The global digital payment market size is projected to grow from USD 79.3 billion in 2020 to USD 154.1 billion by 2025, at a CAGR of 14.2% during the forecast period. Major growth factors for the market include worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration.
By deployment type, cloud segment to grow at the highest CAGR during the forecast period
Several vendors in the market offer payment solutions through the public and private cloud. Cloud-based payment solutions are available in various subscriptions and pay-per-use models. These solutions empower businesses to invest in payment technologies according to their specific requirements. The cloud-based deployment of digital payment software is gaining traction among SMEs, as cloud-based deployment helps SMEs avoid upfront costs associated with hardware, software, storage, and technical staff.
By region, Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC is at the forefront to adopt digital payment solutions due to the increased smartphone penetration and internet connectivity in this region that provides digital payment solution providers with an opportunity to launch advanced digital payment services. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions. The adoption of digital payment solutions has helped bridge economic opportunities and drive financial inclusion in APAC. APAC consumers prefer the equal measures of seamless and security in all the aspects of their digital payment transactions. The growing retail market in the region has enabled global digital payment solution providers to focus more in this region for providing advanced solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the digital payment market.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%
- By Designation: C-Level – 40% Directors – 35%, and Others –25%
- By Region: North America – 35%, Europe – 20%, APAC – 35%, and RoW – 10%
Major vendors in the global digital payment market include ACI Worldwide (US), Adyen (Netherlands), Aurus (US), Aliant Payments (US), Alipay (China), Apple Pay (US), Due (US), Dwolla (US), FattMerchant (US), FIS (US), Fiserv (US), Global Payments (US), Intuit (US), JPMorgan Chase (US), Mastercard (US), PayPal (US), Paysafe (UK), PayTrace (US), PayU (Netherlands), Spreedly (US), Square (US), Stripe (US), Visa (US), WEX (US), Worldline (France), and 2Checkout (US). The digital payment market study includes an in-depth competitive analysis of these key players, along with their profiles, recent developments, and key market strategies.
The market study covers the digital payment market size across different segments. It aims at estimating the market size and the growth potential across different segments, by component, deployment type, organization size, vertical, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key benefits of buying the report:
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the global digital payment market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.