Market Research Report
Digital Payment Market by Type (Solutions & Services), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management), Deployment Mode, Organization Size, and Region - Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||720541|
|Published||Content info||144 Pages
Delivery time: 1-2 business days
|Digital Payment Market by Type (Solutions & Services), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management), Deployment Mode, Organization Size, and Region - Global Forecast to 2023|
|Published: October 4, 2018||Content info: 144 Pages||
The increasing proliferation of smartphones is expected to drive the growth of the digital payment market."
The digital payment market is estimated to be USD 38.00 billion in 2018 and is projected to reach USD 86.76 billion by 2023, at a CAGR of 18.0% during the forecast period. Major factors driving the growth of the digital payment market include initiatives undertaken for the promotion of digital payments, high proliferation of smartphones, and the need to provide improved customer service at POS terminals. On the other hand, lack of global standards for cross-border payments is a key factor expected to restrain the growth of the digital payment market.
Based on type, the services segment of the digital payment market is projected to grow at a higher CAGR during the forecast period as compared to the solutions segment. Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions. Increase in the number of digital transactions in emerging economies is expected to increase the demand for digital payment services.
Based on organization size, the SMEs segment of the digital payment market is projected to grow at a higher CAGR from 2018 to 2023 as compared to the large enterprises segment. Governments of countries across the globe have launched various initiatives to promote the adoption of new technologies in SMEs. In addition, they have also reduced the Merchant Discount Rate (MDR) for SMEs to facilitate large-scale deployment of digital payment solutions. Hence, SMEs in countries such as India, Australia, China, and Germany are increasingly adopting digital payment solutions to improve business outcomes.
The digital payment market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increased demand for digital payment solutions and advancements in digital technologies benefitting all stakeholders present in the digital payment ecosystem in the Asia Pacific region.
The break-up of profiles of primary participants is mentioned below:
Key market players profiled in this report include: ACI Worldwide (US), Aurus (US), Aliant Payment (US), Authorize.Net (US), Adyen (Netherlands), BlueSnap (US), Chetu (US), Dwolla (US), FSS (India), First Data (US), Fiserv (US), Global Payments (US), Net1 UEPS Technologies (South Africa), Novatti (Australia), PayPal (US), Paysafe (UK), PayU (Netherlands), SIX (Switzerland), Stripe (US), TSYS (US), WEX (US), Wirecard (Germany), Worldline (France), Worldpay (US), and YapStone (US).
The digital payment market has been segmented based on type, deployment mode, organization size, and region. A detailed analysis of regions has been performed to provide insights into the potential future business opportunities.
The report will help market leaders/new entrants in the digital payment market in the following ways:
*Business Overview, Products Solutions/Services Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.