Market Research Report
Global Payment Gateway Market - Segmented by Type (Hosted, Non Hosted), Enterprise Size, End-user Vertical (Travel, Retail, BFSI, Media & Entertainment), and Region - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||704896|
|Published||Content info||97 Pages
Delivery time: 1-2 business days
|Global Payment Gateway Market - Segmented by Type (Hosted, Non Hosted), Enterprise Size, End-user Vertical (Travel, Retail, BFSI, Media & Entertainment), and Region - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 18, 2018||Content info: 97 Pages||
Payment Gateway Market is expected to register a CAGR of 16.43% over the period 2018 - 2023. The scope of the report is limited to type such as hosted and non-hosted, by enterprise size including small and medium enterprise (SME) and large enterprise, and by end-user including vertical travel, retail, BFSI, media & entertainment, and others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of payment gateway in accordance with the diverse application and future prospect of the same.
The payment method has evolved drastically at a dizzying pace since last few years from token system to cash pooling and cashless payments. A payment gateway allows any businesses, such as brick and mortar or online retailing to collect money through the customer preferred bank without compromising on sensitive data. The integration of payment gateway has become one of the most critical aspects of any businesses in every industry. In addition, the increasing online transaction is expected to drive the market growth over the forecast period. For instance, in India, the number of mobile payment transaction increased to about 6.9 billion in 2017 from 2.9 billion in 2016. This is expected to ascend the utilization of payment gateways by diverse businesses in the country and create new avenues for the industry players to enter the market, thereby, having a positive impact on the market growth. Furthermore, the emerging technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI) has the ability to perform a specific set of tasks and automate the whole transaction process.
Rapidly Increasing Internet Penetration
Notably, the increasing number of internet users, coupled with government initiatives towards digitization is compelling the users to perform an online transaction, which is likely to have a positive impact on the market payment gateway market. Globally, the number of internet users witnessed a growth of about 35% from 2013 to 2017, which further is expected to increase, owing to the introduction of 5G high-speed internet technology. Countries, such as China are expanding their internet connectivity in the rural areas rapidly to increase the internet penetration, which may have a significant positive impact on the payment gateway providers.
Retail to Have the Largest Share
The raging demand for online retailing across the world is expected to drive the online payment, thereby, propelling the payment gateway market over the forecast period. Furthermore, the retail companies are rigorously adding payment gateway(s) to their standalone website to fuel the consumer's order and build goodwill. For instance, BJ's Wholesale Club, an American membership-only warehouse club, in July 2018, incorporated PayPal gateway for its online customers, which is likely to boost the market growth over the next six years.
China to be one of the Dominating Payment Gateway Market
China has expanded its mobile and online payment services through ascending the internet penetration in the rural areas of the country, which would not only encourage the customers to transact online but also boost the payment gateway, Alipay in particular, thereby, propelling the market growth. However, the non-bank payment services in China are expected to face stringent rules as they have to go through the Online Settlement Platform for Non-Bank Payment Institutions. This is expected to negatively impact the market growth in the country over the forecast period.
Key Developments in the Payment Gateway Market
July 2018: Alipay expanded its payment service in London, owing to gaining acceptance and a major tourist destination. This is expected to fuel the expansion of the company's global footprint and bring a high influx of revenue
Payment Gateway Market Major Companies: PAYPAL HOLDINGS INC., AMAZON PAY (AMAZON.COM INC.), ADYEN N.V, SKRILL LIMITED, PAYU GROUP, PAYZA INGENICO GROUP, ALIPAY.COM CO LTD., PAYONEER INC, PAYTM MOBILE SOLUTIONS PVT LTD., VERIFONE HOLDINGS INC., BITPAY INC., and WEPAY INC., among others.
Reasons to Purchase Payment Gateway Market Report
The future prospect of the payment gateway and opportunities
Analyzing various perspectives of the market with the help of Porter's five forces analysis
Regional analysis of the market
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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