Digital Payment Market (By Solution: Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management; By Mode of Payment: Bank Cards, Digital Currencies, Digital Wallets, Net Banking, Point of Sales; By Deployment: Cloud, On-premise; By Enterprise size: Large Enterprises, Small & Medium Enterprises; By End-use: BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030

Published Date : Jan 2022 | No. of Pages : 150+ Pages | Category : ICT

The global digital payment market size was valued at USD 66.61 billion in 2020, and is predicted to be worth around USD 360.30 billion by 2030, registering a CAGR of 20.4% during the forecast period 2022 to 2030.

Digital Payment Market Size 2022 to 2030

Growth Factors

The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.

 

Growing smart city projects worldwide are also expected to accentuate market growth. Digital payment forms an integral part of the smart city vision and is witnessing a notable rise in demand from local government bodies and citizens. Under the smart city initiative, digital payments are used across various departments to cover multiple Citizen-to-Government (C2G) and Government-to-Citizen (G2C) payments.

C2G payments include taxes, toll and transit, and water bills while G2C payments include monetary awards, scholarships, and subsidies. The COVID-19 pandemic is expected to impact the market growth favorably over the forecast period. The rise in demand for mobile-based payments and increased online sales worldwide are among the major factors that boosted the market growth during the pandemic.

 

Report Coverage

Report Scope Details
Market Size US$ 360.30 billion by 2030
Growth Rate CAGR of 20.4% From 2022 to 2030
Largest Market North America
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Solution, Mode of Payment, Deployment, Enterprise Size, End use
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Aliant Payments; Aurus Inc.; Adyen, Financial Software & Systems Pvt. Ltd.; PayPal Holdings Inc.; Novatti Group Pty Ltd.; ACI Worldwide, Inc.; Global Payments Inc.; Wirecard; Authorize.Net; Total System Services, Inc

By Solution Analysis

The payment processing segment dominated the market in 2021 and accounted for more than 25.5% share of the global revenue. The increasing preference for online shopping across the globe is prompting retailers to adopt payment processing solutions to provide customers with seamless checkout experiences.

Payment gateway solutions are in demand among merchants as they enable convenient payment. Furthermore, payment gateways are used for in-store payments to allow customers to make payments via smartphones and the internet. 

By Mode of Payment Analysis

The point of sales segment dominated the market in 2021 and accounted for more than 52% share of the global revenue. Point of sale systems are used by retail stores for processing transactions.

The net banking segment is expected to register a significant growth rate over the forecast period. The benefits offered by net banking, including improved time efficiency, ease of banking, and activity tracking, are among the major factors driving the segment growth

By Deployment Analysis

The on-premise segment dominated the market in 2021 and accounted for more than 65.0% share of the global revenue. The on-premise deployment of digital payment provides organizations with complete control over applications and systems, which can be easily managed by the organization’s IT staff. 

The cloud segment is anticipated to grow at the highest CAGR over the forecast period. The continued rollout of smart city projects, coupled with the rising number of unmanned retail stores, is one of the major factors driving the growth of the segment.

By Enterprise Size Analysis

The large enterprise size segment dominated the market in 2021 and accounted for more than 59.0% share of the global revenue. Large retail stores increasingly demand digital payment solutions to enable their customers to conduct payments by maintaining social distancing. 

Digital payment methods, such as smart banking cards, point of sales solutions, and e-wallets, are used by retailers to reduce checkout time. At the same time, retailers are also focusing on providing innovative payment solutions for customers.

The small & medium enterprises segment is anticipated to grow at the fastest CAGR over the forecast period. Small & medium enterprises are shifting from paper-based invoicing to digital invoicing as paper-based billing systems are expensive, prone to errors, and inefficient. 

By End-use Analysis

The Banking, Financial Services and Insurance (BFSI) segment dominated the market in 2021 and accounted for more than 23.0% share of the global revenue. The rising demand for digital remittance for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions.

The retail & e-commerce segment is anticipated to register the fastest growth over the forecast period. The growing use of mobile-based payment solutions among customers for retail payments is one of the major factors driving the segment growth.

By Regional Analysis

North America dominated the global market in 2021 and accounted for the largest revenue share of over 34.0%. The regional market benefits from factors, such as the increasing deployment of and technology enhancements in smart parking meters. 

Europe is expected to witness significant growth over the forecast period. Banks in Europe are making efforts to launch a European payment initiative aimed at creating a unified payments solution for merchants and consumers across the region. 

Key Players

  • Aliant Payments

  • Aurus Inc.

  • Adyen

  • Financial Software & Systems Pvt. Ltd.

  • PayPal Holdings Inc.

  • Novatti Group Pty Ltd.

  • ACI Worldwide, Inc.

  • Global Payments Inc.

  • Wirecard

  • Authorize.net

  • Total System Services, Inc.

Market Segmentation

  • By Solution

    • Application Program Interface

    • Payment Gateway

    • Payment Processing

    • Payment Security & Fraud Management

    • Transaction Risk Management

    • Others

  • By Mode of Payment

    • Bank Cards

    • Digital Currencies

    • Digital Wallets

    • Net Banking

    • Point of Sales

    • Others

  • By Deployment 

    • Cloud

    • On-premise

  • By Enterprise size 

    • Large Enterprises

    • Small & Medium Enterprises

  • By End-use 

    • BFSI

    • Healthcare

    • IT & Telecom

    • Media & Entertainment

    • Retail & E-commerce

    • Transportation

    • Others

  • Regional 

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

The digital payment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of digital payment market for the base year 2021 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global digital payment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the digital payment market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted digital payment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the digital payment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of digital payment by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global digital payment market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major digital payment market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of digital payment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the digital payment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

digital payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to digital payment market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of digital payment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new digital payment market. These factors have benefited the growth of the global market for digital payment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for digital payment. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of digital payment are as follows:

  • History Year: 2019-2020
  • Base Year: 2021
  • Forecast Year 2022  to 2030

Reasons to Purchase this Report:


- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2019-2021) and forecast (2022-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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