Payment Gateway Market on Track for Strong Growth, Estimated to Grow at 18.8% CAGR Through 2029

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What Is the Expected CAGR for the Payment Gateway Market Through 2025?
In the past few years, there has been a significant expansion in the payment gateway market. Forecasts suggest that it will escalate from $37.72 billion in 2024 to $44.55 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 18.1%. Factors attributing to this growth during the historic period include an explosion in e-commerce, globalization and transnational transactions, a surge in digitalization, modifications in regulations, coupled with consumer confidence and safety.

What's the Projected Size of the Global Payment Gateway Market by 2029?
The market size for payment gateways is projected to experience swift expansion in the coming years. By 2029, it is expected to reach a value of $88.66 billion, growing at a compound annual growth rate (CAGR) of 18.8%. This surge during the forecast period can be ascribed to steady growth of e-commerce, the rise in mobile payments, adoption in emerging markets, the incorporation of alternative payment methodologies, and enhanced data analytics. Key trends to watch in this period include the fusion of artificial intelligence and machine learning, subscription and recurring payments, regulatory and psd2 compliance, the inclusion of blockchain and cryptocurrencies, and optimization of user experiences.

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Top Growth Drivers in the Payment Gateway Industry: What's Accelerating the Market?
The anticipated growth of the payment gateway market is largely linked to the growth in digital payments. Digital payments, defined as electronic transactions carried out without cash or checks, frequently employ payment methods such as credit cards, debit cards, e-wallets, and online payment systems. The growth in digital payments necessitates the use of payment gateways, which act as a secure link between a business's website and a payment processing company. This company handles the transaction processing on behalf of the business during the digital payment process. For example, data from FreedomPay Inc., a US-based platform providing payment services, indicated that almost 17.0% of retail, leisure, and hospitality sector expenses in the UK were made using digital wallets as of September 2023. Predictions suggest that digital wallet transactions will leap to $160.50 billion (£127.7 billion) in 2027 and 2028 up from $91.12 billion (£72.5 billion) in current value. By 2033, forecasters predict that digital wallet payments will more than double, accounting for 39.7% of all transactions, translating to $263.94 billion (£210 billion). As such, the burgeoning digital payments sector is spearheading the payment gateway market's growth.

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Which Emerging Trends Are Transforming the Payment Gateway Market in 2025?
The growing popularity of voice recognition technology in payment systems is a significant trend observed in the payment gateway sector. To keep their market standing, businesses in this field are integrating new technologies. For instance, Ubona Technologies, a speech recognition company from India, unveiled 123 UPI in February 2023. This first-of-its-kind solution uses speech recognition technology for making digital payments and is uniquely designed to let users transact in their preferred Indian language on either a regular mobile phone or a smartphone. Thanks to an automatic speech recognition engine, users can make digital payments in their native language.

What Are the Main Segments in the Payment Gateway Market?
The payment gatewaymarket 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

Subsegments:
1) By Type: Hosted, Non-Hosted
2) By Enterprise Size: Large Enterprise, Small And Medium Enterprise (SME)

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Which Top Companies are Driving Growth in the Payment Gateway Market?
Major companies operating in the payment gateway market include 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., 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.

Which Regions Will Dominate the Payment Gateway Market Through 2029?
North America was the largest region in the payment gateway market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global payment gateway market report during the forecast period. The regions covered in the payment gateway market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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