Hosted Payment Gateway Segment dominates Payment Gateway Market
Government initiatives
towards digitization and surging popularity of digital payments to drive the
payment gateway market through 2024
According
to TechSci Research report, “Global Payment
Gateway Market By Type, By Enterprise Size, By End-User, By Region, By
Company, Competition, Forecast & Opportunities, 2024”, the global payment gateway market is projected to grow at
a CAGR of around 22% during 2024, on account of increasing penetration of
internet which is aiding the demand for online transactions. The number of
internet users grew at a notable rate in the last five years and the trend is
likely to continue during forecast period as well due to the introduction of 4G
& 5G high speed internet technology. Moreover, growing inclination towards digital
payments, easy-access and attractive cashbacks are further promoting the growth
of global payment gateway market.
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Payment gateway market caters to various end-user such
as travel & hospitality, retail, healthcare, education, government,
utilities and others. Retail dominated the market in 2018 as major retail
companies are adding payment gateway to their sites which is escalating the
growth of the market. Based on the payment gateway type, hosted payment gateway
dominates the global payment gateway market as these payments are user-friendly
and are more secure. In terms of enterprise size, large enterprise accounted
for the largest share on account of high transaction volume and value.
Among regions, Asia-Pacific payment
gateway market is poised to grow
at high rate during the forecast period, owing to increasing utilization of
online business platforms by local vendors in economies such as India, China
and government initiatives. PayPal Holdings, Stripe, Inc. Adyen N.V., Inc.,
Amazon Pay (Amazon.com, Inc.), Square, Inc., etc., are the major companies
operating in the global payment gateway market. Companies operating in the
online payment gateway market are collaborating, launching new services and
expanding to different regions; for instance, Alipay expanded its payment
service in London.
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“Implementation
of payment gateway across various end user segments, such as travel &
hospitality, retail, healthcare, education, government, and utilities, among
others, is increasing at a robust pace, owing to growing volume of payments
done via digital means such as credit/debit cards, mobile phones, etc., in
these sectors. Moreover, growing awareness among people about online payments
and increasing proliferation of smartphones would further steer growth in global
payment gateway market in the coming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Payment Gateway Market By Type, By Enterprise Size, By End-User, By Region,
Competition Forecast & Opportunities, 2014 – 2024” has
evaluated the future growth potential of payment gateway market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global payment gateway market.
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