Digital Payment Market Overview and Insights:
Maximize Market Research has conducted extensive research on the Digital Payment Market, providing comprehensive insights into market trends, value, market share, and other pertinent information. This research aims to support users in Analyzing the Digital Payment Market and making informed decisions. For new market entrants, the report includes historical information and trends. Additionally, it offers recommendations on development strategies that can facilitate the global expansion of the Digital Payment market.
The study provides in-depth competition analysis through a number of analyses, assisting in strategic planning. Furthermore, it encompasses all the plans for expanding the Digital Payment market. Additionally, the investigation has uncovered the major participants in the international market.
Digital Payment Market was valued at USD 82.97 Billion in 2022, and it is expected to reach USD 285.37 Billion by 2029, exhibiting a CAGR of 19.3 % during the forecast period (2023-2029)
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Digital Payment Market Report Scope and Research Methodology
The technology adoption, financial standing, portfolio, merger and acquisition, joint ventures and strategic alliances are covered in the competitive environment for the Digital Payment market. A thorough report includes the drivers, restraints, opportunities, and challenges of the Digital Payment market. To understand Digital Payment market estimations and growth rates, a bottom-up approach was used in the report.
Regional analysis of the Digital Payment market was conducted at a local, regional and global level to understand the Digital Payment market penetration, price and demand analysis and competitive landscape. The report provides fundamental information on the Digital Payment market such as stakeholders, investors and new entrants used to develop marketing plans and investments.
The primary and secondary data methods were used for the data collection for the Digital Payment Market. The primary approach involves surveys, questionnaires and telephonic interviews with market leaders, business owners, etc. and the secondary data collection method includes press news, annual reports and financial reports, white papers, etc. SWOT analysis is used to identify the threats and weaknesses of the market while PORTER is used to determine the competitive intensity of the industry in the Digital Payment Market
Digital Payment Market Segmentation
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.
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.
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.
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.
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.
Digital Payment Market Regional Insights
The Digital Payment market is broadly segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Regional Analysis in the report helps to understand the Digital Payment market in several countries. The report includes a detailed analysis of all the factors, market size, growth rate, and import and export in regions.
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Top Companies in the Digital Payment Market
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
27. WEX
28. Worldline
Key questions answered in the Digital Payment Market are:
- What are the different segments of the Digital Payment Market?
- What are the factors restraining the growth of the Digital Payment Market?
- What is the demand pattern of the Digital Payment Market?
- What major challenges could the Digital Payment Market face in the future?
Table Of Contents :
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
2.1.4. 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
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- 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
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