Impact of COVID-19 on Economy, Industry and Company :
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The Payment Gateways Market is anticipated to US$ XX Mn by 2028, Likely to Grow with a CAGR of 17.03 % during the Forecast Period.
The incorporation of payment gateway has developed the foremost critical features of any industries in every business. It permits collecting money through the consumer-preferred bank without negotiating on sensitive data. The internet penetration is increasing rapidly across the world. Consistent with 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 has shown the activities of accessing the web. The cumulatively worldwide population has reached 51% for an equivalent which may be a consistent growth of over 8% year on year. Increasing internet penetration is driving the expansion for a payment gateway market; especially within the developing countries. Additionally, with the increasing internet penetration and awareness about the convenience of online transactions, consumers are changing their preferences for creating payments online. The hurdle free transactions generate confidence among the users for switching to online transactions. This quick implementation of the online method of payment is stimulating the payment gateway market growth. On the opposite side, stringent regulations within the payment industry and therefore the rising cases of cyber-attacks and data breaches are restricting the expansion to an extent.
By Industry Vertical, the Retail Segment is expected to register the Highest Market Share during the Forecast Period.
By industry vertical, the market can further be segmented into travel, retail, BFSI, and media & entertainment. Because the demand for online retailing is rising across the world, the amount of online payments is additionally growing, thereby increasing the expansion of the payment gateway industry. The retail companies are increasingly adding payment gateways to their websites to spice up sales.
By Enterprises, the Large Enterprises Segment is expected to register the Highest Market Share during the Forecast Period.
Large enterprises are dominating the payment gateway industry over small- and medium-sized enterprises because the volume of transactions is extremely high in large-scale enterprises, and that they require a highly safe and secure mode of transaction, which is facilitated by payment gateways. Small and medium enterprises are the fastest-growing segment as they're rapidly adopting payment gateways for the latter to offer fraud management and use special encryption and verification technology to make sure safe transactions.
The market in North America held a Significant Market Share in 2019.
By geography, the Payment Gateways market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region is predicted to dominate the payment gateway market due to several initiatives taken by governments to reinforce the online payment infrastructure in their countries. As an example, China is improving internet access in rural areas, which, in turn, would boost the market. In India, the reserve bank of India (RBI) has proposed to manage payment gateways like Paytm, Bharat Bill Pay, and Mobikwik, which might make them more accountable and transparent in their work, thereby benefiting the people that are using these gateways for creating digital payments. Increasing data breaches and cyber-attacks including stringent regulations within the payment gateway market like Payment Card Industry-compliance and certification from a licensed authority to supply public-key infrastructure for securing every debit and MasterCard transaction are restricting the expansion of the market.
Key providers of Payment Gateways are focusing on expanding by forming strategic alliances with peers in order to establish themselves as distinguished players in the global Payment Gateways market. Key industry players such as Adyen N.V., Amazon Payments Inc., PayU Group, BitPay, Inc., Payoneer, Inc., WePay Inc., Alipay.com Co Ltd., Payza, Paytm Mobile Solutions Pvt Ltd., PayPal Holdings, Inc., and Skrill Limited, among others.
By Enterprise Type
- Small and Medium Enterprise (SME)
- Large Enterprise
- Travel & Hospitality
- North America
- Latin America
- Asia- Pacific
- Middle East and Africa