Digital Payment Market size to grow by USD 160.94 billion from 2022 to 2027 | Market is fragmented due to the presence of companies like ACI Worldwide Inc., Adyen NV and Apple Inc., and more

NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The Digital Payment Market size is estimated to grow by USD 160.94 billion, accelerating at a CAGR of 21.23%, during the forecast period. The digital payment market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer digital payment market are ACI Worldwide Inc., Adyen NV, Apple Inc., Aurus Inc., Due Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., Intuit Inc., JPMorgan Chase and Co., Mastercard Inc., PayPal Holdings Inc., Paysafe Ltd., PayTrace Inc., Stripe Inc., VeriFone Inc., Visa Inc., WEX Inc., Worldline SA, Fattmerchant Inc., and Square Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample Report before buying

Digital Payment Market 2023 – 2027: Company Offering:

Square Inc.: The company offers digital payment account to account payment services which move money directly from payers bank account to a payees bank account without the need for intermediaries such as credit or debit cards.

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Digital Payment Market 2023 – 2027: Regional Analysis:

By Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market.

During the forecast period, the Asia-Pacific (APAC) region is anticipated to account for a substantial 34% of the global market's expansion. This growth can be attributed to the rapid urbanization in the region and the increasing adoption of Internet services. Additionally, the grwing popularity of digital payment methods like e-wallets and payment gateways is a key driver behind the regional market's expansion.

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Digital Payment Market 2023 – 2027: Drivers, Trends & Challenges:

• Impactful driver- Rising number of online transactions: The growth of the market is primarily driven by the advantages of digital payments. These payment methods have transformed the way individuals and businesses conduct transactions, offering a wide range of benefits that are reshaping financial interactions. Notably, convenience is a key advantage within the digital payments market.
• Key Trend - Growing emergence of mobile apps for shopping transactions
• Major Challenges - Privacy and security concerns challenge the market's growth.

Digital Payment Market 2023 – 2027: Segmentation

The market is segmented by end-user (large enterprises and SMEs), component (solutions and services), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The large enterprises segment is expected to experience notable growth during the forecast period. The adoption of digital payments by these corporations is primarily fueled by their high transaction volume. Key players in this category include businesses in the banking, securities, finance, and insurance (BSFI) sectors, as well as those in information technology and manufacturing.

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FAQS

• How do the major trends impact the market?
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• How do the key drivers and challenges impact the market?

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E-commerce Payment Market: The e-commerce payment market share is expected to increase by USD 376.45 billion from 2020 to 2025, at a CAGR of 26.41%.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-User

7 Market Segmentation by Component

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Email: [email protected]
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