Payment Gateway Market Size to US$189 Billion by 2032 at a CAGR of 21% Industry Trends & Forecasts by Fact.MR
Payment Gateway Market Analysis by Type (Non-Hosted, Hosted), Enterprise Size, End-Use and Region – Global Forecast 2022 to 2032
ROCKVILLE, MARYLAND, USA, March 21, 2022 /EINPresswire.com/ — Payment Gateway Report Preview
The global payment gateway market was worth US$26 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 21% from 2022 to 2032. The growing demand for mobile payments globally can be attributed on the rise in the market. Rising e-commerce sales and global internet penetration are two other important aspects that are expected to contribute to the growth of the payment gateway industry. Furthermore, the shift in merchants’ and consumers’ preference towards digital channels to enable online money transfers is expected to drive the expansion of the market in the coming years.
Businesses are increasingly looking for payment gateways that enable secure transactions over the Internet and help prevent credit or debit card scams and other illicit activities. Reliable payment gateways encrypt sensitive information such as bank account numbers and debit or credit card numbers to ensure that it is transmitted securely from the consumer to the issuing bank. Plus, they reduce the need for customers to deal with the inconveniences of buying from physical stores and waiting in long queues. Consumers can easily complete the entire purchase online, providing a seamless shopping experience.
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The purpose of this study is to provide an overview of the global Payment Gateways industry, along with an extensive market segmentation. It also examines the current situation of the Payment Gateways market and forecasts the market till 2032. The study examines various dynamics that would impact the industry during the forecast period. Additionally, the research examines the competitive landscape, geographic trends, and market prospects across all geographic regions. The study also provides detailed company profiles of key industry players along with their market strategies. The research also includes a PEST analysis for each of the five regions, as well as a SWOT analysis for each organization highlighted in the report.
North America is a key region in the payment gateway market, which generates the most revenue globally due to technical advancements and widespread implementation of payment gateways in various user segments final. Rapidly growing economies in Asia Pacific (APAC) with huge expansion in the construction sector will pave the way for higher adoption and drive the payment gateway market.
Market players are adopting various strategies to increase their reach in the market. Acquisitions, partnerships and collaborations are some of the methods used by vendors to strengthen their positions in the industry.
Some of the recent developments among the major players are:
• In February 2022, Adyen, the renamed entity, announced a partnership with Ding to optimize its payment systems and strengthen its international growth.
• In February 2022, Network International announced its partnership with Amazon Payment Services to offer online payment solutions to merchants in the UAE. Network International is a recognized name in the Middle East and Africa region that provides digital commerce services.
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A recent Fact.MR report on the global payment gateway industry provides a 10-year forecast from 2022 to 2032. The study examines the key trends currently influencing market growth. This study explains the key aspects such as drivers, restraints and opportunities for the major market players, major stakeholders and new companies involved in the provision of payment gateway services.
The study also examines the factors that would influence the future standing of the Payment Gateways market over the forecast period. The research includes an in-depth review of value chain analysis, business execution, and supply chain analysis in regional markets.
This comprehensive research study is bolstered by a list of prominent companies active in the global Payment Gateways market, along with their product portfolios, key strategies, and SWOT analysis.
Analysis of the COVID-19 scenario:
• Since the viral outbreak of COVID-19 in December 2019, the disease has spread to almost every country on the planet, prompting the WHO to declare it a public health emergency. The global effects of the disease are already being noticed, and it is predicted to have a huge influence on the global payment gateway business by 2020.
• Despite the fact that governments have implemented lockdowns to control the spread of the virus, businesses have shifted to online mode for their operations and are conducting online financial transactions, which is boosting the market for payment gateways. payment.
• E-commerce sales skyrocketed during the Corona virus pandemic, contributing to market growth.
Key insights from market research
• The market will hold a value of 26 billion USD in 2022
• North America led the market by acquiring more than 36% of global revenue share in 2021
• APAC will be the fastest growing regional market during the forecast period
• Hosted segment expected to have generated 57% of global revenue share
• The large corporate segment is expected to have obtained approximately 55% of global revenue
• The retail and e-commerce segment dominated the market in 2021 and is expected to have acquired around 24% market share
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Key insights from market research
• Global pet insurance market revenue to reach US$9.9 billion by the end of 2022
• Europe will hold a revenue share of over 44% of the pet insurance market by 2022
• The Asia-Pacific region is expected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
• The Accident & Illness segment is estimated to hold the largest share of revenue in 2022 at 85%.
• In 2022, the dog segment will represent more than 50% of market revenues.
• Direct sales dominated the market in 2021 and are expected to account for 34% of market revenue by 2022.
Key market segments covered in the payment gateway market
• By business size:
o Small and medium enterprises
o Large Companies
• Depending on the end use:
o Media and Entertainment
o Travel and Hospitality
o Retail and e-commerce
• By type:
o Not hosted
Full access to this exclusive report is available at https://www.factmr.com/report/payment-gateway-market
Check out Fact.MR’s comprehensive technology coverage:
Biometric Payments Market – Biometric payment systems are a point-of-sale (POS) technology that uses biometric authentication to enable a payment transaction or process. Learn more at https://www.factmr.com/report/1850/biometric-payment-market
Wearable Payment Devices Market – Wearable payment refers to payment transactions conducted using wearable devices connected to wireless technologies such as NFC and RFID. Learn more at https://www.factmr.com/report/wearable-payment-devices-market
Real-time payment market – The demand for real-time payment solutions has particularly increased following the COVID-19 outbreak. Learn more at https://www.factmr.com/report/real-time-payments-market
Mobile payments market – mobile payments offer rewards and cash back. This, in turn, drives consumers to use mobile payments. Learn more at https://www.factmr.com/report/mobile-payment-market
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