Payment Gateway Market Size
The market is propelled by a surge in online transactions and the growing prevalence of e-commerce activities globally.
PORTLAND, PORTLAND, OR, UNITED STATES, December 12, 2023 /EINPresswire.com/ — In a recent report titled “Payment Gateway Market” by Allied Market Research, the global payment gateway market, valued at $22.4 billion in 2021, is projected to reach $98.2 billion by 2030, experiencing a compound annual growth rate (CAGR) of 17.7% from 2022 to 2030.
A payment gateway serves as a digital conduit facilitating monetary transactions between customers and merchants. It is an online interface crucial for secure and efficient financial transfers, providing businesses that accept online payments a strategic advantage by ensuring smooth transactions and minimizing financial losses due to delays.
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The industry’s growth is attributed to the increasing demand for swift mobile payments and the prevalence of mobile banking. As consumers increasingly favor digital payment technologies, they expect seamless user experiences from mobile wallets. The surge in digital payments, fueled by the growing number of online shoppers, creates a substantial market for payment gateway providers.
However, the primary challenge faced by the payment gateway market is the heightened risk of online fraud. The potential misuse of account information for illicit online payments poses a significant threat.
Globally, the payment gateway industry is expanding rapidly due to the significant rise in online and e-commerce transactions. Intense competition in the market prompts major players to employ various strategies such as introducing new payment gateway services, launching new products, forming collaborations, partnerships, and engaging in mergers.
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The global payment gateway market is categorized based on type, enterprise size, end-use, and region. Types include hosted and non-hosted, enterprise sizes are divided into small & medium enterprises (SME) and large enterprises, and end-uses encompass travel & hospitality, BFSI, retail & ecommerce, media & entertainment, and others. Geographically, the market analysis covers North America, Europe, Asia-Pacific, and LAMEA.
Key players in the payment gateway market include PayPal Holdings, Inc., STRIPE, Visa Inc., Amazon.com Inc., FIS (Worldpay), Mastercard, PayU, BitPay, Inc., FISERV, INC. (BluePay), and JPMorgan Chase & Co.
Based on type, the hosted segment accounted for the highest market share in 2021, contributing to nearly three-fifths of the global payment gateway market, and is projected to maintain its leadership status during the forecast period. This is due to its ease in utilization with plug-and-play plugins for e-commerce stores, fraud management, multiple payment options, and others. However, non-hosted segment is estimated to witness the highest CAGR of 18.1% from 2022 to 2030, owing to the complete control of merchants over the customer experience as customers will be able to complete the checkout process on the web page.
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Based on enterprise size, the large enterprise segment contributed to the highest market share in 2021, holding more than three-fifths of the global payment gateway industry, and is projected to maintain its lead position during the forecast period. This is due to availability of various payment gateway services with international payment options, hassle-free reconciliation, and multiple payment modes. However, the small and medium enterprise segment is estimated to register the highest CAGR of 17.9% from 2022 to 2030. This is attributed to high success rate of transactions, affordable charges, and ease in growth tracking.
Impact of Covid-19 on the Global Payment Gateway Industry:
• Since, the emergence of COVID-19 pandemic, the demand for cashless transaction has increased among people, considerably. This is majorly to avoid any further viral transmission of virus. Owing to this, the payment gateway market share has experienced a major growth in the pandemic time frame.
• Almost all types of businesses opted for online transaction in pandemic time period as online money transfer is a fast and a safe mode for money transaction.
Based on region, Asia-Pacific contributed to the largest market share in 2021, accounting for nearly two-fifths of the global ransomware protection market, and is expected to maintain its dominance in terms of revenue by 2030. Moreover, this region is projected to manifest the fastest CAGR of 18.4% during the forecast period. This is due to increase in cross-border payment services provided by top payment service providers such as PayPal, Stripe, Payoneer, and others. The research also analyzes regions including North America, Europe, and LAMEA.
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The comprehensive report analyzes various aspects of the global payment gateway market, including major segments, market statistics, dynamics, regional outlook, forecasts, investment opportunities, and key players. Additionally, the report highlights current scenarios, upcoming trends, and developments contributing to market growth. It also identifies constraints and challenges that could impact the market size, accompanied by a Porter’s five forces analysis elucidating factors like the competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the payment gateway market.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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