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Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) — The “Global Payment Gateway Market by Type, by Company Size, by End User and by Region – Forecast Analysis 2022-2028” report has been added to the ResearchAndMarkets.com’s offering.
The global payment gateway market was valued at USD 22.5 billion in 2021 and is expected to reach a value of USD 91.3 billion by 2028 with a CAGR of 22.1% during the forecast period (2022-2028).
Government organizations around the world are encouraging digital transactions, which further supports the expansion of credit and debit card infrastructure, including the payment gateway market. Another factor driving the growth of the global payment gateway market in the near future is the increasing use of credit and debit cards for online shopping.
Segments covered by this report
The global payment gateway market is segmented on the basis of type, company size, end user, and region. On the basis of type, the market can be divided into hosted and non-hosted segments. On the basis of enterprise size, the market is segmented into large enterprises, small and medium enterprises. On the basis of end users, the market is segmented into BFSI, media and entertainment, retail and e-commerce, travel and hospitality, and other segments. On the basis of region, the global payment gateway market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
One of the major factors promoting the growth of the global payment gateway market is the rapid adoption of online services by large enterprises. One of the major trends driving the expansion of the global payment gateway market during the projected period is the growing popularity of mobile commerce.
Attractive online deals and time-saving shopping with easy payment options are just some of the reasons that are likely to contribute to the expansion of the global industry in the near future. Another factor driving the growth of the global payment gateway market is the reduction of ATM branches in Taiwan, China, Thailand, Malaysia, Hong Kong and the Philippines as a result of increased use of net banking and increasing use of cards.
Restraint
The growth of the payment gateway industry in the coming years may be hampered by security concerns. In order to proceed with an online payment, both the business and the customer must provide their bank details and card details to the online payment company. While disclosure of certain banking information may lead to security issues. For example, the central bank of Bangladesh had a major cyber security breach. These are several important elements that will have a negative impact on the future expansion of the global payment gateway market.
Trends
The payment gateway market is likely to be dominated by North America. The payment gateway market in North America will expand in the coming years as a result of the increasing reliance on electronic payment methods for many types of online commerce. In addition, the online transaction gateway offers safe and secure payment, which is one of the main growth drivers in North America. Due to the increasing reliance of small and large manufacturers on online form of payment to drive market expansion, other regions such as Asia Pacific are emerging economies and are predicted to offer promising growth prospects in this industry.
The mentioned companies
- Wirecard AG (Germany)
- Global Payments Inc. (USA)
- Worldpay Inc. (USA)
- Naspers Ltd. (South Africa)
- PayPal Holdings (USA)
- SecurePay Pty Ltd. (Australia)
- Tencent Holdings Ltd. (China)
- CCBill LLC (USA)
- Visa Inc. (USA)
- Alibaba Group Holding Ltd. (China)
- Verizon Communications Inc. (USA)
- railroad (USA)
- CASHU (UAE)
- Adien NV (Netherlands)
- First Data Corp. (USA)
- GMO Payment Gateway Inc. (Japan)
For more information on this report, visit https://www.researchandmarkets.com/r/al0kc7
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Global payment gateway market
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