Digital Payment Market 2022-2027: Global Size, Share, Growth, Competitive Analysis and Industry Trends

According to IMARC Group's latest report, titled "Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global digital payment market is expected to exhibit a CAGR of 17.8% during 2022-2027. The digital payment represents an easy, convenient, fast, and secure payment method conducted online for procuring a product or service without using cash. It is processed by secure gateways that are hard to tamper with and allow users to pay directly from their banks. In addition to this, this method is more reliable than conventional transactions and easily traceable as details of the payments are stored in a merchant-specific database. Furthermore, it offers various benefits, such as excellent payment security, traceability, ease of use, fast processing, low theft risk, etc. Consequently, digital payment is gaining extensive traction across the globe.

COVID-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Market Trends:

The escalating demand for improved consumer experience is primarily driving the digital payment market. Additionally, the growing penetration of smartphones and high-speed internet is further catalyzing the market growth. Besides this, government bodies across the countries are launching several favorable policies to promote cashless transactions for reducing tax fraud and maintaining money trails. This, in turn, is acting as another significant growth-inducing factor. Moreover, the widespread adoption of the quick response (QR) code, the emergence of the 5G network, and the inflating popularity of mobile payments are also positively influencing the global market. Apart from this, the leading manufacturers are using numerous advanced technologies, including blockchain, big data, machine learning (ML), and artificial intelligence (AI), to enhance their product offerings, which is anticipated to fuel the digital payment market over the forecasted period.

Digital Payment Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the digital payment market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

ACI Worldwide Inc.
Adyen N.V.
Aliant Payment Systems Inc.
Amazon.com Inc.
American Express Company
Apple Inc.
Fiserv Inc.
Mastercard Incorporated
Novetti Group Limited
Paypal Holdings Inc.
Stripe Inc.
Total System Services Inc.
Visa Inc.
Wirecard AG

Key Market Segmentation:

The report has segmented the global digital payment market on the basis of component, payment mode, deployment type, end use industry and region.

Breakup by Component:

Solutions:
Application Program Interface
Payment Gateway
Payment Processing
Payment Security and Fraud Management
Transaction Risk Management
Others

Services:
Professional Services
Managed Services

Breakup by Payment Mode:

Bank Cards
Digital Currencies
Digital Wallets
Net Banking
Others

Breakup by Deployment Type:

Cloud-based
On-premises

Breakup by End Use Industry:

BFSI
Healthcare
IT and Telecom
Media and Entertainment
Retail and E-commerce
Transportation
Others

Breakup by Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/digital-payment-market

Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.