The global Digital Payment Market size is predicted to reach USD 87 billion by 2024, growing at a CAGR of over 15% during the forecast period. The growing usage of smartphones, various initiatives taken to promote digital payment, and the growing e-commerce industry are the major drivers of the global digital payment market. In terms of type, the market for digital payment is categorized into solutions and services. The solutions category is further categorized in terms of payment gateway solutions, payment processing solutions, payment wallet solutions, payment security & fraud management solutions, and POS solutions. Owing to the growth of the e-commerce industry, the payment gateway solutions category is projected to witness the fastest growth during the forecast period. Taking into account the geographical landscape, the North American digital payment market is projected to hold the largest share of the global market throughout the forecast period. The market for digital payment in North America is growing due to the presence of a large number of digital payment solution providers in the region and the expansion of the mobile commerce industry in the region. The Asia-Pacific market for digital payment is projected to witness the fastest growth during the forecast period. The complications associated with legacy payment services in the Asia-Pacific region have propelled the demand for consulting services and thereby bolstering the digital payment industry growth in the region. The key players in the market are ACI Worldwide Inc., PayU, PayPal Holdings Inc., Global Payments Inc., Fiserv Inc., Paytm, and others.
Years considered for this report:
Historical Year: 2014 - 2017
Base Year: 2018
Estimated: 2019
Forecast: 2020 - 2024
The objective of the Study:
- To analyze and forecast the market size of Digital Payment, in terms of value.
- To classify and forecast global Digital Payment based on component, delivery mode, application, end user, and regional distribution.
- To identify drivers and challenges for Global Digital Payment.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Global Digital Payment.
- To conduct the pricing analysis for Digital Payment.
- To identify and analyze the profile of leading players involved in the of Global Digital Payment system.
Some of the leading players in the Global Digital Payment market are ACI Worldwide Inc., PayU, PayPal Holdings Inc., First Data Corporation, Worldpay Group plc., Wirecard AG, Stripe, Global Payments Inc., Fiserv Inc., Paytm, and others.
TechSci Research performed both primary and exhaustive secondary research for this study. Initially, TechSci Research sourced a list of Solution Providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the Service Providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels, and presence of all major collaboration Solution Providers across the globe.
TechSci Research calculated the market size of Global Digital Payment using a bottom-up approach, where data for various applications across various technology 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 the company website, news articles, press releases, company annual reports, investor presentations, and financial reports were also used by TechSci Research.
Key Target Audience:
- Digital Payment Solutions and Service Providers
- Smart Card Vendors
- Financial Institutions
- Merchants and Merchant Acquirers
- Mobile Network Operators
- Credit/Debit Card Providers
- Cloud Payment Solution Providers
- POS Device Manufacturers
- Payment Security Service Providers
- System Integrators
- Research organizations and consulting companies.
- Research Institutes
- Industry associations
- Market research and consulting firm.
The study provides answers to several critical questions that are important for the industry stakeholders such as collaboration service providers and partners, end users, etc., besides allowing them to strategize investments and capitalize on market opportunities.