Digital Payment Market Study: An Emerging Hint of Opportunity by 2028| CAGR 15.4%

A new business report released by Premium Market Insights with title "Digital Payment Market Size, Share, Growth, Demand, Industry Trends and 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. A portion of the key pointers liable for worldwide market extension are serious scene investigation, the general volume of deals and showcasing, Asset the board, Global Market Segmentation long with its various fragments and sub-sections, a portion of the key authorizing systems, Global Market Regulations, assortment of market special methods, a definite standpoint of value examination, elaborative graphical portrayals, and so forth The level of CAGR over the estimated time of 2021-2028 has been accurately sorted out. There are many outer angles are which are similarly responsible for worldwide market assistance like socio-economical, financial, geo-political, and innovative factors consequently depicting an unmistakable thought on PESTEL examination.

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The Key Players Operating In The Digital Payment Market include
• 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
• …..

Market Overview

The growth of mobile commerce is directly influenced by the way people access the internet. Due to affordability and widespread availability of high-speed internet in many countries, users prefer smartphones for internet surfing over PCs. As a result, retailers have developed shopping applications that offer easy-to-browse catalogs and a seamless checkout experience. Payment service providers and banks have also taken advantage of customers' attachment to their mobile phones by providing banking apps that enable transactions to be completed on mobile device screens.

Furthermore, the rise of mobile commerce has transformed the way brick-and-mortar businesses operate, particularly in their acceptance of cashless payments. All of these factors are driving the growth of the digital payment market. For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors in Europe, where they compete with the market leaders in their respective countries. In China, the rise of mobile payment has been inconsistent, with a few prominent payment services, such as AliPay, WeChat, and LinePAY, leading to the growth of the digital payment market.

Global Digital Payment Market Report encompasses an infinite knowledge and information on what the market's definition, classifications, applications, and engagements are and also explains the drivers and restraints of the market which is obtained from SWOT analysis. By applying market intelligence for this Digital Payment Market report, industry expert measure strategic options, summarize successful action plans and support companies with critical bottom-line decisions. Additionally, the data, facts and figures collected to generate this market report are obtained forms the trustworthy sources such as websites, journals, mergers, newspapers and other authentic sources. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand Figures, price, cost, revenue and gross margins.

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Market Segmentation

On the basis of component, the digital payment market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. This is because the solution segment includes various payment software and tools that are essential for conducting digital transactions, such as payment gateways, payment processing software, fraud detection and prevention systems, and point-of-sale (POS) terminals. These solutions play a critical role in enabling secure and efficient digital transactions, which is the primary goal of the digital payment market. As a result, the demand for digital payment solutions has increased rapidly in recent years, especially with the growing adoption of digital payments across various industries and sectors. On the basis of deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. On the basis of organization size, the digital payment market is bifurcated into small and medium enterprises and large enterprises. The large enterprise segment held a larger revenue share in 2020. Large enterprises have the resources to invest in and implement advanced digital payment technologies and systems, which can help them improve their operational efficiency and provide better customer experiences. Additionally, large enterprises typically have a larger customer base, resulting in higher transaction volumes and revenue generated from digital payments. Furthermore, large enterprises often have established partnerships with financial institutions and payment service providers, which can provide them with better rates and fees for digital payment transactions. Overall, these advantages make the large enterprise segment a more significant contributor to the digital payment market revenue than the small and medium enterprise segment.

On the basis of industry, the digital payment market is segmented into BFSI, retail and Ecommerce, healthcare, travel and hospitality, media & entertainment, IT and telecom, and others.
In 2020, the BFSI segment led the market globally. 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.

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The report also focuses on global major leading industry players of Global Digital Payment market providing information such as company profiles, product picture and specification, price, capacity, cost, production, revenue and contact information. Upstream raw materials and equipment and downstream demand analysis is also carried out. With tables and figures helping analyze worldwide Global Digital Payment market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market. The Global Digital Payment market development trends and marketing channels are analyzed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.

TOC of Digital Payment Market Report:

1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Digital Payment Market - By Component
1.3.2 Global Digital Payment Market - By Deployment
1.3.3 Global Digital Payment Market - By Organization Size
1.3.4 Global Digital Payment Market - By Industry
1.3.5 Global Digital Payment Market - By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Digital Payment Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Digital Payment Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Prevalence of Smartphones Enabling Expansion of mCommerce
5.1.2 Rising Adoption of Contactless Payments
5.2 Market Restraints
5.2.1 Lack of International Cross-Border Payment Standards
5.3 Market Opportunities
5.3.1 Growing Adoption of Open-Banking APIs
5.4 Future Trends
5.4.1 Surging Demand for Mobile Point of Sales (mPOS)
5.5 Impact Analysis of Drivers and Restraints
6. Digital Payment Market - Global Market Analysis
6.1 Global Digital Payment Market Overview
6.2 Global Digital Payment Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Digital Payment Market Analysis - By Component
7.1 Overview
7.2 Digital Payment, by Component (2020 and 2028)
7.3 Solutions
7.3.1 Overview
7.3.2 Solutions: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.3.3 Payment Gateway
7.3.3.1 Overview
7.3.3.2 Payment Gateway: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.3.4 Payment Processing
7.3.4.1 Overview
7.3.4.2 Payment Processing: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.3.5 Payment Security and Fraud Management
7.3.5.1 Overview
7.3.5.2 Payment Security and Fraud Management: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.3.6 Point of Sale
7.3.6.1 Overview
7.3.6.2 Point of Sale: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.3.7 Payment Wallet
7.3.7.1 Overview
7.3.7.2 Payment Wallet: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.4.3 Professional Services
7.4.3.1 Overview
7.4.3.2 Professional Services: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
7.4.4 Managed Services
7.4.4.1 Overview
7.4.4.2 Managed Services: Digital Payment Market - Revenue and Forecast to 2028 (US$ Million)
8. Digital Payment Market - By Deployment
8.1 Overview
Continued…..!!!

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