The global payment processing solutions market size is expected to reach USD 192.61 billion by 2030, according to a new study by Polaris Market Research. The report “Payment Processing Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Payment Method; By Deployment Type; By Industry Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growth of the global market is primarily driven by increasing digitization by the adoption of artificial intelligence, cloud computing, and data analytics. Further, there is an upsurge in the sales of e-commerce due to the growing penetration of mobile devices, enabling faster internet connectivity.
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Further, a decrease in physical banking among end users is expected to enhance online payment processing. An increase in cashless transactions, greater inclination toward digital payments, and ease offered by these solutions for processing financial transactions at remote locations with ease and convenience support the industry growth.
Asia Pacific is expected to experience significant growth during the forecast period. The increasing adoption of the system for reduced risks associated with fraud and security drives growth in the region. The rise in penetration of mobile devices and an increase in investment by small and medium-sized businesses have further increased its adoption.
The COVID-19 pandemic has increased the adoption of the system owing to the introduction of lockdown across the world, restrictions on movement, and growth in e-commerce. In addition, its providers have certainly followed demand and requirements on both individual and group levels across several countries globally.
Payment Processing Solutions Market Report Highlights
- The solutions segment is expected to dominate the market during forecast period on account of greater convenience and reliability for customers
- e-Wallet is expected to be the fastest growing segment, which requires money to be added to a wallet electronically for simpler and easier transactions
- The on-premises segment accounted for the largest revenue share on account of greater control over financial transactions
- The retail and e-commerce industry accounted for a considerable share in the market owing to rise in e-commerce platforms, ease of use, and higher security
- The Asia Pacific region is expected to be the fastest growing segment during the forecast period. Increase in population, greater adoption of digital payments, and decrease in use of usage of cash payments supports the growth in this region
- The global market is highly competitive owing to the existence of large industry players with global presence including ACI Worldwide, Authorize.Net, BlueSnap, Fiserv, FIS, and Global Payments among others
Polaris Market Research has segmented the payment processing solutions market report based on component, payment method, deployment type, industry vertical, and region:
Payment Processing Solutions, Component Outlook (Revenue – USD Billion, 2018 – 2030)
Payment Processing Solutions, Payment Method Outlook (Revenue – USD Billion, 2018 – 2030)
- Automated Clearing House (ACH)
Payment Processing Solutions, Deployment Type Outlook (Revenue – USD Billion, 2018 – 2030)
Payment Processing Solutions, Industry Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- IT & Telecom
- Government & Utilities
- Retail & E-commerce
- Travel & Hospitality
- Media & Entertainment
Payment Processing Solutions, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa