Market Snapshot
As per study, the Global Digital Payment Market is expected to register a 16.77% CAGR, exhibiting significant growth during the forecast period. The market was valued at USD 40,633.3 million in the year 2018; it is expected to reach USD 120,245.9 million by 2025. North America accounted for the largest market value of USD 13,864.1 million in 2018; the market is expected to register a CAGR of 17.50% during the forecast period.
The report contains information on the Global Digital Payment Market value along with predictions for the market for year 2025. The report contains in-depth information about the growth of the Digital Payment Market at various levels and stages. The expected CAGR percentage for the forecast period 2019-2025 is also mentioned in the global Digital Payment Market report.
Major Players
ACI Worldwide, Inc. (US), Stripe (US), Novatti Group Limited (Australia), Adyen NV (Netherland), Wirecard AG (Germany), and YapStone, Inc. (US)., Worldpay, Inc. (US), PayPal Holdings, Inc. (US), Aurus Inc. (US), Fiserv, Inc. (US), BlueSnap Inc. (US), Global Payments Direct, Inc. (US), PayU (Netherland), Aliant Payment Systems Inc. (US) and First Data Corporation (US) are some of the major players in the global digital payment market.
Digital payment is the process by which a payer and payee use electronic modes to send and receive money. It is cash-free mode of transaction. Payment is taken via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment in points of sale. Convenience, accessibility, lower risk, saves time, user-friendliness, and the traceability are some of the advantages that digital payment methods. There are some concerns about limitations on payment and the amount limit for each payment, along with the risk of a hacked and constant requirement of active internet access. Digital payment can help increase productivity and economic growth, improve the transparency, increase tax revenues, extend the financial inclusion, and open new economic opportunities for the end users. For the same, governments across the world are implementing ICT technology in order to encourage digital economies. They undertake various initiatives to digitize the payment process. Hence, Digital payment has become one of the primary growth requirements for a country’s economy.
Based on type, the market has been classified as cloud and on-premise. In a cloud-based digital payment, there are limited chances of a single point of failure (SPOF) as all devices, components, and network paths are duplicated and reserved. Hence, to make cloud-based digital payments more secure, digital issuance systems are used; these systems are capable of saving all the credentials securely on the cloud, issuing them to mobile applications already installed on the device. Enterprises prefer the on-premise deployment of digital payment solutions to gain complete control over their infrastructure and assets as well as enhance their internet safety measures. These solutions help merchants in managing every payment device across every application from a centralized, secure under management platform.
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Market Segmentation
The global digital payment market has been segmented by Component, by Deployment Cloud and On-Premise, by organizational size, by vertical and by region.
By Component the market has been segmented into solution and services. The market is also segmented into Deployment Cloud and On-Premise. Based Organization Size the global digital payment market has been segmented into Large enterprise and Small & Medium Enterprises (SMEs). Vertically the global digital payment market has been segmented by (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce, and others).
Based on region the market has been segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.
Regional Analysis
Geographically, the global digital payment market has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America are expected to dominate in global digital market for payments during the forecast period due to presence of a large number of solutions providers in the region.
Table of Contents
1 Executive Summary
2 Market Introduction
3 Market Insights
4 Research Methodology
5 Market Dynamics
6 Market Factor Analysis
7 Global Digital Payment Market, by Component
8 Global Digital Payment Market, by Deployment
9 Global Digital Payment Market, by Organization Size
10 Global Digital Payment Market, by Vertical
11 Global Digital Payment Market, by Region
12 Competitive Landscape
13 Company Profiles
NOTE: Our team is studying Covid-19 and its impact on various industry verticals and wherever required we will be considering Covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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