Payment Processing Market Size is Projected To Reach USD 68.8 Billion By 2026 - Valuates Reports
BANGALORE, India, July 30, 2020 /PRNewswire/ -- The global Payment Processing market size is projected to reach USD 68.8 Billion by 2026, from USD 36.2 Billion in 2019, at a CAGR of 9.6% during the forecast period 2020-2026.
The ongoing evolution in payments ecosystems, which encompasses a blurring of the lines between payment types and bold entry moves by non-bank players leveraging non-traditional business models, has spurred a wave of industry consolidation. The rapid change in payment space, including the emergence of real-time payments and blockchain, has disrupted the conventional payment provider model and made digital transactions.
Though these digital transactions opened up many doors for cyber-attackers, significant improvements in regulatory mechanisms are likely to curtail these assaults during the projected period.
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TRENDS INFLUENCING THE PAYMENT PROCESSING MARKET SIZE
PAYMENT PROCESSING MARKET SHARE ANALYSIS
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The Following Players Are Covered In This Report:
Payment Processing Market Breakdown Data by Type
Payment Processing Market Breakdown Data by Application
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The Payment Processing Solutions Market report offers an exhaustive geographical analysis of the global Payment Processing Solutions market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
In 2019, the global Digital Payment market size was USD 35510 million, and it is expected to reach USD 70640 million by the end of 2026, with a CAGR of 10.2% during 2021-2026.
The Digital Payment Market report focuses on the global Digital Payment status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Digital Payment development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
In 2018, the global Online Payment Gateway market size was 1570 million USD, and it is expected to reach USD 4740 million by the end of 2025, with a CAGR of 14.8% during 2019-2025.
China dominates the online payment gateway market and is expected to continue its dominance during the forecast period. The China market took up about 18.97% of the global market in 2017, while the USA and Europe were about 15.86%, 15.72%.
Online payment gateways have a wide range of applications, such as Micro and Small Enterprise, Large Enterprise, Mid-Sized Enterprise. And Micro and Small Enterprise was the most widely used area, which took up about 61.09% of the global total in 2017.
The mobile wallet market size was valued at USD 1,043.1 Billion in 2019 and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
A mobile wallet lets consumers make purchases from any place at any time, including during travel. It not only offers competitive price transaction facilities but also makes it easy for customers to monitor their accounts. These factors are, in turn, expected to increase the Mobile Wallet Market size.
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Increased use of smartphones period coupled with high internet penetration is projected to propel the demand over the forecast. Furthermore, the easy accessibility of mobile apps for digital payments is expected to fuel the growth of Digital Payments Solutions Market size.
The key regions covered in the Digital Wallets market report are North America, Europe, China, Japan, Southeast Asia, India, and Central & South America, etc.
This report focuses on the global Digital Wallets status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Digital Wallets development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
Mobile payment market size was valued at USD 601 Billion in 2016 and is projected to reach USD 4,574 Billion by 2023, at a CAGR 33.8%
Payment processing software provides businesses with the means to process customer credit card payments either in person or online.
Rising per capita disposable income is expected to encourage customers to spend more online, spurring demand for the Payment Processing Software Market.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
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