According to a recently published Fact.MR report, the global market for payment gateways is projected to capture a market value of $189 billion by 2032, and is expected to expand at a staggering compound annual growth rate (CAGR) of 21% over the forecast period. The expansion of the market is attributed to the increase in Internet penetration and the rapid growth of e-commerce.
Growing demand for mobile-based payments worldwide is expected to provide significant opportunities for major players in the coming years. Additionally, the outbreak of COVID-19 has positively impacted the market. Various studies have shown that e-commerce has increased between 13 and 20 percent since the outbreak of the pandemic. Additionally, growing partnerships between key players in the market will significantly boost the growth of the industry.
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For example, Yes Bank has worked with Amazon Pay and Amazon Web Services to provide a real-time payment system through UPI. In addition, initiatives taken by different countries to promote Internet use in unexplored regions is another significant contributor that can bolster market growth. For example, the UK government has invested US$5.9 billion in rural areas to provide better internet connectivity.
Highlights of market research
- $26 billion market by 2022
- North America is expected to dominate the market, capturing more than 36% of global revenue share in 2021
- APAC will be the fastest-growing regional market during the forecast period.
- The hosting segment is projected to account for 57% of global revenue share.
- The large enterprise segment is expected to capture around 55% of global sales.
- The retail and e-commerce segment dominated the market in 2021 and is expected to acquire around 24% of the market share.
“The growing popularity of e-commerce and growing awareness among people in developing countries is expected to drive significant growth in the market in the coming years,” says an analyst at Fact. Seed.
Major pioneers
- Verifone Holdings, Inc.
- Authorize.Net
- BitPay Co., Ltd.
- Amazon Payments Inc.
- brain tree
- Wepay Co., Ltd.
- Feiyu Group
- stripe
- Adyen
- PayPal Holdings, Inc.
Competitive landscape
Market participants adopt different strategies to improve their market reach. Acquisitions, partnerships and collaborations are some of the methods vendors use to strengthen their presence in the industry.
Some of the recent developments between key players include:
- In February 2022, renowned company Adyen unveiled a partnership with Ding to optimize its payment system and boost international growth.
- In February 2022, Network International announced a partnership with Amazon Payment Services to provide online payment solutions to merchants in the UAE. Network International is a recognized name in the Middle East and Africa for digital commerce services.
In-depth assessment of key sectors
- By company size:
- small business
- major company
- By end use:
- media and entertainment
- travel and hospitality
- Retail and Ecommerce
- BFSI
- etc
- By type:
- non-hosting
- hosting
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