises
• Small & Medium Enterprises
In 2022, the digital payment market was headed by big organisations, which accounted for about 60.0% of worldwide revenue. Large retail establishments must adopt digital payment systems for rapid checkouts due to high foot traffic. With digital payment systems that enable a number of digital payment methods like smart banking cards, point of sale, and e-wallets, customers can benefit from a more convenient checkout procedure. Businesses are concentrating on giving clients with cutting-edge payment choices at the same time. For instance, Klarna established a cooperation with after pay in October 2020 to provide online customers with Buy Now Pay Later services.
5 Global Digital Payment Market, by End-use (2022-2029)
• BFSI
• Healthcare
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
• Transportation
• Others
End-user-based market share in 2022 belonged to the BFSI sector, which generated more than 23.0% of worldwide revenue. An increase in remittances to low- and middle-income countries is probably one of the key drivers boosting new market growth potential over the predicted period. Banks are also improving their ability to compete with companies that offer digital payment solutions, like Google, Amazon, and Facebook. To make life simpler for its customers, Bank of America, for instance, introduced a digital debit card in June 2019.
To know about the Research Methodology :- https://www.maximizemarketresearch.com/request-sample/16835
Who are Digital Payment Market Key Players?
1. Total System Services, Inc.
2. Wirecard AG
3. Novetti Group Limited
4. PayPal Holdings Inc.
5. ACI Worldwide Inc.
6. Adyen N.V.
7. Aurus
8. Aliant Payments
9. Alipay
10. Apple Pay
11. Dwolla
12. FattMerchant
13. FIS
14. Fiserv
15. Global Payments
16. Intuit
17. JPMorgan Chase
18. Mastercard
19. PayPal
20. Paysafe
21. PayTrace
22. PayU
23. Spreedly
24. Square
25. Stripe
26. Visa
Table of content for the Digital Payment Market includes:
1. Global Digital Payment Market: Research Methodology
2. Global Digital Payment Market: Executive Summary
2.1 Market Overview and Definitions
2.1.1. Introduction to Global Digital Payment Market
2.2. Summary
2.1.1. Key Findings
2.1.2. Recommendations for Investors
2.1.3. Recommendations for Market Leaders
2.1. Recommendations for New Market Entry
3. Global Digital Payment Market: Competitive Analysis
3.1 MMR Competition Matrix
3.1.1. Market Structure by region
3.1.2. Competitive Benchmarking of Key Players
3.2 Consolidation in the Market
3.2.1 M&A by region
3.3 Key Developments by Companies
3.4 Market Drivers
3.5 Market Restraints
3.6 Market Opportunities
3.7 Market Challenges
3.8 Market Dynamics
3.9 PORTERS Five Forces Analysis
3.10 PESTLE
3.11 Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
3.12 COVID-19 Impact
For any Queries Linked with the Report, Ask an Analyst@ : https://www.maximizemarketresearch.com/inquiry-before-buying/16835
Regional Insights:
North America leads the Digital Payment, propelled by technological advancements, heightened awareness of sustainable practices, and government support. Asia-Pacific and Europe also show promising growth potential, driven by factors like population growth, food security concerns, and technological integration.
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
To Gain More Insights into the Market Analysis, Browse Summary of the Research Report @ : https://www.maximizemarketresearch.com/request-customization/16835
About Maximize Market Research:
Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.
Contact Maximize Market Research:
MAXIMIZE MARKET RESEARCH PVT. LTD.
444 West Lake Street, Floor 17,
Chicago, IL, 60606, USA.
+1 800 507 4489 +91 9607365656
www.maximizemarketresearch.com
Follow Us
Twitter | Linkdin | Facebook | Instagram
