Payment Gateway Market Estimated to Garner $98,198.70 Million and Grow at 17.7% CAGR in the 2021-2030 Forecast Period [230-Pages] | Research Dive

Payment gateway market is predicted to grow by 2030 due to increased e-commerce sales. Large enterprise sub-segment is expected to be highly beneficial. Market in Asia-Pacific region is projected to have better growth opportunities by 2030.

NEW YORK, July 12, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Payment Gateway Market by Type (Hosted and Non Hosted), Enterprise Size (Small & Medium Enterprise (SME) and Large Enterprise), End-use (Travel & Hospitality, BFSI, Retail & E-Commerce, Media & Entertainment, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030".

According to the report, the global payment gateway market is estimated to garner a revenue of $98,198.70 million by 2030, growing at a CAGR of 17.7% during the forecast period 2021-2030.

Dynamics of the Payment Gateway Market

Drivers: Rising e-commerce sales and better internet speeds across the world are the prime factors anticipated to drive the growth of the global payment gateway market during the forecast period. In addition, the growing penetration of smartphones and increased use of online credit card payments are also expected to boost the market growth by 2030.

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Opportunities: The rising demand for faster online payments and increased use of mobile banking channels are some factors predicted to create ample growth opportunities for the global payment gateway market by 2030. Moreover, smooth user experience offered by mobile wallets is yet another factor to offer abundant market growth opportunities.

Restraints: Lack of internet facilities in the emerging countries is the major factor predicted to hamper the market growth.

Covid-19 Impact on the Payment Gateway Market

Unlike most industries, the global payment gateway market was positively affected by the outbreak of the Covid-19 pandemic due to increased e-commerce sales, growing demand for faster mobile payments, and better internet speeds across the world. In addition, strict lockdowns and travel restrictions forced people to purchase groceries and other essentials online that also boosted the demand for online payment gateways. Moreover, the benefits of digital payment gateways like faster transactions, improved customer service, offers and discounts, etc. are also estimated to further increase customers' reliability on payment gateways, thus uplifting the market growth.

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Segments of the Payment Gateway Market

The report has segmented the payment gateway market into multiple segments based on type, enterprise size, end-use, and regional analysis.

• By type, the hosted sub-segment is anticipated to have a dominant market share during the forecast years. A hosted payment gateway is a third-party checkout system that directs clients to the payment service provider's website. The growing demand for hosted payment gateways to continue the usage of dependable online payments and billings is expected to bolster the sub-segment's growth rate by 2030.
• By enterprise size, the large enterprise sub-segment of the global payment gateway market is predicted to have the fastest growth rate during the analysis timeframe. This immense growth rate is due to the growing adoption of digital transaction techniques by large-scale organizations to receive payments from their customers. Moreover, people's increasing inclination towards online payment gateways also includes a major role of e-commerce and other large-scale businesses in transactions. These factors are projected to propel the sub-segment's growth by 2030.
• By end-use, the BFSI sub-segment is estimated to hold a significant market share during the analysis period due to the rising adoption of latest digital payment technologies by the business and financial services industry (BFSI). Moreover, financial institutions offer differentiated payment services to potential clients and benefit from these online payment gateways in a variety of ways. These factors are anticipated to uplift the sub-segment's growth by 2030.
• By region, the payment gateway market in the Asia-Pacific region is expected to have a prominent growth rate during the 2021-2030 forecast period due to growing government initiatives to improve the online payment infrastructure in the region. For instance, the Chinese government is focusing on improving internet connectivity in rural areas. Moreover, the Reserve Bank of India (RBI) has expanded the online payment gateways for effective and faster transactions. These factors are predicted to augment the market growth in the Asia-Pacific region.

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Prominent Payment Gateway Market Players

Some prominent players of the payment gateway market are

1. Mastercard
2. BitPay, Inc.
3. STRIPE
4. Amazon.com Inc.
5. PayU
6. FISERV, INC.(BluePay)
7. PayPal Holdings, Inc.
8. JPMorgan Chase & Co.
9. Visa Inc.
10. FIS(Worldpay), among others.

These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.

For example, in August 2021, PayFuture Gateway Platform, a Singapore-based AI technology-based payment gateway, launched its new high-performance connector that offers online access to popular local payment options in various emerging markets. This product launch will also enable both local and international merchants to take advantage of untapped businesses.  – Grab Full Report here started at- $2999 (Read-Only)

The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.

More about Payment Gateway Market:

• Payment Gateway Market to Observe Significant Growth Due to Company Collaborations and Product Launches by Market Players, such as Paytm, Xpate, and Others
• Significance of Payment Gateways in the Contemporary World and Its Transformational Trends

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