Global Digital Payment Market Report 2021-2026: Increasing Demand for Contactless Payments, Growing Adoption of Real-time Payments and Increasing Customer Expectations
DUBLIN, March 23, 2021 /PRNewswire/ -- The "Global Digital Payment Market By Component, By Deployment Type, By Enterprise Size, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Payment Market size is expected to reach $175.8 billion by 2026, rising at a market growth of 20% CAGR during the forecast period.
The transaction which is carried out through a digital medium with no physical exchange of money is termed as digital Payment. In this process, both the sender and receiver of money use a digital Payment medium to exchange money. Digital Payment is bringing a digital transformation in BFSI sector & this process is further supporting the high growth of digital Payment market.
The increasing initiatives across the world for promoting digital Payments are one of the prime factors to boost the growth of the market. Along with that, some other factors that fuel the market growth include the rising adoption of smartphones, increasing demand for contactless Payments, growing adoption of real-time Payments, and increasing customer expectations. Additionally, the aspects such as the increasing population of people using banking facilities globally, the growing adoption of open banking APIs, and the favorable changes in the rules & regulations will create new growth avenues for the digital Payment market during the forecast period.
The operations of many sectors like manufacturing, hospitality, healthcare, logistics, retail, and transportation have substantially been impacted by the outbreak of COVID-19. Moreover, it has also moderately affected sectors like education, BFSI, IT & telecom, government, and energy & utilities. As a result of this pandemic, the usage & adoption of contactless Payment methods have been increased.
The e-wallets have gained a high popularity for peer to peer (P2P) transfer, customer to business Payments, and paying bills for essential goods and services due to the imposed lockdown & fear of exchanging cash. On the other hand, a few of the wallet providers have raised their fees for vendors and consumers, which led to vendors not using their wallets for money transactions.
Component Outlook
Based on Component, the market is segmented into Solutions and Services. Solutions Segment is further bifurcated across Payment Processing, Payment Gateway, Application Program Interface, Transaction Risk Management, Payment Security & Fraud Management and Others. The solution segment is expected to display a significant CAGR over the forecast period. The Payment processing category procured the highest revenue share of the market in 2019. The shifting preference for online shopping globally is encouraging vendors to adopt Payment solutions to provide superior customer experiences.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. In 2019, the on-premise category held the maximum revenue share. The on-premise implementation of digital Payment solutions helps companies in achieving absolute control over applications & systems that can be easily managed by the enterprise's IT staff. Simultaneously, enterprises utilize on-premise digital Payment solutions to make systems and applications, safe from ill practices.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The small & medium enterprises segment is expected to showcase promising growth rate during the forecast period. As they are shifting their invoice process from manual to digital because paper-based billing systems are costly, may cause errors, and ineffective. Now, Payment enterprises are aiming to do a partnership with these small & medium size organizations to support their digital Payment solutions.
End User Outlook
Based on End User, the market is segmented into BFSI, Retail & eCommerce, Transportation & Logistics, Healthcare, Telecom & IT, Media & Entertainment and Others. The BFSI category acquired a considerable revenue share in 2019. The rising remittances to low and middle-income nations are anticipated to propel the growth of the market during the forecast years. In addition, banks are also improving their services to participate with the digital Payment solution providers like Amazon, Facebook, and Google.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Region-wise, North America emerged as the leading region in the digital Payment market in 2019. The rising deployment of smart parking meters along with the technological advancement of these meters is contributing to the increasing demand for digital Payment solutions in this region.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Apple, Inc. is the major forerunner in the Digital Payment Market. Companies such as Naspers Limited, PayPal Holdings, Inc., and Mastercard, Inc., Visa, Inc., Fiserv, Inc., Adyen N.V. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fidelity Information Services (FIS), Inc., Fiserv, Inc., PayPal Holdings, Inc. (eBay), Visa, Inc., Mastercard, Inc., Apple, Inc., Naspers Limited (PayU Group), Adyen N.V., Square, Inc., and Global Payments, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Digital Payment Market, by Component
1.4.2 Global Digital Payment Market, by Deployment Type
1.4.3 Global Digital Payment Market, by Enterprise Size
1.4.4 Global Digital Payment Market, by End User
1.4.5 Global Digital Payment Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Oct - 2021, Feb) Leading Players
Chapter 4. Global Digital Payment Market by Component
4.1 Global Digital Payment Solutions Market by Region
4.2 Global Digital Payment Market by Solutions Type
4.2.1 Global Digital Payment Payment Processing Market by Region
4.2.2 Global Digital Payment Payment Gateway Market by Region
4.2.3 Global Digital Payment Application Program Interface Market by Region
4.2.4 Global Digital Payment Transaction Risk Management Market by Region
4.2.5 Global Digital Payment Payment Security & Fraud Management Market by Region
4.2.6 Global Other Solutions Type Digital Payment Market by Region
4.3 Global Digital Payment Services Market by Region
Chapter 5. Global Digital Payment Market by Deployment Type
5.1 Global On-premise Digital Payment Market by Region
5.1.1 Global Cloud Digital Payment Market by Region
Chapter 6. Global Digital Payment Market by Enterprise Size
6.1 Global Large Enterprises Digital Payment Market by Region
6.2 Global Small & Medium Enterprises Digital Payment Market by Region
Chapter 7. Global Digital Payment Market by End User
7.1.1.1 Global BFSI Digital Payment Market by Region
7.1.1.2 Global Retail & eCommerce Digital Payment Market by Region
7.1.1.3 Global Transportation & Logistics Digital Payment Market by Region
7.1.1.4 Global Healthcare Digital Payment Market by Region
7.1.1.5 Global Telecom & IT Digital Payment Market by Region
7.1.1.6 Global Media & Entertainment Digital Payment Market by Region
7.1.1.7 Global Others Digital Payment Market by Region
Chapter 8. Global Digital Payment Market by Region
Chapter 9. Company Profiles
9.1 Company Overview
9.2 Financial Analysis
9.3 Segmental and Regional Analysis
9.4 Recent strategies and developments:
9.4.1 Partnerships, Collaborations, and Agreements:
9.4.2 Acquisition and Mergers
9.5 SWOT Analysis
- Fidelity Information Services (FIS), Inc.
- Fiserv, Inc.
- PayPal Holdings, Inc. (eBay)
- Visa, Inc.
- Mastercard, Inc.
- Apple, Inc.
- Naspers Limited (PayU Group)
- Adyen N.V.
- Square, Inc.
- Global Payments, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q2gojt
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