USD 26.75 billion
Report ID: SQSG45E2040 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 90 | Figures: 76
Payment Gateway Market size was valued at USD 26.75 billion in 2021 and is poised to grow from USD 26.79 billion in 2022 to USD 153.55 billion by 2030, growing at a CAGR of 22.2% in the forecast period (2023-2030).
The market expansion can be ascribed to the rising global demand for mobile-based payments. Other important aspects that are projected to help to the growth of the payment gateway market include increasing e-commerce sales and increasing internet penetration internationally. Additionally, it is anticipated that the market would develop in the coming years due to the shift in merchant and client preferences toward digital channels for permitting online money transfers.
Payment gateways that offer secure internet transactions and aid in preventing credit or debit card scams and other fraudulent activities are becoming more and more in demand from businesses. Reliable payment gateways encrypt sensitive data to guarantee that it is delivered securely from the consumer to the issuing bank, including bank account information and debit or credit numbers. Additionally, they spare customers from having to cope with the inconveniences of shopping in actual stores and standing in long lines. Online transactions may be efficiently completed by customers, giving them a smooth purchasing experience.
US Payment Gateway Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 26.75 billion
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Payment Gateway Market is segmented on the basis of type, enterprise size, end-user and region. Basen on the type, the Payment Gateway Market can be bifurcated into hosted and non-hosted segments. On the basis of enterprise size, the Payment Gateway Market is segregated into large enterprises, small & medium Enterprises segments. Based on the end-users, the Payment Gateway Market is segmented into BFSI, media & entertainment, retail & Ecommerce, travel & hospitality, and other segments. Based on region, the global payment gateway market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Payment Gateway Market Analysis by Type
In 2021, the hosted segment led the industry and generated more than 57% of total revenue. Due to elements like simple payment setup processes and decreased merchant liability, the demand for hosted payment gateways is rising among retailers. These elements guarantee that third-party payment service providers will manage the entire transaction process and offer improved security and data protection. Hosted payment gateways also enable businesses to cut down on fraud and concentrate on their core services. Hosted gateways are also a safer choice for payment processing because they adhere to the Payment Card Industry Data Security Standard (PCI DSS).
Over the projection period, the non-hosted segment is predicted to experience substantial expansion. As businesses can maintain control over the entire checkout process, including the layout and design process, while offering customers a smooth purchasing experience, many merchants around the world prefer a non-hosted payment gateway for their website. Merchants can allow customers to complete payments by directly entering their debit or credit card details on the checkout page using APIs. Additionally, any device can use APIs to combine non-hosted gateways with online payment systems, opening up new growth prospects for the market during the course of the forecast period.
Payment Gateway Market Analysis by Enterprise Size
In 2021, the large enterprise market category held the largest share of the market, accounting for more than 56% of global revenue. Due to the larger website traffic that large businesses typically experience, they must implement efficient checkout solutions for their clients. By supporting several digital payment methods like net banking and credit or debit cards, payment gateway systems may guarantee a simple checkout process for clients. These businesses also need a very safe and secure method of transaction, which is made possible by payment gateways. Sensitive consumer and merchant data is protected by trustworthy payment gateways using industry-standard encryption.
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In 2021, North America dominated the market and generated more than 36% of worldwide sales. Technology developments and the use of payment gateways in booming end-use areas like retail and e-commerce are responsible for the increase. The market expansion in the area is also being fueled by the presence of well-known firms like Square, PayPal Holdings Inc., Mastercard, BluePay, and Amazon Payments Inc. Oberlo predicted that sales in the U.S. retail industry will increase by 2.3% in 2021 and by 4.1% in 2022.
Over the course of the projected period, Asia Pacific is expected to become the region with the quickest rate of growth. Government measures to upgrade the online payment infrastructure in Asia Pacific nations are to blame for the increase. To make effective digital payments possible, the Reserve Bank of India (RBI) in India has regulated gateways including Bharat Bill Pay, Paytm, and Mobikwik. The Chinese government is concentrating on expanding rural internet connection in order to spur market expansion.
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Payment Gateway Market Driver
Payment Gateway Market Restraint
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The market for online payment gateways is undergoing an increase in strategic activities, including partnerships, growth, mergers and acquisitions, and the incorporation of cutting-edge technologies. Industry leaders invest strategically in advancing R&D efforts and supporting their expansion goals.
Payment Gateway Market Top Players Company Profiles
Payment Gateway Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global payment gateway market is segmented based on type, enterprise size, end-user and regions. Evidently, businesses throughout the world are quickly integrating mobile payment services like PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay into their payment processes. Furthermore, this tendency is anticipated to persist during the projection period due to changing lifestyles, everyday commerce, and the quick expansion of internet retailing. Over the course of the forecast period, the payment gateway market is anticipated to be driven by the booming demand for online commerce around the world.
|Market size value in 2021||USD 26.75 billion|
|Market size value in 2030||USD 26.79 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Payment Gateway Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Payment Gateway Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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