Global Payment Gateways Market To Register Double-Digit CAGR During the Forecast Period
Evolving internet world and its
services are driving the growth in Global Payment Gateways Market in the
forecast period, 2022-2026.
According
to TechSci Research report, “Global Payment Gateway Market By Type (Hosted,
Self-hosted & Bank Integrated), By Enterprise Size (SME and Large
Enterprise), By End-User (Retail, Travel & Hospitality, Healthcare,
Education, Government, Utilities & Others), By Region, Competition,
Forecast & Opportunities, 2026”,
the global payment gateway market is expected to register a double digit CAGR
of 22% in the forecast period, 2022-2026. The market growth is anticipated on
the account of evolving technologies for mobile payment technology. Rapidly
growing market for the mobile wallets is also aiding the global payment gateway
market for its substantial growth in the future five years. Moreover, increased
penetration of internet and rapidly increased consumption of smartphones is
supporting the growth of the market in the upcoming five years. Services like
online shopping, has inclined the global consumers to rapidly shift their point
of payments from [physical transactions to online payments. With web services
that save the integral details and provide ‘one-tap payment’ process, the
technological advancements as such are further driving the global payment
gateway market in the next five years.
Payment
gateways are online transaction pathways that are actively involved with the
payments for online shopping of various products and services. Payment gateways
accept the transfers through credit cards, debit cards, UPI generated
transactions, and mobile wallets. It is a merchant service provided by
e-commerce application service providers. These service providers authorize the
credit and debit cards with support from the respective banks and make the
transactions appropriately.
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The global payment
gateway market is segmented by type, enterprise size, end users, regional
distribution, and competitional landscape. Based on type, the market is further
bifurcated into hosted, bank integrated, and self-hosted. Hosted segment
generated the largest revenue shares of the market and is anticipated to
dominate the market segment in the forecast years, on the account of advantages
the hosted payment method provides. High security reduced liability from the
merchant, and advanced payment set-ups are advantages that aid the growth of
the market segment over the other sub-segments. The method is more popular
among the merchants for the security and integrity it provides through the
payment process and decreases the fraudulent activities such that the merchants
can focus on the services rather than dealing with the payment process.
Non-hosted method is anticipated to register its growth with the fastest
growing CAGR on the account of concerns from certain small scale merchants that
prefer hold of complete checkout processes and avoid any kind of redirection of
the consumers with a reason for maintaining their brand value and to provide
personalized experience to their consumers.
Based on end user
industries, the market is further bifurcated into retail, travel &
hospitality, healthcare, education, government, utilities & others. Retail
and e-commerce segment are anticipated to generate the maximum revenue in the
upcoming five years since the retail and online commerce businesses are booming
in recent years. Moreover, due to the recent event of pandemic spread due to
COVID-19, the offline businesses also joined the e-commerce sectors to
facilitate the sales of their product. The demand for online retailing across
the globe is rapidly increasing and fueling the incredible growth of the market
in the forecast years, until 2026.
Holding major revenue
shares of the global payment gateway market some of the leading market players
are, PayPal Holdings, Inc., Stripe, Inc., Adyen N.V., Authorize.Net Corporation,
Square, Inc., CCBill, LLC, Sage Pay Europe Limited, Worldpay Group Limited, Amazon
Pay (Amazon.com, Inc.), Alipay.com Co Ltd., among others. The market players
are actively involved in research and development of better payment gateways.
They are consistently working toward more secure, safe and one portal for check
out process. The majority of market players are working in support of the banks
that aid to their demand for one gateway payment processes. Also, the
technological advancement and secured records that saves the integral
information like card numbers, validation dates and just require OTPs for the
process to complete, the market is anticipated to grow and market players would
benefit with such emerging techniques. Other strategic recommendation involves partnerships
and acquisitions among the players.
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“With recent endeavors for 6G technology
to be introduced and already started research and studies by various countries
are opening wider scope for the advanced payment methods for the consumers.
Asia-Pacific region is anticipated to dominate the future market owing to going
on consistent studies on 6G network connection by China, Japan, and South Korea.
Europe is anticipated to hold significant shares of the future market since the
research on better connectivity and advance techniques for payment gateways is
rapidly increasing in the countries like Germany, Finland, UK, etc.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based Global
management consulting firm.
“Global Payment Gateway
Market Size By Type (Hosted, Self-hosted & Bank Integrated), By Enterprise Size
(SME and Large Enterprise), By End-User (Retail, Travel & Hospitality,
Healthcare, Education, Government, Utilities & Others), By Region,
Competition, Forecast & Opportunities, 2026”, has evaluated the future
growth potential of global payment gateways and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global payment gateways market.
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