The global Digital Payment Market size is predicted to reach USD 87 billion by 2024, growing at a CAGR of over 15% during the forecast period. The growing usage of smartphones, various initiatives taken to promote digital payment, and the growing e-commerce industry are the major drivers of the global digital payment market. In terms of type, the market for digital payment is categorized into solutions and services.
The solutions category is further categorized in terms of payment gateway solutions, payment processing solutions, payment wallet solutions, payment security & fraud management solutions, and POS solutions. Owing to the growth of the e-commerce industry, the payment gateway solutions category is projected to witness the fastest growth during the forecast period. Taking into account the geographical landscape, the North American digital payment market is projected to hold the largest share of the global market throughout the forecast period.
The market for digital payment in North America is growing due to the presence of a large number of digital payment solution providers in the region and the expansion of the mobile commerce industry in the region. The Asia-Pacific market for digital payment is projected to witness the fastest growth during the forecast period. The complications associated with legacy payment services in the Asia-Pacific region have propelled the demand for consulting services and thereby bolstering the digital payment industry growth in the region. The key players in the market are ACI Worldwide Inc., PayU, PayPal Holdings Inc., Global Payments Inc., Fiserv Inc., Paytm and others.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of Solution Providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the Service Providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels, and presence of all major collaboration Solution Providers across the globe.
TechSci Research calculated the market size of Global Digital Payment using a bottom-up approach, where data for various applications across various technology were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as the company website, news articles, press releases, company annual reports, investor presentations, and financial reports were also used by TechSci Research.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the Global Digital Payment market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Overview and Scope The metaverse refers to a developing 3D-enabled digital realm employing virtual reality,…
Overview and Scope A residential solar PV inverter is a device that converts direct current…
Overview and Scope A shared service center (SSC) is a centralized unit within an organization…
Overview and Scope Solar-powered drones are unmanned aerial vehicles (UAVs) equipped with photovoltaic panels to…
Overview and Scope A virtual event, also referred to as an online event, virtual conference,…
Overview and Scope Virtual content creation involves the process of designing, producing, and sharing digital…