Press release
Online Payment Market Size, Analysis By Segmentation And Geography Overview
The global online payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud. This information is given by Fortune Business Insights™ in a new report, titled, "Online Payment Market Size, Share & COVID-19 Impact Analysis, By Payment Type (Mobile Payment, Online Banking, and Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Food & Beverages, IT & Telecom, Transportation, and Others), and Regional Forecast, 2020-2027." The report further states that the market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period.
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Companies Profiled in the Global Online Payment Market:
com Co Ltd. (Hangzhou China)
Adyen (Amsterdam Netherlands)
American Express Co. (New York USA)
ACI Worldwide Inc. (Florida USA)
JPMorgan Chase & Co (New York USA)
Facebook Inc. (California USA)
MasterCard Incorporated (New York USA)
Apple Inc. (New York USA)
Amazon Inc. (Washington USA)
PayPal, Inc. (California USA)
Visa, Inc. (California USA)
Drivers & Restraints
Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth
The retail industry is considered to be one of the major contributors to the online payment market growth as it is adopting such platforms rapidly. The main aim behind this is to gather consumer data, such as the intervals of shopping, preferences, and their most purchased items. They are further utilizing such data to deliver personalized customer services. Starbucks, for instance, introduced its this payment app for customers where they can choose food and beverages and pay for the same directly from their bank accounts. Besides, the company started offering services, such as loyalty points and discount codes for enhancing customer engagement.
However, the outbreak of the COVID-19 pandemic has started to cause a shift in the market. The consumer behavior is transforming at a fast pace owing to the increasing need to prevent the spread of the virus. Hence, they are opting for contactless transactions and are using digital wallets. As per a survey by the MasterCard Corporation, around 79% of customers are using contactless payment worldwide to maintain safety. There is also a reduction in transactions because of the complete shutdown of hospitality, aviation, travel, and entertainment industries. It may hamper the demand for online payment solutions.
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Key Benefits to Purchase Online Payment Market Report:
Major countries in each region are mapped according to individual Online Payment Market revenue.
Comprehensive analysis of factors that drive and restrict the market growth is provided.
The report includes an in-depth analysis of current research and clinical developments within the market.
Key players and their key developments in the recent years are listed.
Global Online Payment Market, by Regions:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Major Points Covered in TOC:
Overview: Along with an expansive outline of the worldwide Online Payment Market, this segment gives an outline of the report to give a thought regarding the nature and substance of the examination study.
Analysis of Strategies of Leading Players: Market players can use this analysis to gain a competitive advantage over their competitors in the Online Payment Market.
Study on Key Market Trends: This piece of the report offers a more significant assessment of the latest and future examples of the market.
Market Forecasts: Buyers of this report will approach precise and approved evaluations of the all market size as far as worth and volume. The report additionally gives utilization, creation, deals, and different conjectures for the Online Payment Market.
Local Growth Analysis: All critical regions and countries have been covered in the report. The neighbourhood examination will help with elevating players to exploit dismissed common business areas, prepare express philosophies for target regions, and contemplate the improvement of each and every regional market.
Segmental Analysis: The report gives precise and solid conjectures of the piece of the pie of significant portions of the Online Payment Market. Market members can utilize this examination to make key interests in key development pockets of the market.
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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