Global Payment Gateway Market 2024 : Trends, Business Growth And Major Driving Factors | Adyen NV, PayU Group, Amazon Payments Inc., PayPal Holdings Inc., Authorize.Net, Verifone Holdings Inc., Bitpay Inc

"The new report published by The Business Research Company, titled Payment Gateway Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the payment gateway market size has grown rapidly in recent years. It will grow from $32.05 billion in 2023 to $37.59 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The payment gateway market size is expected to see rapid growth in the next few years. It will grow to $71.11 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%.

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Surging Digital Payment Adoption Fueling Growth In The Payment Gateway Market
The rise in digital payments is expected to propel the growth of the payment gateway market going forward. Digital payments are electronic transactions conducted without the use of cash or checks, utilizing methods such as credit cards, debit cards, mobile wallets, and online payment systems. The increase in digital payments requires payment gateways that provide a secure connection between a business's website and a payment processing company, which handles the payment processing for the business through which the digital payment takes place. For instance, in September 2023, according to FreedomPay Inc., a US-based payment platform as a service, in the UK at present, approximately 17.0% of expenditures in the retail, leisure, and hospitality sectors are conducted using digital wallets. Forecasts suggest a surge to $160.50 billion (£127.7 billion) in digital wallet transactions by 2027 and 2028 from the current $91.12 billion (£72.5 billion). By 2033, it's anticipated that digital wallet payments will more than double, reaching 39.7% of total transactions, equating to $263.94 billion (£210 billion). Therefore, the rise in digital payments is driving the growth of the payment gateway market.

Innovative Payment Solutions Enhance Payment Gateway Market Presence
Voice recognition technology in payment solutions is a key trend gaining popularity in the payment gateway market. Companies operating in the payment gateway market are adopting new technologies to sustain their position in the market. For instance, in February 2023, Ubona Technologies, an India-based speech recognition company, launched 123 UPI, a first-of-its-kind speech recognition technology-based payments solution that allows users to make digital payments in their preferred Indian language using any phone (feature phone or smartphone). This solution employs an automatic speech recognition engine to assist people in transacting in their preferred Indian language, allowing them to make digital payments in their native language.

The payment gateway market covered in this report is segmented -

1) By Type: Hosted, Non-Hosted
2) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
3) By End-User: Travel And Hospitality, Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Media And Entertainment, Other End Users

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Major companies operating in the payment gateway market report are Adyen NV,PayU Group,Amazon Payments Inc.,PayPal Holdings Inc.,Authorize.Net,Verifone Holdings Inc.,Bitpay Inc.,Wepay Inc.,Braintree Payment Solutions LLC,Stripe Inc.,Bluepay Services Private Limited,Skrill Limited,Payline Data Services LLC,Payoneer Inc.,Worldpay Inc.,Payza,Ingenico Group,Alipay.com,Paytm Mobile Solutions Pvt. Ltd.,Square Inc.,2Checkout.com Inc.,BlueSnap Inc.,CCBill LLC,Dwolla Corp.,First Data Corporation,Mollie B.V.,Global Payments Inc.,Sage Group plc,SecurePay Ltd.,HyperPay Co. Ltd.,Instamojo Technologies Pvt. Ltd.

Contents of the report:
1. Executive Summary
2. Payment Gateway Market Report Structure
3. Payment Gateway Market Trends And Strategies
4. Payment Gateway Market - Macro Economic Scenario
5. Payment Gateway Market Size And Growth
…..
27. Payment Gateway Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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