NEW DELHI, June 19, 2019 /PRNewswire/ -- According to a new report Global Payment Processing Solutions Market, published by KBV research, The Global Payment Processing Solutions Market size is expected to reach $62.3 billion by 2024, rising at a market growth of 9.9% CAGR during the forecast period.
The North America market dominated the Global Payment Processing Solutions Credit Card Market by Region by 2024, growing at a CAGR of 7.8 % during the forecast period. North America covers developed countries like the US and Canada. These economies have made significant investments in Research and Development (R&D) activities; thereby making contributions in development of innovative technologies. The payment processing solutions market in North America is competitive primarily due to these R&D investments and innovations. The countries here are early adopters of novel technologies in various verticals. They are also the leading countries in retail, banking, financial services, and other industries like transportation and manufacturing. Payments through credit cards are the most preferred mode by consumers in both online and point-of-sale (POS) methods in North American countries. The Europe market is expected to witness a CAGR of 8.1% during (2018 - 2024).
Additionally, The Asia Pacific market is expected to witness a CAGR of 10.1% during (2018 - 2024). Companies in Asia are collaborating with national and international payment gateway suppliers when it comes to receiving payments online. The Asia Pacific region has definitely seen an active response to the interphase of mobile payments. This region's unique diversity draws together advanced markets such as Singapore and Australia alongside developing economies such as Thailand and India, suggesting a wide range of sophistication in the mobile payment services available on the market.
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The Hospitality market dominated the Global Payment Processing Solutions Market by End User 2017. The hospitality industry is among the major contributors and one of the fastest-growing verticals within the payment processing solutions market. It is an industry which hugely depends on the availability of leisure time and disposable income. With more people booking tickets or making reservations and paying for them online, the vertical is growing rapidly. The Retail market is expected to witness a CAGR of 9.1% during (2018 - 2024). Additionally, The Utilities & Telecommunication market is expected to witness highest CAGR of 12.5% during (2018 - 2024).
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The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of PayPal Holdings, Inc., Global Payments Inc., First Data Corporation, Square Inc., Wirecard AG, Naspers Limited, Visa Inc., Jack Henry & Associates Inc., Adyen N.V., and Paysafe Group Limited.
Global Payment Processing Solutions Market Segmentation
By Payment Method
- Credit Card
- Debit Card
By End User
- Utilities & Telecommunication
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- PayPal Holdings, Inc.
- Global Payments Inc.
- First Data Corporation
- Square Inc.
- Wirecard AG
- Naspers Limited
- Visa Inc.
- Jack Henry & Associates Inc.
- Adyen N.V.
- Paysafe Group Limited.
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SOURCE KBV Research