Payment Processing Solutions Market by Type, Industry

Description

List of Tables

[196 Pages Report] The Payment Processing Solutions Market size was estimated at USD 55.17 billion in 2023 and expected to reach USD 61.17 billion in 2024, at a CAGR 10.95% to reach USD 114.21 billion by 2030.

The payment processing solutions market includes the authorization, capture, and settlement of transactions across various payment modalities, such as credit and debit cards, mobile payments, and electronic bank transfers. The advent of digitalization and e-commerce, coupled with rising internet penetration and smartphone usage, has significantly expanded the volume of online transactions. Additionally, the preference for cashless payments amidst the global pandemic has surged, fueling market demand. Technology advancements such as blockchain and cryptocurrency, and regulatory support for financial inclusivity also contribute to this growth trajectory. However, the complexities of complying with various international regulations and the need for robust cybersecurity solutions to counter the rise in cyber crimes are notable concerns. Additionally, the infrastructure and integration costs associated with adopting new payment technologies create challenges in the market. Moreover, adopting near-field communication (NFC) technology in mobile payments, using artificial intelligence and machine learning for fraud prevention, and integrating payment services with Internet of Things (IoT) devices create opportunities in the market space. Cross-border transaction services and real-time payments are significant areas offering expansive growth potential.

KEY MARKET STATISTICS
Base Year [2023]	USD 55.17 billion
Estimated Year [2024]	USD 61.17 billion
Forecast Year [2030]	USD 114.21 billion
CAGR (%)	10.95%

Type: Rising preference for Point-of-Sale systems in the retail sector

Mobile payment security software is crucial in safeguarding transactions through mobile devices, including smartphones and tablets. Mobile payment security software provides encryption and data protection, mitigating the risk of fraud and unauthorized access. The need for mobile payment security software is elevated for users who frequently engage in financial transactions on the go, making security a paramount concern in the convenience-driven market segment. Online payment security software provides a layer of security for transactions conducted over the Internet through various web-based platforms and services. Point-of-sale (PoS) systems & security refers to the hardware and software used to process payments at the point of purchase in retail locations and often includes integrated security measures to protect sensitive payment data.

Industry: High preferences for payment processing solutions in the consumer goods and retail sectors and the travel & hospitality sector

In an increasingly digital marketplace, the need for secure, efficient, and industry-tailored payment processing solutions is paramount. Aerospace & defense entities demand highly secure systems for their considerable transactions, with modernized payment infrastructures. The automotive & transportation sectors emphasize swift, integrated payment options as innovative in-car services. The banking, financial services, & insurance sector continues to push for advanced secure technologies such as blockchain to keep up with regulatory standards. Within building, construction & real estate, digital payment platforms that support bulk transactions and feature automated functions are ascendant. The consumer goods & retail sphere leans towards scalable, omnichannel solutions for enhancing customer checkout experiences. Educational institutions require payment platforms that handle various payment types, including tuition, donations, and grants. The energy & utilities sector needs secure and efficient billing and payment processing systems to handle recurring payments. Payment solutions for the government and public sector must be highly secure, transparent, and capable of handling large volumes. The healthcare & life sciences industry seeks HIPAA-compliant solutions dovetailed with health systems. The IT sector focuses on payment processing solutions that facilitate online transactions and support various business models, including subscription services. Media and entertainment companies seek payment processing solutions supporting microtransactions, royalties, and digital rights management. Telecommunication firms need payment platforms to manage recurring payments and customer data securely. Payment processing in the travel and hospitality industry needs to facilitate quick, secure payments for bookings, often in multiple currencies and languages. Across these varying sectors, the trends converge on seamless, secure payment experiences, integration, and regulatory adherence, with a shared vision of implementing AI, digital wallets, and contactless methods to meet evolving transactional demands.

Regional Insights

In North America, particularly the United States and Canada, digital payment solutions have a high adoption rate. Companies in the Americas region continue to invest in contactless payment methods and in creating secure environments to reduce fraud and increase consumer trust. In the European region, payment processing solutions are shaped by a strong regulatory environment to protect consumer data and privacy, illustrated by the General Data Protection Regulation (GDPR). The Middle East & Africa region is witnessing significant advancement with the drive towards cashless economies, influenced by extensive smartphone penetration and initiatives by government bodies to promote digital payments. The APAC region is a rapidly evolving market, with countries such as China, Japan, and India leading the way in mobile payment adoption. China's market is dominated by tech giants offering integrated payment solutions throughout various consumer services. In Japan, a traditionally cash-centric society increasingly embraces cashless options, with governmental initiatives to double the ratio of cashless payments. India's market has seen a boom in digital payments post-demonetization, with a significant push from the government for financial inclusion and digital literacy.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Payment Processing Solutions Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Payment Processing Solutions Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Payment Processing Solutions Market, highlighting leading vendors and their innovative profiles. These include Absa Group Limited, ACI Worldwide, Inc., Adyen N.V., Altron Limited, Amazon Web Services, Inc., Apple Inc., BlueSnap Inc., Canopus Software DOO, Century Business Solutions, Computer Services, Inc., CoreCard Corporation, Dashpay (Pty) Ltd., EasyPay Everywhere, Ecentric Payment Systems, Elavon Inc., Finix Payments, Inc., Fiserv, Inc., GoCardless Ltd., Google LLC by Alphabet Inc., iKhokha, International Business Machines Corporation, Intuit Inc., JPMorgan Chase & Co., Mastercard Incorporated, Moneris Solutions Corporation, MuchBetter, Network International Holdings PLC, Ozow (PTY) LTD, PayCly, Paycorp Group, Payfirma Corporation by Merrco Payments, PayPal Holdings, Inc., PaySimple, Inc., Paystand, Inc., PayU by Naspers Limited, Peach Payments, SnapScan by Standard Bank of South Africa Limited, Spreedly, Inc., Square, Inc. by Block, Inc., Stax, Stripe, Inc., Synder by CloudBusiness Inc., Thryv Holdings, Inc., Traderoot Holdings, Transaction Junction, UAB Alternative Payments, Ukheshe Technologies Pty Ltd., VeriFone, Inc., Visa Inc., Yoco, Zapper Marketing (Southern Africa) (Pty) Ltd., Zoho Corporation Pvt. Ltd., and Zuora, Inc..

Market Segmentation & Coverage

This research report categorizes the Payment Processing Solutions Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Mobile Payment Security Software
- Online Payment Security Software
- Point-of-Sale (PoS) Systems & Security

Industry
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- Information Technology
- Manufacturing
- Media & Entertainment
- Telecommunication
- Travel & Hospitality

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Payment Processing Solutions Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Payment Processing Solutions Market?

3. What are the technology trends and regulatory frameworks in the Payment Processing Solutions Market?

4. What is the market share of the leading vendors in the Payment Processing Solutions Market?

5. Which modes and strategic moves are suitable for entering the Payment Processing Solutions Market?

Product Code: MRR-4312A385A0B3

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Adoption of Mobile-Based Payments Coupled with Initiatives Promoting Digital Transactions
  - 5.1.1.2. Penetration of Payment Processing Solutions with Rising eCommerce Transactions
  - 5.1.1.3. Increasing Incorporation of Point-of-Sale Systems in Retailing
- 5.1.2. Restraints
  - 5.1.2.1. Limited Operability in Payment Solutions Suitable for International Trade
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of Multi-Factor Authentication and Blockchain Technology for Cross-Border Transactions
  - 5.1.3.2. Deployment of Technologically Advanced Payment Processing Solutions
- 5.1.4. Challenges
  - 5.1.4.1. Privacy and Security Concerns with Payment Processing Solutions
5.2. Market Segmentation Analysis
- 5.2.1. Type: Rising preference for Point-of-Sale systems in the retail sector
- 5.2.2. Industry: High preferences for payment processing solutions in the consumer goods and retail sectors and the travel & hospitality sector
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. Value Chain & Critical Path Analysis
5.5. Regulatory Framework Analysis

6. Payment Processing Solutions Market, by Type

6.1. Introduction
6.2. Mobile Payment Security Software
6.3. Online Payment Security Software
6.4. Point-of-Sale (PoS) Systems & Security

7. Payment Processing Solutions Market, by Industry

7.1. Introduction
7.2. Aerospace & Defense
7.3. Automotive & Transportation
7.4. Banking, Financial Services & Insurance
7.5. Building, Construction & Real Estate
7.6. Consumer Goods & Retail
7.7. Education
7.8. Energy & Utilities
7.9. Government & Public Sector
7.10. Healthcare & Life Sciences
7.11. Information Technology
7.12. Manufacturing
7.13. Media & Entertainment
7.14. Telecommunication
7.15. Travel & Hospitality

8. Americas Payment Processing Solutions Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Payment Processing Solutions Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Payment Processing Solutions Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. Citi Launches Suite of Auto-Enabled Payment Solutions for Financial Institutions
- 11.3.2. FSS Announces Launch of its New Payments Technology Platform 'Blaze'
- 11.3.3. LegalConnect Launches Payment Processing Solution for Litigation Support Services Firms

12. Competitive Portfolio

12.1. Key Company Profiles
12.2. Key Product Portfolio