The Business Research Company’s report on the Payment as a Service Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the payment as a service market?
The increasing adoption of cashless transactions worldwide is expected to propel the growth of the payment as a service market going forward. A cashless transaction is an automated or online transaction between two people, companies, or organizations. With the help of payment as a service (PaaS) technology providers and cloud-based platforms, banks and credit unions can quickly expand and modernize their payment capabilities without making a significant initial investment. For instance, in January 2024, according to the European Central Bank, a Germany-based central bank of the European Union countries, the number of contactless card payments in the first half of 2023 increased by 24.3% from 20.9 billion in the first half of 2022, with the corresponding total value rising by 25.9% to €0.5 trillion ($545.27 billion). Therefore, the increasing adoption of cashless transactions worldwide is driving the growth of the payment as a service market.
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How has the payment as a service market size evolved, and what are the latest forecasts for its expansion?
The payment as a service market size has grown rapidly in recent years. It will grow from $16.1 billion in 2024 to $19.11 billion in 2025 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to regulatory changes, consumer preferences, cost efficiency, security concerns, API economy.
The payment as a service market size is expected to see exponential growth in the next few years. It will grow to $43.94 billion in 2029 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to rapid growth in emerging markets, environmental sustainability, real-time payments, enhanced data privacy measures, continued regulatory developments, personalized customer experiences. Major trends in the forecast period include digitalization of transactions, mobile technology advancements, cloud technology adoption, partnerships and collaborations, blockchain and cryptocurrency integration, artificial intelligence in fraud detection.
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Which major companies dominate the payment as a service market?
Major companies operating in the payment as a service market are Aurus Inc., Total System Services Inc., Ingenico Group SA, Paystand Inc., Mindgate Solutions Private Limited, VoPay International Inc., Agile Payments LLC, Route Mobile Limited, Arcus Financial Intelligence Inc., ACE Software Solutions Inc., StyloPAY Inc., FacilitaPay LLC, PaySky Holding SAL, International Business Machines Corporation., Radar Payments B.V., First Data Corporation, Paysafe Group Limited, Verifone Inc., Alpha Fintech Inc., First American Payment Systems LLC, Pineapple Payments LLC, PPRO Financial Ltd., Valitor hf., Fidelity National Information Services Inc., Helcim Inc., RAMP Holdings Inc., Jeeves Information Systems AB, Revolut Ltd., Ravelin Technology Limited
What trends will shape the future of the patient temperature monitoring market?
Technological Advancements are a key trend gaining popularity in the payment-as-a-service market. Major companies operating in the payment-as-a-service market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, Stripe, an Ireland-based financial services and software company, launched Stripe Financial Connections, a new payment-as-a-service (PaaS) feature allowing businesses to securely connect directly with customers’ bank accounts. This tool enables companies to verify bank account balances in real time, making it easier for customers to make direct payments and reducing payment failures. With this new solution, Stripe aims to enhance payment success rates and optimize customer experience by leveraging advanced algorithms and data insights.
Which region dominates the payment as a service market, and what factors contribute to its leadership?
North America was the largest region in the payment as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the payment as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the payment as a service market segmented, and which segment holds the largest share?
The payment as a service market covered in this report is segmented –
1) By Service: Professional Services, Managed Services
2) By Component: Platform, Services
3) By Vertical: Retail, Hospitality, Media And Entertainment, Healthcare, Banking, Financial Services, And Insurance (BFSI), Other Verticals
Subsegments:
1) By Professional Services: Consulting Services, Integration Services, Training And Support Services
2) By Managed Services: Payment Gateway Management, Fraud Detection And Prevention, Compliance Management, Transaction Monitoring
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How is the payment as a service market defined?
Payments as a Service (PaaS) refers to a service platform that provides platforms and develops the opportunity to offer payment options and generate revenue quickly and easily. It is used for enabling banks, payment providers, and other financial institutions for providing their customers with advanced payment products and services without resource-intensive internal development investment costs.
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