Payment Gateways Market is expected to grow by USD 8,551.26 mn from 2022 to 2027; Focus on high customer satisfaction is notably driving the market growth - Technavio
NEW YORK, May 29, 2023 /PRNewswire/ -- The payment gateways marketsize is set to grow by USD 8,551.26 mn between 2023 and 2027 and register a CAGR of almost 11.72%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Payment Gateways Market 2023-2027: Vendor Analysis and Scope
Some of the major vendors of the payment gateways market in l4 industry include Adyen NV, Amazon.com Inc., B2Broker Ltd., BitPay Inc., Block Inc., CCBill LLC, Fidelity National Information Services Inc., Global Payments Inc., Infibeam Avenues Ltd., Ingenico Group SA, JPMorgan Chase and Co., Mastercard Inc., MIH PayU BV, Payoneer Global Inc., Razorpay Software Pvt Ltd., Visa Inc., One97 Communications Ltd., PayPal Holdings Inc., Stripe Inc., and VeriFone Inc.. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the payment gateways market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Although the high adoption of contactless payment solutions, growth in demand for PoS terminals from end-users, and focus on high customer satisfaction will offer immense growth opportunities, to leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Payment Gateways Market 2023-2027: Segmentation
End-user
Large Enterprises
Micro And Small Enterprises
Mid-sized Enterprises
Type
Hosted
Non-hosted
Geography
APAC
North America
Europe
South America
Middle East And Africa
The large enterprise segment will have significant market share growth during the forecast period. Large companies focus more on technologically advanced services such as payment gateways and mobile wallet and generate most of the market revenue. Hence, growth in demand and acceptance of payment gateways is expected to drive the growth of the target market over the forecast period.
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Vendors Offering
Adyen NV - The company offers payment gateways such as Adyen digital payment solution.
Amazon.com Inc. - The company offers payment gateways such as Imagine payments.
BitPay Inc. - The company offers payment gateways such as Bitpay payment gateway.
Market trends such as the emergence of NFC-based payment technology is likely to emerge as one of the primary drivers of the market. However, factors such as High operating and maintenance costs of PoS terminals is may threaten the growth of the market.
Market Driver
One of the major drivers for the growth of the payment gateway market is the high adoption of contactless payment solutions. Customers no longer need to carry credit or debit cards. Point of sale terminals are used in retail stores to pay for purchases.
Growing demand for advanced payment processing technologies in major end-user industries such as retail, and healthcare is a major factor driving the growing adoption of point of sale terminals which in turn will result in increased market growth over the forecast period.
Market Challenge
The security of private consumer data is one of the biggest challenges for the market. Identity theft and personal bank account breaches are some of the risks associated with online transactions.
Privacy concerns apply to location-based services as location-based information is required to provide these services to customers. Payments done through payment gateways are involved in e-commerce and mobile commerce. Huge losses for consumers can be caused by the theft of financial data on such platforms.
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Payment Gateways Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist payment gateways market growth during the next five years
Estimation of the payment gateways market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the payment gateways market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of payment gateways market vendors
Related Reports: The application gateway market share is expected to increase by USD 1.32 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.46%. Furthermore, this report extensively covers application gateway market segmentations by end-user (large enterprises and SMEs) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The secure web gateway market is estimated to grow at a CAGR of 21.52% between 2022 and 2027. The size of the market is forecast to increase by USD 11,710.84. million. The growth of the market depends on several factors, including a rising number of cyber attacks, growing demand for integrated solutions, and growing digitalization. The report extensively covers market segmentation by end-user (BFSI, IT and telecom, government and defense, and others), deployment (cloud and on-premise), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
Payment Gateways Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 11.72%
Market growth 2023-2027
USD 8,551.26 million
Market structure
Fragmented
YoY growth 2022-2023(%)
10.86
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 30%
Key countries
US, China, Japan, UK, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Adyen NV, Amazon.com Inc., B2Broker Ltd., BitPay Inc., Block Inc., CCBill LLC, Fidelity National Information Services Inc., Global Payments Inc., Infibeam Avenues Ltd., Ingenico Group SA, JPMorgan Chase and Co., Mastercard Inc., MIH PayU BV, Payoneer Global Inc., Razorpay Software Pvt Ltd., Visa Inc., One97 Communications Ltd., PayPal Holdings Inc., Stripe Inc., and VeriFone Inc.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 172: Validation techniques employed for market sizing
Exhibit 173: Information sources
13.5 List of abbreviations
Exhibit 174: List of abbreviations
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