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Payment Gateway Market Growth, Opportunities, Outlook By 2024-2033
Payment Gateway Market Growth
According to The Business Research Company's, 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 growth in the historic period can be attributed to e-commerce boom, globalization and cross-border transactions, increased digitalization, regulatory changes, consumer trust and security.
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%. The growth in the forecast period can be attributed to continued e-commerce growth, rise of mobile payments, emerging markets adoption, integration of alternative payment methods, enhanced data analytics. Major trends in the forecast period include integration of artificial intelligence and machine learning, subscription and recurring payments, regulatory compliance and psd2 implementation, blockchain and cryptocurrency integration, user experience optimization.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Payment Gateway Market 2024 Key Insights:
• The payment gateway market size will grow to $71.11 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%.
• Surging Digital Payment Adoption Fueling Growth In The Payment Gateway Market
• Innovative Payment Solutions Enhance Payment Gateway Market Presence
• North America was the largest region in the payment gateway market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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