Expansion of M-Commerce Industry to Push the Payment Gateway Market Past US$ 189 Bn

- Payment Gateway Market Players Collaborating with Mobile-Based Payment Apps Giants; Total Revenue to Grow by 21% by 2032

- In the latest market report, Fact.MR focuses on the key trends influencing the in the payment gateway market. It also provides compelling insights on growth drivers and opportunities through leading segments including enterprise size, end-use, type, and regions.

NEW YORK, March 15, 2022 /PRNewswire/ -- The payment gateway market is anticipated to surpass US$ 26 Bn in 2022, growing at a CAGR of 21% during the forecast period (2022-2032).  The overall demand in the market is projected to reach a market valuation of US$ 189 Bn by 2032.

Growth in the market is primarily driven by increased penetration of e-commerce services and online payment applications. With advent of e-commerce platforms and online shopping, banking channels are introducing instant-mobile based payments.

Subsequently, increasing popularity of mobile wallets and adoption of smartphone will propel the demand in the payment gateway market. For instance, mobile wallets such as GooglePay, Amazon, and others witnessed immense growth during the FQ-20. 

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Following the outbreak of COVID-19, preference for digital payments and e-commerce quadrupled across the globe. To capitalize on this existing trend, leading banking companies and e-commerce giants are collaborating, thereby, propelling the demand.

For instance, Yes Bank joined hands with Amazon Web Services and Amazon Pay through UPI transaction facility. Moreover, technological advancements and lucrative offers provided by the banks and mobile payment applications for consumers is driving the demand in payment gateway market.

Regionally, Asia Pacific is expected to emerge as the fastest growing market, exhibiting growth at 17% CAGR during the assessment period. Growth in the region is underpinned by expansion of e-commerce industry across India, China, and Japan.

In addition to this, favorable government initiatives and emergence of several mobile payment applications such as PhonePe, Paytm, and others is driving the growth in Asia Pacific payment gateway market.

Key Takeaways:

• The U.S. is expected to dominate the North America payment gateway market through 2032 owing to the presence of established payment gateway service providers.
• North America to contribute over 36% of sales in the global payment gateway market through 2032
• China and India is expected to lead the growth in East and South Asia market backed by the surging penetration of e-commerce industry and online platforms.
• Based on type, the hosted segment is projected to account for over 57% of overall share through 2022
• Based on enterprise size, the large enterprise segment is anticipated to hold 55% of demand share

Growth Drivers:

• Integration of artificial intelligence and internet of things to provide real-time and automated tasks in payment gateways will augment the growth in the market.
• Increasing number of food vendors, shopping sites, etc. coupled with growing preference for digital payments will drive the sales in the market
• Ongoing technological advancements in mobile-based payment applications is expected to boost the market

Key Restraints

• Growing risk for fraudulent payments and data breaches might hamper the demand in the payment gateway market

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Competitive Landscape:

Leading players in the global payment gateway market are collaborating with e-commerce giants and mobile-based payment applications. Some of the leading players are adopting strategies such as mergers and acquisitions of other companies to expand their customer base.

For instance,

• In June 2021, StoreHippo, a leading e-commerce platform announced its partnership with Paytm, a leading digital mobile-based payment platform to expand its payment gateway business.
• In November 2021, National Internet Exchange of India (NIXI), a non-profit company under the Ministry of Electronics and Information Technology (MeitY), announced the launch of digital payment gateway.
• In 2020, Cardknox, the leading payment gateway channel announced its e-commerce payment integration compatibility with iOS devices to provide customers mobile-friendly experience.

Key Companies Profiled by Fact.MR

• Verifone Holdings, Inc.
• Authorize.Net
• Bitpay, Inc.
• Amazon Payments Inc.
• Braintree
• Wepay, Inc.
• PayU Group
• Stripe
• Adyen
• PayPal Holdings, Inc.

More Valuable Insights on Payment Gateway Market

Fact.MR, in its report, offers a market analysis on the global payment gateway market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the payment gateway market with detailed segmentation as follows:

By Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

By End Use

• Media & Entertainment
• Travel & Hospitality
• Retail & E-commerce
• BFSI
• Others

By Type

• Non-hosted
• Hosted

By Region

• North America
• MEA
• Latin America
• Europe
• Asia-Pacific

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Key Questions Covered in the Payment Gateway Market Report

• Which are the key trends boosting global payment gateway market?
• At what rate is global payment gateway market expected to grow during the forecast period (2022-2032)?
• What was the market revenue of the payment gateway market in 2021?
• Which region holds the largest share in the global payment gateway market?
• What is the expected market valuation of the payment gateway market during 2022-2032?
• Who are the leading players operating in the global payment gateway market?

Explore Fact.MR's Coverage on the Technology Domain

Mobile Payment Market Trends: The global demand for mobile payment is projected to witness staggering growth at 30% CAGR during the forecast period (2022-2032). Expansion of m-commerce industry and growing popularity of digital payments will drive the sales in the market.

Wearable Payment Devices Market Forecast: The overall sales in wearable payment devices market are projected to increase at 29% CAGR over the assessment period (2022-2032). Increasing application of these devices in BFSI, food & beverage, and other industries will drive the sales in the market.

Biometric Payment Market Growth: Increased demand for enhanced security and identification system during the payment transaction is propelling the adoption of biometric payment. Surging adoption of biometric payment for entry systems, payment processes for improved enhanced user experience will augment the growth in the market.

Digital Transaction Management Market Analysis: Growth in the digital transaction management market is underpinned by growing preference for workflow automation across diverse industries across the globe. Increasing applications of digital transaction management solutions in the bank sector will also propel the sales.

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