-- What does this “Payment Gateway Market “report offers:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Market Overview
The Payment Gateway Market is expected to register a CAGR of 16.43% in the forecast period 2019 - 2024. The integration of payment gateway has become one of the most critical aspects of any businesses in every industry. It allows collecting money through the customer preferred bank without compromising on sensitive data.
- The internet penetration is increasing rapidly across the globe. According to ITU, 80% of the population from the developed countries have registered to access the internet in 2018. Whereas, from the developing countries only 45% population have shown the activities of accessing the internet. Cumulatively worldwide population has reached 51% for the same which is a consistent growth of over 8% year on year. Increasing internet penetration is driving the growth for a payment gateway market; especially in the developing countries.
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- Additionally, with the increasing internet penetration and awareness about the ease of online transactions, consumers are changing their preferences for making payments online. The hurdle free transactions generate confidence among the users for switching to online transactions. This rapid adoption of the online method of payment is fueling the payment gateway market growth.
- On the other side, stringent regulations in the payment industry and the rising cases of cyber attacks and data breaches are restricting the growth to an extent.
Scope of the Report
The scope of the study for the payment gateway market has considered both hosted and non-hosted type of payment gateways for different types of enterprise and their respective applications in a wide range of industries globally.
Key Market Trends
Retail Segment to Grow Significantly
- The number of online transactions globally across businesses is increasing rapidly. It is stated in the world payment report 2018 that, non-cash transactions has reached 482.6 billion in 2016, which is 9.8% growth since 2012 and is expected to follow the growing trend in the forecast period. According to retail tech news, e-commerce retailing covers almost 12% of the total retail industry.
- The raging demand for online retailing across the world is expected to drive the online payment, thereby, propelling the payment gateway market over the forecast period. Furthermore, the retail companies are rigorously adding payment gateway(s) to their standalone website to fuel the consumer’s order and build goodwill. For instance, BJ’s Wholesale Club, an American membership-only warehouse club, incorporated PayPal gateway for its online customers in the year 2018. This is likely to boost the market growth over the next recent years.
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Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific is exceptionally overshadowing other regions in terms of adoption of the online transaction. The smartphone penetration in India was 26% in 2018; and according to RBI, the mobile payment transaction volume increased by about USD 10 billion in the same year, owing to increasing internet penetration and smartphones in the country.
- Also, China has expanded its mobile and online payment services through ascending the internet penetration in the rural areas of the country, which would not only encourage the customers to transact online but also boost the payment gateway, Alipay in particular, thereby, propelling the market growth.
Competitive Landscape
Currently, the market is highly consolidated by players, such as PayPal and Stripe. However, other companies are trying to cope with the market share and performing merger and acquisition to acquire more consumers.
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- Apr 2019 - Stripe announced the acquisition of Touchtech Payments. It is a startup out of Ireland that works with banks to help them build and manage the verification process, which requires the customer to provide two different forms of authentication from cardholders to process transactions. This acquisition will help the company to prepare for new regulations in Europe and to improve security in online transactions.
- July 2018 - Alipay expanded its payment service in London, owing to gaining acceptance and a major tourist destination. This is expected to fuel the expansion of the company’s global footprint and bring a high influx of revenue.
Major Point of TOC:
Chapter One: INTRODUCTION
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET DYNAMICS
Chapter Five: MARKET SEGMENTATION
Chapter Six: COMPETITIVE LANDSCAPE
Chapter Seven: INVESTMENT ANALYSIS
Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS
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Organization: Analytical Research Cognizance
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Website: http://www.arcognizance.com/report/payment-gateway-market-growth-trends-and-forecast-2019-2024
Release ID: 88901114
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