Payment Gateway Market Size to accrue $ 70.36 billion by 2027

Market Study Report presents latest report on global Payment Gateway Market, which evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2021-2027.

Global Payment Gateway Market to reach USD 70.36 billion by 2027.Global Payment Gateway Market is valued approximately USD 18 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 21.5% over the forecast period 2021-2027.

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Payment gateway systems are extensively used in cashless transactions as they include effective alert algorithms that detect any dubious offline and online events. The advancements and technological developments in mobile payment knowledge and growing usage of mobile wallets are driving the Payment Gateway market. Increasing smartphone and internet penetration in developing countries, coupled with the adoption of latest Internet of Things (IoT) and Artificial Intelligence (AI) technologies, has also resulted in the rise of payment gateway market. The major end-use industries, particularly e-commerce and BFSI, has registered significant growth in the last few years. The market for fin tech and ed tech industries is also booming. This too will help payment gateway market to rise rapidly. United Nations Conference on Trade and Development states that the global e-commerce sales jumped to $26.7 trillion in 2019, up 4% from $25.6 trillion in 2018. In addition to that, COVID-19 pandemic increased online retail sales share of total retail sales from 16% to 19% in 2020. The United States is the biggest e-commerce market, followed by Japan, China, South Korea and UK. The quicker adoption of online payment services like e-commerce will certainly propel payment gateway market. Increasing incidences of cyber-attacks, hacking and various mega level data breaches may act as a restraint for its growth. However, increasing adoption of digital way of doing things by masses acts as an opportunity for Payment Gateway Market in subsequent decade.

Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of Payment Gateway Market. Due faster technological and digital adoption as well as higher per capita income, North America has emerged as a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit the highest growth rate for the forecast period 2021-2027 owing to the growing usage of internet and smartphones. Rising disposable income will also boost growth in this region.

Major market player included in this report are:

Adyen

Amazon Payments Inc.

Authorize.Net

Bitpay, Inc.

Braintree

PayPal Holdings Inc.

PayU Group

Stripe

Verifone Holdings Inc.

Wepay, Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

Hosted

Non-Hosted

By Enterprise:

Large Enterprises

Small and Medium Enterprises

By End Use:

BFSI

Media & Entertainment

Retail & E-commerce

Travel & Hospitality

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

For More Details on this Report At: https://www.marketstudyreport.com/reports/global-payment-gateway-market-size-research?utm_source=Marketwatch.com&utm_medium=AN

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