Digital Payment Market Size, Share, Trends, Revenue & Growth Report, [2032]

As per the report published by The Brainy Insights, the global digital payment market is expected to grow from USD 102.60 billion in 2022 to USD 510.30 billion by 2032, at a CAGR of 17.4% from 2023 to 2032. North America region emerged as the most prominent global digital payment market, with a 39% market revenue share in 2022. The favourable government regulations and the presence of the key regional players are the primary factors for the regional market growth and development. On the other hand, the Europe region is expected to have stable growth over the forecast period. Europe's ongoing regional market development focuses on providing consumers and businesses with a single payment option. Such activities are expected to impact the regional market growth and development positively. The European banks are developing a European payment initiative to create a single payment solution for retailers and consumers throughout the area. The government initiative is another element fuelling regional sector expansion. For instance, the Italian government's digital drive to expand electronic payments in the country is augmenting regional market growth.

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Digital Payment Market Size By Services (Professional and Managed), By Solution (Payment Gateway, Payment Processing, Payment Security & Fraud Management and Others), By Mode of Payment (Bank Cards, Digital Wallets, Point-of-Sales, Net Banking and Others), By Organization Size (SMEs and Large Enterprises), By Deployment Mode (Cloud and On-premises), By Industry (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Wirecard AG, Total System Services Inc., Paypal Holdings Inc., Stripe Inc., Visa Inc., Fiserv Inc., Novetti Group Limited, Mastercard Incorporated, Adyen N.V, ACI Worldwide Inc., American Express Company, and Aliant Payment Systems Inc. among others. These industry players are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The type segment is divided into professional services and managed services. The professional services segment dominated, with a market share of around 55% in 2022. The segment growth is mainly attributed to the rising demand for professional services across the end-user industry verticals within the digital payment processing industry. The mode of payment segment is bifurcated into bank cards, digital wallets, point-of-sales, net banking and others. The point of sales segment dominated, with a market share of around 36% in 2022. Retail stores employ point-of-sale systems to execute payment transactions. These systems provide advantages such as quick checkout alternatives, personalized customer experiences, and different payment options. This factor is augmenting the segment growth. The deployment mode segment is bifurcated into cloud and on-premises. The on-premises segment dominated, with a market share of around 62% in 2022. On-premise digital payment deployment gives corporations complete control over their software applications and systems, which the IT professionals of that particular corporation effortlessly manage. The organization size segment is divided into SMEs and large enterprises. The large enterprises segment dominated the market, with a market share of around 60% in 2022. Large retail shops are becoming more interested in digital payment solutions to allow their clients to make payments while maintaining social distance owing to the Covid-19 scenario. This is the primary factor for the segment growth. The industry segment is divided into BFSI, healthcare, IT & telecom, retail & E-commerce, transportation and others. The BFSI segment dominated the market, with a market share of around 28% in 2022. The BFSI industry has evolved drastically in recent years. The growing demand for digital payment solutions for cross-border and domestic transactions is boosting the growth of the BFSI industry vertical.

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A digital payment, also known as electronic payment, transfers value from one payment account to another without exchanging real cash. Such payments use a digital device like a mobile phone, computer, point-of-sale and mobile wireless data. The merchant, the consumer, the payment network, and the bank are all engaged in processing digital payment transactions. Individuals, governments, businesses, and international development organisations can all benefit from it in terms of cost savings, transparency, and security. The ability to migrate to digital payments and receipts has considerably aided small businesses across the globe in making faster and more secure payments with no risk.

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