Digital Payment Market Future Insights, Market Revenue and Threat ForecastPosted by Vilas MRFR on July 19th, 2019 Market Synopsis The global digital payment market is expected to register a CAGR of 19.6% during the forecast period to reach USD 82.02 billion by 2023. Digital payments are the process by which a payer and payee use electronic modes to send and receive money. Hard cash is not part of the transaction. The payment is carried out via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment at points of sale. The major factors contributing to market growth are increasing Internet penetration and the growing e-commerce market. The increasing number of smartphones is also aiding market growth. However, concerns regarding security and a lack of standards for cross-border payments are expected to restrain market growth during the forecast period. The demand for fast and hassle-free transaction services and acceptance of digital payments across verticals offer lucrative opportunities to players in the global digital payment market.
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Segmentation The global digital payment market has been segmented based on component, deployment mode, organization size, vertical, and region/country. By component, the global digital payment market has been divided into solutions and services. The solutions segment has further been categorized as point of sale, payment gateway, payment processing, payment wallet, payment security, and payment fraud management. Based on deployment mode, the global digital payment market has been classified as on-premise and cloud. The organization size segments of the global digital payment market are small and medium-sized enterprises (SMEs) and large enterprises. On the basis of vertical, the global digital payment market has been divided into banking, financial services and insurance (BFSI), healthcare, telecommunications and IT, retail and e-commerce, media and entertainment, and others. The global digital payment market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.
Key Players The key players in the global Digital Payment Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Fiserv, Inc. (US), Wirecard AG (Germany),Worldpay, LLC (UK), PayPal (US), First Data Corporation (US), Global Payments Direct, Inc. (US), ACI Worldwide, Inc. (US), Novatti Group Limited (Australia), BlueSnap Inc. (US), Adyen (Netherlands), Stripe (US), Aurus Inc. (US), Aliant Payments (US), PayU (Netherlands), and YapStone, Inc. (US). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and solutions launches.
Regional Analysis The global digital payment market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. The market in North America is expected to account for the largest market share during the forecast period. The high demand from technologically advanced industries such as retail and BFSI and widespread adoption of e-commerce and m-commerce in North America are expected to boost the growth of the regional market. The market in Europe is expected to be the second-largest during the review period due to the increasing demand for fast and hassle-free transaction services and the establishment of digital payment software start-ups . The market in Asia-Pacific is expected to be the fastest-growing during the assessment period as demand in the region is projected to rise more than the global CAGR of 19.6%. Developing countries such as India and China are driving the growth of the digital payment market with unceasing demand across the BFSI, IT and telecom, and retail and e-commerce industries. The market in the rest of the world offers numerous opportunities to vendors as the majority of the countries in the region are yet to adopt digital payment solutions. Check Discount @ https://www.marketresearchfuture.com/check-discount/7572 Competitive Analysis There are a number of vendors from the US and Europe in the global digital payment market. These players are focusing on expanding their customer base across the world by adopting various organic and inorganic growth strategies. For instance, in September 2019, Fiserv, Inc. (US) acquired Monitise, a major mobile payments software and solutions provider in the UK.
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LIST OF TABLES Table 1 Global Digital Payment Market, By Region, 2019–2023 Table 2 North America: Digital Payment Market, By Country, 2019–2023 Table 3 Europe: Digital Payment Market, By Country, 2019–2023 Table 4 Asia-Pacific: Digital Payment Market, By Country, 2019–2023 Table 5 Middle East & Africa: Digital Payment Market, By Country, 2019–2023 Continued……
LIST OF FIGURES FIGURE 1 Global Digital Payment Market Segmentation FIGURE 2 Forecast Methodology FIGURE 3 Porter’s Five Forces Analysis Of The Global Digital Payment Market FIGURE 4 Value Chain Of The Global Digital Payment Market FIGURE 5 Share Of The Global Digital Payment Market, By Country, 2019 (In %) Continued…… About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
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