The growing adoption of online payment options due to rising digitalization worldwide is fueling the global payment processing solutions market growth. The Asia Pacific region is likely to observe significant growth during the forecast period
NEW YORK, Nov. 4, 2020 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Payment Processing Solutions Market, by Payment Method (E wallet, Credit card, Debit card, Automatic clearing house and Others), Deployment Method (Cloud and On Premises), Vertical (BFSI, Government, It and telecom, Healthcare, Real estate, Retail and Others), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".
The report states that the Global Payment Processing Solutions Market is expected to surpass $176,749.5 million by 2027, growing at a CAGR of 12.6% from 2020 to 2027. As per the report, the Asia Pacific market is projected to witness remarkable growth, owing to growing government initiatives for the development and adoption of online payment methods in the region.
Key Segment Highlights of the Market:
The market is segmented based on payment method, deployment mode, vertical, and region.
- Among payment method segment, the debit card sub-segment is estimated to grow at a healthy growth rate of 12.5% and hold a leading position in the market in the projected period. This is chiefly attributed to the mounting adoption of debit cards by several people owing to their benefits, like no service charges unlike credit cards and stress-free and quicker payments with no interest.
- Among deployment mode segment, the Cloud deployment mode sub-segment is estimated to dominate the market growth by growing at a CAGR of 13.3% during the estimated period. This is mostly because cloud platforms offer enhanced security as well as transparency in digital payments.
- Based on region, the Asia Pacific region market is expected to grow with a healthy growth rate of 13.5% and unlock rewarding growth opportunities for the market growth in the forecast period. This is mostly owing to the rising implementation of cutting-edge payment processing systems in numerous government institutions in the region.
To explore more details, Download the Sample Report of Payment Processing Solution Market
As per the report, surging preference of many businesses to provide online services and payment options, rising demand and adoption of ecommerce platforms, and growing adoption of online payment options due to rising digitalization across the globe are the major factors fueling the global payment processing solutions industry growth. Furthermore, mounting usage of mobile devices owing to speedy advancements in digital technologies and Internet services is predicted to reveal lucrative opportunities for the growth of the market in the anticipated period. However, growing cybercrimes and fraudulent activities are expected to hinder the market growth.
COVID-19 Impact on the Payment Processing Solution Market Growth:
The outburst of COVID-19 pandemic has created a positive impact on the global payment processing solutions market growth. People worldwide are significantly preferring online modes of payment for evading direct contact with people and avoiding the spread of infection. In addition, ecommerce platforms and retail shops vending essential goods have witnessed substantial rise in their sales in the course of the pandemic, which is propelling the market growth.
Request to Download Sample Report of COVID-19 Impact on Payment Processing Solution Market.
Top 10 Leading Players in Payment Processing Solution Industry
The leading players of the global payment processing solutions industry are
- ACI Worldwide, Inc.
- Global Payments, Inc.
- Fiserv, Inc.
- VISA, Inc.
- PaySafe, Inc.,
Several top business approaches and plans, including groundbreaking technological developments, R&D activities, acquisitions and mergers, etc., performed by these players are helping them in attaining a significant position in the global market.
In addition, the report caters numerous finer points about the foremost players, such as yearly performance, financial status, and product portfolio along with Porter Five analysis and SWOT analysis. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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