According to a recent report published by Allied Market Research, titled, “Payment Processing Solutions Market Share By Component, Deployment Mode, Payment Method, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”. The global payment processing solutions market size was valued at $39.57 billion in 2020, and is projected to reach $146.45 billion by 2030, growing at a CAGR of 13.7% from 2021 to 2030.
Payment processing companies are increasingly designing next-generation solutions for consumer and enterprise-oriented services. In addition, government agencies are also demanding for a need to shift toward modern payment processing tools and techniques. The payment processing companies integrate several emerging technologies such as Europay, Mastercard and Visa cards (EMV), blockchain, near field communication (NFC), and also integrates Payment Card Industry Data Security Standard (PCI DSS) compliance to maintain a secured payment environment.
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Factors such as increased smartphone penetration & incorporation of online payment solutions, rise in e-commerce sales, and rapid digitalization in payment processing industry propel the market growth. In addition, government’s support & initiatives toward payment processing industry and untapped potential of emerging economies are expected to provide lucrative opportunities for the payment processing solutions provider in the coming years.
On the basis of component, the solutions segment acquired the major share of payment processing solutions market. This is attributed to the fact that several industries are implementing processing solutions with better technology capabilities in order to improve their business operations, which is therefore driving the payment processing solutions market growth of this segment during the forecast period.
Region wise, the payment processing solutions market was dominated by North America in 2020, and is expected to maintain this trend during the forecast period. This is attributed to increased demand for innovative payment processing solutions among banks & financial institutions and surge in utilization of e-wallet payment, which offers relevant rewards & incentives among customers. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, due to high investments for digitalized payment platforms, adoption of new technologies such as artificial intelligence, analytics, big data, and rapid expansion of domestic business.
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Significant rise in adoption of online payments by end users, owing to rise in patients of corona virus and growth in health issues in carrying cash and paying through cash. In addition, banks and fintech industries are providing customers with options of multiple payment channels across the globe to speed up their transaction process. Therefore, demand for payment processing solutions among banks & financial institutions continue to rise to reduce their operational cost & improve digital experience among their customers. These factors further accelerate the payment processing solutions market during the global health crisis.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the global payment processing solutions market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global payment processing solutions market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the payment processing solutions market.
- An extensive analysis of the key segments of the industry helps to understand the payment processing solutions market trends.
- The quantitative analysis of the global payment processing solutions market forecast from 2021 to 2030 is provided to determine the market potential.
Payment Processing Solutions Market Report Highlights
AspectsDetails
By COMPONENT
- SOLUTION
- SERVICE
By DEPLOYMENT MODE
- CARDS
- E-WALLET
- AUTOMATED CLEARING HOUSE (ACH)
- OTHERS
By INDUSTRY VERTICAL
- BFSI
- GOVERNMENT & UTILITIES
- IT & TELECOM
- HEALTHCARE
- RETAIL & ECOMMERCE
- MEDIA & ENTERTAINMENT
- TRAVEL & HOSPITALITY
- OTHERS
By Region
- NORTH AMERICA (US, Canada)
- EUROPE (UK, Germany, France, Spain, Italy, Rest of Europe)
- ASIA-PACIFIC (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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