Categories: Business & Finance

Payment Gateway Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Payment Gateway Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Payment Gateway Market:

https://www.thebusinessresearchcompany.com/report/payment-gateway-global-market-report

According to The Business Research Company’s Payment Gateway Global Market Report 2024, The payment gateway market size has grown rapidly in recent years. It will grow from $32.05 billion in 2023 to $37.59 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The  growth in the historic period can be attributed to e-commerce boom, globalization and cross-border transactions,increased digitalization, regulatory changes, consumer trust and security.

The payment gateway market size is expected to see rapid growth in the next few years. It will grow to $71.11 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to continued e-commerce growth, rise of mobile payments, emerging markets adoption, integration of alternative payment methods, enhanced data analytics. Major trends in the forecast period include integration of artificial intelligence and machine learning, subscription and recurring payments, regulatory compliance and psd2 implementation, blockchain and cryptocurrency integration, user experience optimization.

The rise in digital payments is expected to propel the growth of the payment gateway market going forward. Digital payments are electronic transactions conducted without the use of cash or checks, utilizing methods such as credit cards, debit cards, mobile wallets, and online payment systems. The increase in digital payments requires payment gateways that provide a secure connection between a business’s website and a payment processing company, which handles the payment processing for the business through which the digital payment takes place. For instance, in September 2023, according to FreedomPay Inc., a US-based payment platform as a service, in the UK at present, approximately 17.0% of expenditures in the retail, leisure, and hospitality sectors are conducted using digital wallets. Forecasts suggest a surge to $160.50 billion (£127.7 billion) in digital wallet transactions by 2027 and 2028 from the current $91.12 billion (£72.5 billion). By 2033, it’s anticipated that digital wallet payments will more than double, reaching 39.7% of total transactions, equating to $263.94 billion (£210 billion). Therefore, the rise in digital payments is driving the growth of the payment gateway market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=10666&type=smp

The payment gateway market covered in this report is segmented –

1) By Type: Hosted, Non-Hosted

2) By Enterprise Size: Large Enterprise, Small And Medium Enterprise

3) By End-User: Travel And Hospitality, Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Media And Entertainment, Other End Users

Voice recognition technology in payment solutions is a key trend gaining popularity in the payment gateway market. Companies operating in the payment gateway market are adopting new technologies to sustain their position in the market. For instance, in February 2023, Ubona Technologies, an India-based speech recognition company, launched 123 UPI, a first-of-its-kind speech recognition technology-based payments solution that allows users to make digital payments in their preferred Indian language using any phone (feature phone or smartphone). This solution employs an automatic speech recognition engine to assist people in transacting in their preferred Indian language, allowing them to make digital payments in their native language.

The payment gateway market report table of contents includes:

 

  1. Executive Summary
  2. Payment Gateway Market Characteristics
  3. Payment Gateway Market Trends And Strategies
  4. Payment Gateway Market – Macro Economic Scenario
  5. Global Payment Gateway Market Size and Growth

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.

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  1. Global Payment Gateway Market Competitive Benchmarking
  2. Global Payment Gateway Market Competitive Dashboard
  3. Key Mergers And Acquisitions In The Payment Gateway Market
  4. Payment Gateway Market Future Outlook and Potential Analysis
  5. Appendix

Top Major Players:

  • Adyen NV
  • PayU Group
  • Amazon Payments Inc
  • Net
  • Verifone Holdings Inc

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