2024 Global Payment as a Service Market Size, Share, Trends And Growth Analysis Report | Aurus Inc., Total System Services Inc., Ingenico Group SA, Paystand Inc., Mindgate Solutions Private Limited

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Payment as a Service Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $13.84 billion In 2028 At A CAGR Of 10.1% :

The payment as a service market size has grown rapidly in recent years. It will grow from $13.71 billion in 2023 to $16.44 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to regulatory changes, consumer preferences, cost efficiency, security concerns, api economy.

The payment as a service market size is expected to see exponential growth in the next few years. It will grow to $35.32 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to rapid growth in emerging markets, environmental sustainability, real-time payments, enhanced data privacy measures, continued regulatory developments, personalized customer experiences. Major trends in the forecast period include digitalization of transactions, mobile technology advancements, cloud technology adoption, partnerships and collaborations, blockchain and cryptocurrency integration, artificial intelligence in fraud detection.

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Payment as a Service Market Major Segments
The payment as a service market covered in this report is segmented -

1) By Service: Professional Services, Managed Services
2) By Component: Platform, Services
3) By Vertical: Retail, Hospitality, Media and entertainment, Healthcare, Banking, Financial Services, and Insurance (BFSI), Other Verticals

Key Driver - Fueling Global Expansion By The Role Of Cashless Transactions In Driving Payment As A Service Market Growth

The increasing adoption of cashless transactions worldwide is expected to propel the growth of the payment as a service market going forward. A cashless transaction is an automated or online transaction between two people, companies, or organizations. With the help of payment as a service (PaaS) technology providers and cloud-based platforms, banks and credit unions can quickly expand and modernize their payment capabilities without making a significant initial investment. For instance, in July 2021, according to a report published by VISA, a US-based digital payment company, in Southeast Asia, 64% of consumers have tried to go cashless, with the highest percentages occurring in Vietnam (84%), Thailand (82%), and the Philippines (79%). Therefore, the increasing adoption of cashless transactions worldwide is driving the growth of the payment as a service market.

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Prominent Trend - Revolutionizing Payment Solutions Through Route Mobile's Cutting Edge Payment-As-A-Service - Click2Pay

Technological Advancements are a key trend gaining popularity in the payment-as-a-service market. Major companies operating in the payment-as-a-service market are focused on developing new technological solutions to strengthen their position. For instance, in December 2021, Route Mobile, an India-based company operating in payment as a service, launched the payment-as-a-service - Click2Pay. This PaaS is an instant payment solution for simplifying communications and helps deliver a great conversational experience with a flexible option for integrating payment platforms of choice with advanced AI algorithms, enhanced analytics, and unified payment APIs. It helps in cost optimization the payment reminder messages more informative and actionable.

Payment as a Service Market Players
Major companies operating in the payment as a service market report are Aurus Inc., Total System Services Inc., Ingenico Group SA, Paystand Inc., Mindgate Solutions Private Limited, VoPay International Inc., Agile Payments LLC, Route Mobile Limited, Arcus Financial Intelligence Inc., ACE Software Solutions Inc., StyloPAY Inc., FacilitaPay LLC, PaySky Holding SAL, International Business Machines Corporation., Radar Payments B.V., First Data Corporation, Paysafe Group Limited, Verifone Inc., Alpha Fintech Inc., First American Payment Systems LLC, Pineapple Payments LLC, PPRO Financial Ltd., Valitor hf., Fidelity National Information Services Inc., Helcim Inc., RAMP Holdings Inc., Jeeves Information Systems AB, Revolut Ltd., Ravelin Technology Limited

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Largest And Fastest Growing Region In The Market
North America was the largest region in the payment as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the payment as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Payment as a Service Market Report Structure
3. Payment as a Service Market Trends And Strategies
4. Payment as a Service Market - Macro Economic Scenario
5. Payment as a Service Market Size And Growth
…..
27. Payment as a Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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