Digital Payment Market Size Giants Spending Is Going To Boom | Worldpay, Inc.(US), PayPal Holdings, Inc.(US), Aurus Inc.(US), Fiserv, Inc.(US)

The Global Digital Payment Market is expected to register a 16.77% CAGR, exhibiting significant growth during the forecast period. The market was valued at USD 40,633.3 million in the year 2018; it is expected to reach USD 120,245.9 million by-2025. North America accounted for the largest market value of USD 13,864.1 million in 2018; the market is expected to register a CAGR of 17.50% during the forecast period. Digital payment is the process by which a payer and payee use electronic modes to send and receive money. It is cash-free mode of transaction. Payment is taken via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment in points of sale. Convenience, accessibility, lower risk, saves time, user-friendliness, and the traceability are some of the advantages that digital payment methods.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Market Snapshot
There are some concerns about limitations on payment and the amount limit for each payment, along with the risk of a hacked and constant requirement of active internet access. Digital payment can help increase productivity and economic growth, improve the transparency, increase tax revenues, extend the financial inclusion, and open new economic opportunities for the end users. For the same, governments across the world are implementing ICT technology in order to encourage digital economies. They undertake various initiatives to digitize the payment process. Hence, Digital payment has become one of the primary growth requirements for a country's economy. For example, the Government of India that has initiated various initiatives such as Digital India, the launch of Unified Payments Interface(UPI), and the 14444-helpline number to help stimulate digital payments. However, a lack of standards for cross-border payments is a challenge for the global digital payment market during the forecast period. Based on type, the market has been classified as cloud and on-premise.

In a cloud-based digital payment, there are limited chances of a single point of failure(SPOF) as all devices, components, and network paths are duplicated and reserved. Hence, to make cloud-based digital payments more secure, digital issuance systems are used; these systems are capable of saving all the credentials securely on the cloud, issuing them to mobile applications already installed on the device. Enterprises prefer the on-premise deployment of digital payment solutions to gain complete control over their infrastructure and assets as well as enhance their internet safety measures. These solutions help merchants in managing every payment device across every application from a centralized, secure under management platform.

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Market Segmentation
The global digital payment market has been segmented by Component, by Deployment Cloud and On-Premise, by organizational size, by vertical and by region. By Component the market has been segmented into solution and services. The market is also segmented into Deployment Cloud and On-Premise. Based Organization Size the global digital payment market has been segmented into Large enterprise and Small & Medium Enterprises(SMEs). Vertically the global digital payment market has been segmented by(BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce, and others). Based on region the market has been segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.

Regional Analysis
Geographically, the global digital payment market has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America are expected to dominate in global digital market for payments during the forecast period due to presence of a large number of solutions providers in the region.

Major Players
The proposed spectators in the global digital payment market are hospitals, medical devices companies, Research and academic institutes, software companies Governments, associations, industrial bodies, etc. The major companies functioning the global digital payment market are concentrating on firming their global ways by entering into untouched markets. There are many key developments of the global digital payment market., Fiserv, Inc. unveiled mobile invoicing, which allows clients to be digitally present a customer's bill into a mobile wallet, while supporting alerts and notifications that increase payment speed reminded the customer to pay their bills soon or on time. BlueSnap announced the availability of its new product-Integrated Payments for Platforms-in Europe, which provides a built-in payments for software providers and gives European-based ISVs the ability to scale and make money their businesses with a single payment provider in July 2019. PayU acquired iyzico-a digital payment services provider and FinTech start-ups in Turkey. The acquisition will allow the company to consolidate its position as a leader in the payments space and accelerate scale and efficiency in June 2019.

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Wirecard announced a partnership with YES BANK, which extends the scope of India's Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of India, in July 2019. ACI Worldwide, Inc.(US), Stripe(US), Novatti Group Limited(Australia), Adyen NV(Netherland), Wirecard AG(Germany), and YapStone, Inc.(US)., Worldpay, Inc.(US), PayPal Holdings, Inc.(US), Aurus Inc.(US), Fiserv, Inc.(US), BlueSnap Inc.(US), Global Payments Direct, Inc.(US), PayU(Netherland), Aliant Payment Systems Inc.(US) and First Data Corporation(US) are some of the major players in the global digital payment market.

Global Digital Payment Market Research Report:

By Component(Solution and Services)

By Deployment (Cloud and On-Premise)

By Organization Size (Large Enterprise and Small & Medium Enterprises(SMEs))

By Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce and others)

By Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa)

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

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