The Global Real Time Payment market is expected to grow at a robust CAGR of around 30% during the forecast period. The global real-time payment market is driven by the growing number of mobile phone users and increasing traction for instant payment transfers among the population. Additionally, increasing cashless transactions, and the increasing popularity of the internet and mobile banking among the population are further projected to propel the growth of the market during the next five years.
The Global Real Time Payment market is segmented based on the nature of payment, component, deployment mode, end user, company, and region. Based on the nature of payment, the market can be categorized into P2P, P2B, and B2P. The P2B segment is expected to hold a significant market share owing to the growing volume of digital real-time transactions. Based on components, the market can be bifurcated into solutions and services. The solutions segment is expected to dominate the market attributable to the growing customer preference for digital transactions, which has led to new reforms and regulations that make it necessary for banks and organizations across a number of industries to adopt Real-Time Payment gateway, and instant payment processing solutions, among others. Based on deployment mode, the market can be divided into on-premise and cloud. The on-premise segment dominates the market on account of the high implementation of on-premise real-time payment solutions across large enterprises to procure and access data securely within their premises.
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Regionally, the Real Time Payment market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, the Asia Pacific region is the fastest-growing region in the overall Real-Time Payment market.
The major players operating in the Real Time Payment market are ACI Worldwide, Inc., Mastercard Incorporated, Visa Inc., PayPal Holdings, Inc., Fiserv, Inc., Fidelity National Information Services, Inc. (FIS Inc.), Wirecard AG, Worldpay, Inc., Montran Corporation, Volante Technologies Inc. and others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. For instance, In August 2018, ACI Worldwide partnered with SPAN Enterprises, a cloud-based software company, to boost payments and enhance the customer experience in the transportation industry by deploying ACI’s Official Payments, an IRS tax payment system.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
The objective of the Study:
- To analyze and forecast the market size of the global Real-Time Payments market.
- To classify and forecast the global Real-Time Payment market based on the nature of payment, component, deployment mode, end user, company, and regional distribution.
- To identify drivers and challenges for the global Real-Time Payment market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global Real-Time Payment market.
- To conduct pricing analysis for the global Real-Time Payment market.
- To identify and analyze the profile of leading players operating in the global Real-Time Payments market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels, and presence of all major players across the globe.
TechSci Research calculated the market size of the global Real-Time Payments market using a bottom-up approach, wherein data for various end-user segments were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience:
- Real-Time Payment manufacturers and suppliers
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers
- Organizations, forums, and alliances related to Real-Time Payment
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.