The payment processing solutions global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Payment Processing Solutions Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The payment processing solutions market size has grown rapidly in recent years. It will grow from <b>$104.73 billion in 2023 to $121.77 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. </b> The growth in the historic period can be attributed to e-commerce expansion, introduction of credit cards, atm network establishment, emergence of debit cards, regulatory changes .
The payment processing solutions market size is expected to see rapid growth in the next few years. It will grow to <b>$227.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. </b> The growth in the forecast period can be attributed to contactless payments surge, blockchain integration, embedded payments , enhanced cybersecurity , expansion of mobile wallets. Major trends in the forecast period include biometric authentication adoption, iot payment integration, subscription-based payment models, focus on user experience, globalization of payment solutions.
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Scope Of Payment Processing Solutions Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Payment Processing Solutions Market Overview
Market Drivers –
The increasing e-commerce sales along with internet penetration is expected to propel the growth of payment processing solutions. Consumers’ preference for online shopping has increased due to internet accessibility, ease of transaction, a wide range of products and personalized offers, and the absence of the constraints of physical presence and interaction. Furthermore, with the advent of COVID-19, there was a change in the economic situation that resulted in significant changes in consumer purchasing behavior. These changes caused an increased preference for online shopping, therefore increasing the need for a payment processing system for secure and integrated payment solutions. For instance, according to an article published by Forbes, a US-based magazine, in 2021, e-commerce sales in the United States were $870 billion. Therefore, the increasing e-commerce sales along with the increased penetration will drive the market for payment processing solutions.
Market Trends –
Technological advancement is a key trend in the payment processing solutions market. The collection of advanced payment solutions that use cutting-edge technology provides innumerable benefits to financial and fintech services, allowing businesses to grow and scale. Such advancements enable key players to gain a competitive edge in the market. For instance, in June 2022, PayTab, a Saudi Arabia-based payment solution company, launched its SwitchOn platform, which provides established financial institutions with unrivalled capabilities, value, and flexibility. PayTabs Switch On architecture is intended to provide a one-of-a-kind payment capability where users can choose what best suits their needs, from the card and wallet management system to the unified Access Policy Manager (APM) gateway.
The payment processing solutions market covered in this report is segmented –
1) By Payment Method: eWallet, Credit card, Debit card, Automatic clearing house, Other Methods
2) By Deployment Type: On-premises, Cloud-based
3) By Vertical: Banking, Financial Services, and Insurance (BFSI) , Government and Utilities, Telecom and IT, Healthcare, Real Estate, Retail and eCommerce, Media and Entertainment, Travel and Hospitality, Other Verticals
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Regional Insights –
Asia-Pacific was the largest region in the payment processing solutions market share in 2023. The regions covered in the payment processing solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the payment processing solutions market report are PayPal Holdings Inc., Fiserv Inc., Global Payments Inc., Mastercard Incorporated, Square Inc., Visa Inc., Paysafe Ltd., FIS Inc., ACI Worldwide Inc., Wirecard CEE, Jack Henry and Associates Inc., Stripe Inc., PayU LLC, CCBill LLC, Authorize.Net, Nelnet Business Solutions Inc., Rapyd Financial Network Ltd., Dwolla Inc., U.S. Bank National Association Inc., GoCardless Ltd., Melio Inc., Amazon Payments Inc., Podium Corporation, BlueSnap Inc., JPMorgan Chase & Co., Stax Inc., Payline Data LLC, Dharma Merchant Services LLC, Helcim Inc., Shopify Inc., Payoneer Inc., Gusto Holdings Inc., Freedom Financial Network LLC, Adyen N.V., Worldpay LLC, CyberSource Corporation, PaySimple Inc., PayJunction Inc., Paycor Inc., Paycom Software Inc., Heartland Payment Systems LLC, BluePay Processing LLC, Global Payments Inc., Vantiv LLC, Braintree LLC
Table of Contents
1. Executive Summary
2. Payment Processing Solutions Market Report Structure
3. Payment Processing Solutions Market Trends And Strategies
4. Payment Processing Solutions Market – Macro Economic Scenario
5. Global Payment Processing Solutions Market Size and Growth
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31. Global Payment Processing Solutions Market Competitive Benchmarking
32. Global Payment Processing Solutions Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Payment Processing Solutions Market
34. Payment Processing Solutions Market Future Outlook and Potential Analysis
35. Appendix
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