Payment Gateway Market to Reach $98.2 Billion Globally by 2030 at a CAGR of 17.7%: Allied Market Research
Rise in transaction data and rise in usage of different online payment methods such as internet banking, credit cards, debit cards and mobile wallets are driving the growth of the global market for payment gateways.
PORTLAND, Oregon., July 26, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Payment Gateway Market by Type (Hosted, Non-Hosted), By Business Size (Large Enterprise, Small & Medium Enterprise), By End Use (Travel & Hospitality , BFSI , Retail & eCommerce, Media & Entertainment, Others): Global Opportunities Analysis and Industry Forecast, 2021-2030.” According to the report, the global payment gateway industry generated $22.4 billion in 2021, and should reach $98.2 billion by 2030, growing at a CAGR of 17.7% from 2022 to 2030. The report provides detailed analysis of changing market dynamics, major segments, competitive scenario, and value chain to help market players, investors and startups to better understand market conditions and take necessary action for the future.
Drivers, constraints and opportunities
Rise in transaction data and rise in usage of different online payment methods such as internet banking, credit cards, debit cards and mobile wallets are driving the growth of the global market for payment gateways. However, privacy and security issues and the rise in online fraud pose a significant threat to the growth of the market. On the other hand, increasing investments in advanced technologies by market players and increasing popularity and accessibility of high-speed internet presents new opportunities in the coming years.
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- In order to reduce the risk of cross-contamination, individuals, businesses and organizations have preferred online transactions to cash. This has led to an increase in online transactions and digital payments. Because of this, the demand for payment gateways has increased dramatically during the Covid-19 pandemic.
- During the pandemic, peer-to-peer transactions and peer-to-peer electronic payments have increased dramatically. This popularity, in turn, has increased the revenue of payment gateway providers.
- The trend of online shopping has accelerated during the pandemic. This was due to the closure of physical stores, supermarkets, malls and other stores with lockdown restrictions in place. With the increase in online shopping, people have preferred to pay online for purchased items which, in turn, has increased the use of payment gateways.
- Payment gateway demand is expected to continue to rise post-pandemic as people start to prefer online transactions and digital payments over cash transactions.
Get a detailed analysis of the impact of COVID-19 on the Payment Gateway Market:
The hosted segment to maintain its leading status during the forecast period
Based on type, the hosted segment accounted for the highest market share in 2021, contributing nearly three-fifths of the global payment gateway market, and is expected to maintain its leading status during the forecast period. This is due to its ease of use with plug-and-play plugins for e-commerce stores, fraud management, multiple payment options, and more. However, the non-hosted segment is estimated to experience the highest CAGR of 18.1% from 2022 to 2030, owing to merchants’ full control over the customer experience as customers will be able to complete the checkout process on the page website.
The large enterprise segment to maintain its leading position during the forecast period
Based on enterprise size, the large enterprise segment contributed the highest market share in 2021, holding over three-fifths of the global payment gateway industry, and is expected to maintain its leading position. leader during the forecast period. This is due to the availability of various payment gateway services with international payment options, hassle-free reconciliation, and multiple payment methods. However, the small and medium business segment is estimated to register the highest CAGR of 17.9% from 2022 to 2030. This is attributed to the high transaction success rate, affordable fees and ease of monitoring the growth.
The BFSI segment will maintain its leading status by 2030
Based on end-use, BFSI segment held the largest market share in 2021, accounting for approximately one-third of the global payment gateway market, and is expected to maintain its leading status by 2030. This is due to the growing popularity of digital transactions. to explore new business opportunities and increase the user base in the industry. However, the travel and hospitality segment is expected to grow at the fastest CAGR of 18.9% from 2022 to 2030, owing to the availability of transaction security, simplicity and convenience for online bookings. line.
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Asia Pacific provide lucrative opportunities
Based on the region, Asia Pacific contributed the largest market share in 2021, accounting for nearly two-fifths of the global ransomware protection market, and is expected to maintain its revenue dominance by 2030. Additionally, this region is expected to show CAGR the fastest of 18.4% during the forecast period. This is due to the increase in cross-border payment services provided by major payment service providers such as PayPal, Stripe, Payoneer and others. The research also analyzes regions including North America, Europeand LAMEA.
Main market players
- PayPal Holdings, Inc.
- visa inc.
- Amazon.com Inc.
- FIS (Worldpay)
- BitPay, Inc.
- FISERV, Inc. (BluePay)
- JPMorgan Chase & Co.
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