Payment as a Service Market to Hit $45.84 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Dec. 7, 2022 /PRNewswire/ -- The global payment as a service market size is expected to reach USD 45.84 billion by 2030, expanding at a CAGR of 16.1% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The proliferation of smartphones for online shopping, rising E-commerce sales, and increasing internet penetration rate are some of the major factors that are driving the industry's growth.

Key Industry Insights & Findings from the report:

• The platform segment dominated the market in 2021. The development of different payment modes for transactions along with credit facilities for vendors and consumers is expected to drive segment growth.
• The managed services segment is expected to witness the fastest growth over the forecast period. Integration of core and non-core operation services under one umbrella by prominent market players is boosting segment growth.
• The retail & e-commerce segment dominated the market in 2021. The growing use of digital mediums for shopping and retail transactions is anticipated to drive segment growth.
• The Asia Pacific market is likely to witness rapid growth over the period. The increasing adoption of payment service technology in emerging economies like China, India, and Japan is driving the regional growth.

Read 150-page full market research report, "Payment As A Service Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Services (Managed Services, Professional Services), By Industry, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Payment As A Service Market Growth & Trends

Initiatives being adopted by various governments worldwide to promote digital payment are also contributing to the growth. Moreover, payment service providers' emphasis on providing upgraded payment solutions also bodes well for growth. Novel technologies are creating the potential for new modes of payment to emerge. The growing preference for digital wallets while paying for E-commerce transactions and online purchases is expected to drive the growth of the payment as a service industry over the forecast period. Digital wallets allow users to store their bank details securely and eliminate the need to enter bank details while making transactions. Moreover, stablecoins, a new crypto asset payment method, is likely to increase over time, presenting new opportunities in the market landscape.

Market players are striking strategic partnerships and collaborations to develop efficient products, increase sales, and strengthen their presence in the market. For instance, in May 2022, Ingenico and Ant Group announced a partnership to enable payment service providers and acquirers to implement Alipay+ across merchant networks. The implementation of Alipay+ onto the cloud platform would lead to a faster rollout of Alipay+ services.

The outbreak of the COVID-19 pandemic played a vital role in driving the growth of the payment as a service(PaaS) market. The E-commerce sector is expected to witness an increase in the coming years. As the pandemic imposed restrictions on brick-and-mortar retail stores, a sharp increase has been observed in online shopping. According to the statistics provided by IBM in 2020, the COVID-19 pandemic has shifted consumer focus from physical stores to digital shopping, the impact of which should last for the next few years as well, thereby contributing to the growth of the market.

Payment As A Service Market Segmentation

Grand View Research has segmented the global payment as a service market based on component, services, industry, and region:

Payment As A Service Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

• Platform
• Services

Payment As A Services - Outlook (Revenue, USD Million, 2017 - 2030)

• Managed Services
• Professional Services

Payment As A Service Industry Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce
• Healthcare
• Travel & Hospitality
• BFSI
• Others

Payment As A Service Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada

• Europe
• U.K.
• Germany

• Asia Pacific
• China
• India
• Japan

• Latin America
• Brazil

• Middle East & Africa (MEA)

List of Key Players in the Payment As A Service Market:

• Agilysys NV LLC
• Alpha Fintech
• Aurus Inc.
• First American Payment Systems L.P.
• Fiserv Inc.
• Ingenico
• Paysafe Holdings UK Ltd.
• Pineapple Payments
• Total System Services LLC.
• VeriFone, Inc

Check out more related studies published by Grand View Research:

• Digital Payment Market - The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020.
• Contactless Payment Market - The global contactless payment market size is expected to reach USD 164.15 billion by 2030, registering a CAGR of 19.1% during the forecast period, according to a new study conducted by Grand View Research, Inc. Growing adoption of new payment technologies, such as Host-based Card Emulation (HCE) and Near Field Communication (NFC) for the contactless payments, is anticipated to drive the market growth.
• Payment Processing Solutions Market - The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers' demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg