Global Digital Payment Market was valued US$ 44.XX Bn in 2019 and is expected to reach US$ XX.XX Bn by 2027, at CAGR of 18.XX% during forecast period of 2020 to 2027.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Global Digital Payment Market
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Growing digitalization, with tremendous use of smartphones, tied with high internet penetration, is projected to drive the market over the forecast period. Various governments across the world are focusing on e payments and taking several initiatives to promote digital payments. In addition, easy accessibility of digital payment mobile applications also supplemented the market growth. The digital payment solutions market is expected to witness significant growth over the forecast period as these are deliberated as a safer and more reliable mode of payment than traditional methods as they eliminate the risk of theft and mitigate losses. Moreover, digital payment solutions provide abundant benefits over traditional payment methods, such as ease of accessibility, cash less transactions and convenience to users. Rapid developments in mobile payment technology, increasing number of e-commerce industries, and growing use of mobile wallets for making transactions is further contributing to market growth. Digital payment also offers features like, real-time, agile, and personalized transaction services. It encompasses the usage of mobile wallets, blockchain and API (Application Program Interface) technologies. Global Digital Payment Market Dynamics:
The development of safe and secure payment gateways is expected to drive market growth. The factors such as, innovation in payment technology using blockchain, the Internet of Things (IoT), Artificial Intelligence (AI), and real-time payments also drive the market. Innovations in security technologies for eliminating fraud is expected to create growth opportunities in the coming years. These advanced payment technologies help enhance customer experience. The global digitalization is growing with the multiplying rate, which has directly proportional impact on growth of the digital payment services market. The wide & strong coverage spread of internet from the internet service providers offers the huge growth opportunities in the growth of the digital payment market. However, increase in cybercrimes and financial frauds is expected to impact adversely to the digital payment solutions market during the forecast period. Global Digital Payment Market is studied by Various Segments:
Among several type of solution, the payment processing segment dominated the market in 2019, owing to rising initiatives for the promotion of cash less and digital transactions. These solutions reduce the time required for payment processing and are widely adopted in end-use industries. Increasing adoption of Europay, MasterCard, and Visa (EMV) cards across the globe is expected to contribute to segment growth with estimated CAGR of XX.XX%.
Point of Sales (POS) segment dominated the market with share of US$ XX.XX Bn in 2019. This segment estimated to witness high growth rate during forecast period (2020-2027) owing to multiple benefits like, ease of use, high efficiency, increased accuracy, contactless payment, use of EMV chip cards, and numerous mobile wallets. Segment Digital Wallets experience the rapid growth owing to the huge acceptance of online purchases and e-commerce is likely to propel the use of digital wallets during the forecast period.
In segment deployment, on-premise software is widely adopted as it does not require an internet connection. This, in turn, is expected to contribute to segment growth of CAGR XX.XX%. Cloud deployment is expected to register the highest growth at CAGR of XX.XX% over the forecast period owing to its feature of centralized configuration for digital transactions. Organizations prefer this platform as it is hosted on the vendor’s server and can be gain access through a web browser. This feature eliminates the need to regularly upgrade the cloud-based business software system. Global Digital Payment Market Regional Analysis:
The North America market held the largest share with size of USD 16.X5 billion in 2019. The major contribution for the market growth is the explosion of the mobile commerce industry, coupled with the wide acceptance of digital and cashless transactions. Additionally the existence of a large number of digital payment solution providers in the region is also one of the factors driving the market. In countries like U.S. and Canada, various factors such as strong network infrastructure and reliable broadband providers and customer preference for cashless payments are extensively contributing to the country’s high growth rate of cashless transactions supplementing the market growth at CAGR of XX.XX%. Global Digital Payment Market, Objective of the Report:
The objective of the report is to present a comprehensive analysis of global digital payment market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding global digital payment market dynamics, structure by analyzing the market segments and project the global digital payment market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the global digital payment market make the report investor’s guide. Scope Of The Global Digital Payment Market: Inquire before buying
Global Digital Payment Market, by Solution
• Application Program Interface • Payment Gateway • Payment Processing • Payment Security & Fraud Management • Transaction Risk Management • Others Global Digital Payment Market, by Mode of Payment
• Bank Cards • Digital Currencies • Digital Wallets • Net Banking • Point of Sales • Others Global Digital Payment Market, by Deployment
• Cloud • On-premise Global Digital Payment Market, by Enterprise Size
• Large Enterprises • Small & Medium Enterprises Global Digital Payment Market, by End Use
• BFSI • Healthcare • IT & Telecom • Media & Entertainment • Retail & E-commerce • Transportation • Others Global Digital Payment Market, by Region
• North America • Europe • Asia Pacific • Latin America • Middle East & Africa (MEA) Key Market Players Profiled in Global Digital Payment Market
• Total System Services, Inc.; • Wirecard AG; • Novetti Group Limited; • PayPal Holdings Inc.; • ACI Worldwide Inc.; • Adyen N.V. For More Information Visit @:https://www.maximizemarketresearch.com/market-report/global-digital-payment-market/16835/
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