Digital Payment Market Growth, Latest Industry Size, Future Sales Revenue and Key Drivers Analysis Research Report 2028, The Insight Partners

According to our latest market study on "Digital Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Organization Size, and Industry," the market was valued at US$ 89,045.67 million in 2021 and is projected to reach US$ 243,426.71 million by 2028; it is expected to grow at a CAGR of 15.4% from 2021 to 2028. The global digital payment market is expected to grow during the forecast period due to the increasing prevalence of smartphones enabling the expansion of mCommerce. The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device's screen. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments.

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Scope of the Report

The digital payment market is segmented on the basis of component, deployment, organization size, industry, and geography. Based on component, the market is bifurcated into solution and services. The market for the solution segment is further segmented into payment gateway, payment processing, payment security and fraud management, point of sale, and payment wallet. The payment processing segment held the largest revenue share in 2020. Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. Based on organization size, the market is bifurcated into small and medium enterprises and large enterprises.

The large enterprises segment held a larger revenue share in 2020. Based on industry, the digital payment market is segmented into BFSI, retail and ecommerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. The BFSI segment held the largest revenue share in the market in 2020. Geographically, the digital payment market is segmented into five key regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The market in APAC is projected to grow at the fastest rate from 2021 to 2028.

The Innovative Key Players Are:

•ACI WORLDWIDE, INC
•Adyen
•Financial Software & Systems Pvt. Ltd.
•Fiserv, Inc.
•Global Payments Inc.
•Novatti Group Ltd
•PayPal Holdings, Inc.
•Paysafe Limited
•Block, Inc.
•PayU

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Impact of COVID-19 Pandemic on Digital Payment Market

The COVID-19 pandemic has benefited the digital payment solutions industry. Businesses are facing new challenges due to the pandemic and the development of remote work environments. At least 58 governments in developing countries have adopted digital payments to give COVID-19 help, according to a World Bank survey of policy responses to the pandemic. At least 36 countries received the funds in fully functional accounts that may be used for saving or transactions in addition to withdrawing cash. Financial inclusion necessitates such extensive capability. Further, the emergence of the pandemic in 2020 has prompted a slew of challenges for global market operations. Healthcare infrastructures of developed economies have collapsed due to the rising number of COVID-19 cases. As a result, the public healthcare emergency will require the governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses during the forecast period. In addition, the increased investments bode well for the industry in the following years.

Digital Payment Market Insights

Financial services companies are recognizing the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they must improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with superior offers and services. For instance, numerous financial services companies such as PayPal, Wells Fargo, and Visa are supporting Open Banking projects. Also, in Europe
Open Banking initiatives are progressively becoming the norm because banks are legally required to make account information accessible via APIs under the Revised Payment Services Directive (PSD2), effective from 2018. Open Banking APIs boost a bank's attractiveness and enable it to meet the changing expectations of existing clients and attract new ones. The APIs may also be used as a one-of-a-kind solution to boost customer interaction and respond to consumer requirements in a safe, agile, and future-proof way. Open Banking APIs are significant assets for financial services organizations because they allow them to expand service offerings, boost client interaction, and create new digital income channels, which would offer a significant opportunity for the digital payment market to expand during the forecasted period

Deployment Segment Insights

Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment led the market in 2020. Cloud-based deployment provides built-in data security, on-demand scalability, and the capacity to quickly perform intensive computing activities. The cloud is a significant enabler of digital wallets. As digital wallets become popular, these benefits might greatly improve existing functionality and even lead to new innovations. The use of remote virtual storage eliminates the need for physical servers, reducing the risk of outage and disaster. Clouds also provide robust cybersecurity protections and can meet critical regulatory standards, such as the Payment Card Industry Data Security Standard (PCI DSS), which is particularly relevant in the financial services industry.

The research provides answers to the following key questions:

1.What is the estimated growth rate of the market for the forecast period 2021-2028? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Digital Payment market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Digital Payment market?
4. What are the prominent market trends influencing the development of the Digital Payment market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Digital Payment market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

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Contact Person: Sameer Joshi
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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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