Global Payment Gateway Market

Payment Gateway Market Size, Share, Growth Analysis, By Type(Hosted, Non-Hosted), By Enterprise Size(Large Enterprises, Small & Medium Enterprises), By End-User(BFSI, Media & Entertainment, Retail & Ecommerce, Travel & Hospitality), By Region - Industry Forecast 2024-2031


Report ID: SQSG45E2040 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 90 | Figures: 76

Payment Gateway Market Insights

Payment Gateway Market size was valued at USD 26.75 billion in 2019 and is poised to grow from USD 26.79 billion in 2023 to USD 153.55 billion by 2031, growing at a CAGR of 22.2% in the forecast period (2024-2031).

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.

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Payment Gateway Market size was valued at USD 26.75 billion in 2019 and is poised to grow from USD 26.79 billion in 2023 to USD 153.55 billion by 2031, growing at a CAGR of 22.2% in the forecast period (2024-2031).

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. 'PayPal Holdings, Inc.', 'Stripe', 'Adyen N.V.', 'Square, Inc.', 'Wirecard AG', 'Payments, Inc.', 'CCBill, LLC', 'PayU Group', 'Skrill Limited', 'Ingenico Group', 'BlueSnap Inc.', '2Checkout.com, Inc.', 'Worldpay, LLC', 'Authorize.Net Corporation', 'Alipay.com Co. Ltd.', 'Fiserv, Inc.', 'Payline Data Services LLC', 'GoCardless Ltd.', 'First Data Corporation', 'Braintree Payment Solutions LLC'

It is anticipated that increasing e-commerce sales and faster internet will foster the expansion of the payment gateway sector. Modern payments, smartphone transactions, and a growth in online credit card payments have caused retail to depart from conventional business structures. Retailers are working to create cutting-edge mobile payment solutions, manage risk, and provide excellent customer experience both online and offline. Although certain aspects of this evolution will occur spontaneously, there will be many possibilities for many parties to influence the final product.

The market under investigation is evolving along with consumer trends. A few trends affecting the retail industry are the cashless economy, mobile banking, fast payments, digital commerce, and the expanding influence of regulatory bodies. Customers benefit from shorter lines, the removal of cash-on-hand issues, and faster moving queues when making payments online. This simplifies the payment process and makes it more convenient for customers.

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.

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Global Payment Gateway Market

Report ID: SQSG45E2040

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