DUBLIN--(BUSINESS WIRE)--The "Digital Payment Market Size, Share & Trends Analysis Report by Deployment (Cloud, On-premise), by Solution (Payment Gateway, Payment Processing), by Mode of Payment, by Enterprise Size, by End Use, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.
For instance, in December 2021, Xiaomi launched the Mi Smart Band 6, which has been built in collaboration with MasterCard and is capable of conducting contactless payments at MasterCard terminals. Growing smart city projects worldwide are also expected to accentuate market growth. Digital payment forms an integral part of the smart city vision and is witnessing a notable rise in demand from local government bodies and citizens. Under the smart city initiative, digital payments are used across various departments to cover multiple Citizen-to-Government (C2G) and Government-to-Citizen (G2C) payments.
C2G payments include taxes, toll and transit, and water bills while G2C payments include monetary awards, scholarships, and subsidies. The COVID-19 pandemic is expected to impact the market growth favorably over the forecast period. The rise in demand for mobile-based payments and increased online sales worldwide are among the major factors that boosted the market growth during the pandemic. According to a study conducted by Accenture, an information technology company, transactions of value USD 7 trillion are projected to shift from cash to card and digital payments by 2023 and grow to USD 48 trillion by 2030.
Digital Payment Market Report Highlights
- The payment processing solution segment is expected to retain its dominance over the forecast period. The introduction of payment networks, such as MasterCard, Visa, and RuPay, in multiple countries across the globe, contribute to the segment growth
- The point of sales segment led the market in 2021. The growing preference for digital wallets while paying for e-commerce transactions & online purchases supported the segment growth. Rising adoption of point of sales solutions among brick-and-mortar retail stores will drive the segment during the forecast period
- The on-premise deployment segment dominated the market in 2021. The on-premise deployment of digital payment solutions facilities secures transactions. As a result, various organizations prefer on-premise digital payment solutions
- The large enterprise size segment dominated the market in 2021. Many large enterprises have adopted digital payment solutions to efficiently manage their payment transactions, improve visibility of transactions, and enhance customer experience by reducing the time required to complete the payment
- The BFSI end-use segment led the market in 2021. The continued digitalization of banks and other financial institutions accentuates the growth of the BFSI segment. Banks are adopting digitalized solutions due to the increasing customer demand for contactless payment methods
- The increasing adoption of digital payment solutions in emerging economies, such as China and India, is expected to create growth opportunities for market players in the Asia Pacific region. A rise in government efforts aimed at encouraging digital payments in Asia Pacific region is also one of the major factors contributing to the regional market growth
Companies Mentioned
- Aliant Payment Systems
- Aurus Inc.
- Adyen N.V.
- Authorize.Net
- Financial Software & Systems Pvt. Ltd.
- ACI Worldwide Inc.
- PayPal Holdings Inc.
- Novatti Group Limited
- Global Payments Inc.
- Wirecard AG
- Total System Services, Inc.
Key Topics Covered:
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Digital Payment Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030
2.2 Global Digital Payment Market, 2017 - 2030
2.3 Global Digital Payment Market Demand, 2017 - 2030
2.4 Global Digital Payment Market Valuation, 2017 - 2030
Chapter 3 Digital Payment Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Digital Payment Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Digital Payment Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing government initiatives for the promotion of digital payments
3.4.1.2 Growing penetration of smartphones
3.4.2 Market challenge analysis
3.4.2.1 Cyber-attacks affecting digital payments
3.5 Penetration and Growth Prospect Mapping
3.6 Digital Payment Market - Porter's Five Forces Analysis
3.7 Digital Payment Market - Company Market Share Analysis, 2021
3.8 Digital Payment Market - PESTEL Analysis
Chapter 4 Digital Payment Solution Outlook
4.1 Digital Payment Market Share By Solution, 2021
4.2 Application Program Interface Digital payment application program interface market, 2017 - 2030
4.3 Payment Gateway Digital payment gateway market, 2017 - 2030
4.4 Payment Processing Digital payment processing market, 2017 - 2030
4.5 Payment Security & Fraud Management Digital payment security & fraud management market, 2017 - 2030
4.6 Transaction Risk Management Digital payment transaction risk management market, 2017 - 2030
4.7 Others Other digital payment solutions market, 2017 - 2030
Chapter 5 Digital Payment Mode of Payment Outlook
5.1 Digital Payment Market Share By Mode of Payment, 2021
5.2 Bank Cards Digital payment bank cards market, 2017 - 2030
5.3 Digital Currencies Digital payment currencies market, 2017 - 2030
5.4 Digital Wallets Digital payment wallets market, 2017 - 2030
5.5 Net Banking Digital payment net banking market, 2017 - 2030
5.6 Point of Sales Digital payment point of sales terminals market, 2017 - 2030
5.7 Others Digital payment market for other modes of payments, 2017 - 2030
Chapter 6 Digital Payment Deployment Outlook
6.1 Digital Payment Market Share By Deployment, 2021
6.2 Cloud digital payment market, 2017 - 2030
6.3 On-premise digital payment market, 2017 - 2030
Chapter 7 Digital Payment Enterprise Size Outlook
7.1 Digital Payment Market Share By Enterprise Size, 2021
7.2 Large Enterprises Digital payment market in large enterprises, 2017 - 2030
7.3 Small & Medium Enterprises Digital payment market in small & medium enterprises, 2017 - 2030
Chapter 8 Digital Payment End-use Outlook
8.1 Digital Payment Market Share By End Use, 2021
8.2 BFSI Digital payment market in BFSI, 2017 - 2030
8.3 Healthcare Digital payment market in healthcare, 2017 - 2030
8.4 IT & Telecom Digital payment market in IT & telecom, 2017 - 2030
8.5 Media & Entertainment Digital payment market in media & entertainment, 2017 - 2030
8.6 Retail & E-commerce Digital payment market in retail & e-commerce, 2017 - 2030
8.7 Transportation Digital payment market in transportation, 2017 - 2030
8.8 Others Digital payment market in other end uses, 2017 - 2030
Chapter 9 Digital Payment Regional Outlook
9.1 Digital Payment Market Share by Region, 2021
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Latin America
9.6 MEA
Chapter 10 Competitive Analysis
10.1 Recent Developments and Impact Analysis, by Key Market Participants
10.2 Competitive Dashboard Analysis
10.3 Company Market Positioning Analysis
10.4 Company Ranking
10.5 Market Position Analysis
10.6 Company Geographical Presence
Chapter 11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/fdrjde
