Press Release Description

Dramatic Shift of Customers to Digital Transactions Drives the Payment Gateway Market

A recent research study by MarkNtel Advisors states that the Global Payment Gateway Market is set to record around 20% CAGR during 2023-28. The burgeoning adoption of mobile-based payments, backed by the rapidly expanding e-commerce sector, is the major aspect projected to drive the payment gateway market in the forecast years. More and more sellers & buyers worldwide are adopting digital payment channels for more accessible, safe, & hassle-free transactions. E-commerce enterprises are increasingly collaborating with payment gateway providers in order to strengthen the digital payment infrastructure and enable better customer experiences.

The leading players in the industry are likely to include feedback methodology to bring more feasibility in current digital transaction pathways and make them abide by advancements in the IoT & Artificial Intelligence. It could be enabled by studying the waiting time, user insights, & payment patterns and adding additional features to the existing system. These trends are likely to create new avenues for the payment gateway industry to witness notable expansion in the coming years.

Large Enterprises hold the Highest Share of the Payment Gateway Market

Many large organizations worldwide are increasingly focused on bringing effective web solutions for their customers. These enterprises have high customer visits & dependency on a diversified product portfolio, alongside a high level of security and massive transaction volume. As a result, the need for robust & reliable payment gateways is rapidly mounting across these firms and, in turn, stimulating the overall market growth. Moreover, perks like a convenient checkout process for consumers with the support for digital payment methods, including credit/debit cards & net banking, are also accelerating the need for payment gateway solutions for large enterprises, thereby augmenting the overall market growth.

Asia-Pacific set to Record the Fastest Market Growth with Robust Government Support

The Asia-Pacific Payment Gateway Market is expected to be driven primarily by several government initiatives for digitalizing the BFSI sector and strengthening the financial infrastructure of different countries in the region with improved online payments. Besides, governments of several countries are also actively working on promoting the use of digital transactions, which, in turn, is generating lucrative opportunities for the market players to widen their service offerings with more secured & innovative features. Buckled with these initiatives and Asia-Pacific's vast population, the online transaction volume is dramatically increasing, i.e., attracting substantial investments in the payment gateway industry across the region.

Competitive Landscape

The key companies operating in the Payment Gateway Market include PayPal Holdings, Stripe, Inc, Adyen N.V., Inc, Amazon Pay, Square, Inc, Skrill limited, PayU group, Ingenico Group, Co Ltd, and Paytm Mobile Solutions Pvt. Ltd.

Key Questions Answered in the Research Report

  1. What are the current & future trends in the Global Payment Gateway Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across various regions, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Payment Gateway Market?
  5. What are the customer orientation, purchase behavior, & expectations from the leading players in the Global Payment Gateway Market?

Market Segmentation:

  1. By Type (Hosted, Self-hosted & Bank Integrated)
  2. By Enterprise Size (SMEs, Large Enterprises)
  3. By End-User (Retail, Travel & Hospitality, Healthcare, Education, Government, Utilities & Others)
  4. By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific)
  5. By Country (The US, Canada, Mexico, Brazil, The UK, Germany, France, Italy, Spain, Russia & CIS, Saudi Arabia, The UAE, Turkey, Qatar, South Africa, Egypt, China, Japan, South Korea, India, South East Asia)