Digital Payment Market size to grow by USD 160.94 billion from 2022 to 2027 | Market is fragmented due to the presence of companies like ACI Worldwide Inc., Adyen NV and Apple Inc., and more

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Sep 29, 2023, 18:00 ET

NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The Digital Payment Market size is estimated to grow by USD 160.94 billion, accelerating at a CAGR of 21.23%, during the forecast period. The digital payment market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer digital payment market are ACI Worldwide Inc., Adyen NV, Apple Inc., Aurus Inc., Due Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., Intuit Inc., JPMorgan Chase and Co., Mastercard Inc., PayPal Holdings Inc., Paysafe Ltd., PayTrace Inc., Stripe Inc., VeriFone Inc., Visa Inc., WEX Inc., Worldline SA, Fattmerchant Inc., and Square Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample Report before buying

Technavio has announced its latest market research report titled Global Digital Payment Market 2023-2027

Digital Payment Market 2023 – 2027: Company Offering:

Square Inc.: The company offers digital payment account to account payment services which move money directly from payers bank account to a payees bank account without the need for intermediaries such as credit or debit cards.

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Digital Payment Market 2023 – 2027: Regional Analysis:

By Geography, the market is classified as APAC, North America, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market.

During the forecast period, the Asia-Pacific (APAC) region is anticipated to account for a substantial 34% of the global market's expansion. This growth can be attributed to the rapid urbanization in the region and the increasing adoption of Internet services. Additionally, the growing popularity of digital payment methods like e-wallets and payment gateways is a key driver behind the regional market's expansion.

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Digital Payment Market 2023 – 2027: Drivers, Trends & Challenges:

Impactful driver- Rising number of online transactions: The growth of the market is primarily driven by the advantages of digital payments. These payment methods have transformed the way individuals and businesses conduct transactions, offering a wide range of benefits that are reshaping financial interactions. Notably, convenience is a key advantage within the digital payments market.
Key Trend - Growing emergence of mobile apps for shopping transactions
Major Challenges - Privacy and security concerns challenge the market's growth.

Digital Payment Market 2023 – 2027: Segmentation

The market is segmented by end-user (large enterprises and SMEs), component (solutions and services), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The large enterprises segment is expected to experience notable growth during the forecast period. The adoption of digital payments by these corporations is primarily fueled by their high transaction volume. Key players in this category include businesses in the banking, securities, finance, and insurance (BSFI) sectors, as well as those in information technology and manufacturing.

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-User

7 Market Segmentation by Component

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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