Global Payment Gateway Software Market Size, Status and Forecast 2019-2025
Speaking about the payment gateways, these are the e-commerce applications which authorizes payments for online retailers, bricks, e-business, wholesaler, and more. The global Payment Gateway Software Market has witnessed a tremendous rise in that last few years. All thanks to the growing trend of digitization. It has been observed that rapid advancement in online and electronic payment has led to a massive rise in the number of transactions carried out through online payment mode.
The payment gateways act like a middle person between banks and e-commerce sites. Online payments encrypt essential information and are used for online transaction authentication. It is also used to prevent fraudulent activities as users need to put CVV- Card Verification Value and OTP to complete the transaction. Besides, the popularity of different digital payment modes, such as debit cards, credit cards, mobile wallets, net banking, etc. are propelling this type of software market. Technological development is also triggering growth.
As per the latest market research, in the year 2018, the global Payment Gateway Software market value was around USD 25 billion. But looking at the increasing number of online transitions, it is estimated that by the end of 2025, the market size will reach around USD 49 billion. The massive shift toward a cashless economy is significantly influencing the growth of the global market for this software. The compound annual growth rate is expected to be around 9.70 percent between 2019 to 2025.
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Global Market Segmentation Analysis:
The World Payment Gateway Software market is segmented on the basis of Application, Type, and Geography. Based on the product type, it is split into Offline mode and Online mode. The report suggests that the online way is expected to grow at a faster rate as people are now shifting toward online payment mode. This mode of payment offers a maximum level of convenience. Considering such software’s application, it is segmented into Medicine & Cosmetic, Catering Industry, Retails, and Others. Among these, retail segment is anticipated to enjoy maximum share in terms of revenue during the forecast period. The major reason behind this increasing disposable income level of people.
Geographical Market Segmentation Analysis:
Geographically, the Global Payment Gateway Software market is segmented into North America, Europe, Middle East & Africa, South America, and the Asia Pacific. This market report suggests that North America region will dominate the global market in the coming years. In 2017, this region witnessed around 45 percent of the total market share. The primary factor behind such growth is higher rate of adoption of online payment mode. Besides, presence of key software providers in this region will also support the market in future. The experts have predicted that, in the coming years, investing in such technology will increase. This will further drive this regional market.
Latest Market Updates:
In October 2019, PayPal announced that the company has partnered with Synchrony Financial to introduce a credit card for Venmo users. This payment gateway platform has attracted a lot of users. The company is also trying to expand its business to other regions, and for this, it is acquiring new companies across the world.
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