Hosted Payment Gateways to Account for 57% of Global Market Value, Forecasts Fact.MR
Published : 23 Feb 2022 Industry: Technology
The global market for payment gateway is anticipated to secure a market value of USD 189 Bn by 2032, expanding at an impressive CAGR of 21% during the forecast period, according to a recently published Fact.MR report. The expansion of the market can be attributed to the increasing internet penetration and the rapid growth of e-commerce.
The growing demand for mobile-based payments across the globe is projected to offer significant opportunities to the key players in the coming time. Further, the outbreak of COVID-19 brought a positive impact on the market. According to various studies, there has been a rise of 13-20% in e-commerce since the outbreak of the pandemic. Moreover, the growing partnerships among the key players of the market are likely to propel the industry’s growth significantly.
For instance, Yes Bank collaborated with Amazon Pay and Amazon Web Services to provide real-time payment systems through UPI. In addition, the initiatives taken by various countries to encourage the usage of the internet in untapped areas is another salient cause that can bolster market growth. For instance, the British government invested USD 5.9 Bn in their rural areas to offer better internet connectivity.
Key Takeaways from the Market Study
- The market to hold a value of USD 26 Bn in 2022
- North America to have dominated the market by acquiring more than 36% of the global revenue share in 2021
- APAC to be the fastest-growing regional market during the forecast period
- The hosted segment projected to have garnered 57% of the global revenue share
- The large enterprise segment is projected to have secured about 55% of the global revenue
- The retail and e-commerce segment to have dominated the market in 2021 and is expected to have acquired about 24% of the market share
“The growing popularity of e-commerce and the increasing awareness amongst the people of developing nations is anticipated to make a boost the market significantly in the coming time.”- says an analyst at Fact. MR.
The players of the market adopt various strategies to enhance their market reach. Acquisitions, partnerships, and collaborations are some of the methods used by the vendors to strengthen their positions in the industry.
Some of the recent developments among the key players are:
- In February 2022, Adyen, the renowned entity, disclosed a partnership with Ding to optimize its payment systems and strengthen its international growth.
- In February 2022, Network International announced its partnership with Amazon Payment Services to offer online payment solutions to merchants in the UAE. Network International is a recognized name in the Middle East and Africa region that provides digital commerce services.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global market for payment gateway, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of Enterprise Size (Small & Medium Enterprises, Large Enterprises) By End-Use (Media & Entertainment, Travel & Hospitality, Retail & E-commerce, BFSI, and Others), By Type (Non-hosted, Hosted), and Region (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Technology
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Sr. Consultant – Technology