Press release
Payments Market 2024 - Evaluating Size, Conducting Share Analysis, Unraveling Trends, and Crafting Growth Forecasts By 2033
Payments Market
The Business Research Company presents an extensive market research report on the Payments Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The payments market size has grown rapidly in recent years. It will grow from $678.42 billion in 2023 to $748.02 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to e-commerce growth, globalization and cross-border transactions, digitalization of financial services, consumer convenience and speed, regulatory changes and compliance.
The payments market size is expected to see strong growth in the next few years. It will grow to $1086.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to contactless and mobile payments adoption, rise of digital currencies and cb*dcs, financial inclusion initiatives, open banking and apis, cybersecurity and fraud prevention. Major trends in the forecast period include buy now, pay later services, cross-border and international payments, open banking and api integration, subscription-based payment models, regulatory initiatives and compliance.
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Key Market Players:
Major companies operating in the payments market report are Amazon Payments Inc., Apple Inc., Google Pay Inc., Samsung Electronics Co. Ltd., Industrial and Commercial Bank of China Limited, Alipay Co. Ltd., JPMorgan Chase & Co., Bank of America, National Merchants Association, Citibank, Wells Fargo and Company, American Express Company, Capital One Financial Corporation, Visa Inc., PayPal Holdings Inc., Flagship Merchant Services, Mastercard Inc., Fiserv Inc., Square Inc., Fidelity National Information Services Inc., Stripe Inc., Global Payments Inc., Payline Data Services LLC, Worldline SA, Adyen N.V., ACI Worldwide Inc., X-Payments, First Data Corporation, Bitpay Inc., Braintree Technology solutions LLC, GoCardless Ltd.
Market Drivers:
The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period A digital payment is any payment that is made electronically, without the use of cash or physical checks. Digital payments can be made using a variety of methods, including credit and debit cards, mobile wallets, online banking, and peer-to-peer payment apps. According to November 2021 data by Global Findex a US-based database on financial inclusion, Regulators saw 65% increases in activity for digital payments and 24% increase in digital banking. Therefore, the widespread of the coronavirus is expected to propel the digital growth of the payment market in the forecast period.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/payments-global-market-report
The payments market covered in this report is segmented -
1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit
2) By Application: Banks, Non-Banking Financial Institutions, Other Applications
3) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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