DUBLIN--(BUSINESS WIRE)--The "Europe Embedded Payment Business and Investment Opportunities - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
Europe's Embedded Payment industry is expected to grow by 35.3% on an annual basis to reach US$22,169.2 million in 2022.
The embedded payment industry is expected to grow steadily over the forecast period, recording a CAGR of 19.9% during 2022-2029. The embedded payment revenues in the region will increase from US$22,169.2 million in 2022 to reach US$58,464.5 million by 2029.
The unanticipated market scenario that caused a shift in the payments sector in early 2021 persisted throughout the year. These changes accelerated the development of three broad themes that continue to influence the competitive dynamics within the payment ecosystem across European countries: the rapid rise of e-commerce activities, the proliferation of innovative payment methods, and the development of next-generation payment infrastructure.
The payment industry in Europe is going through a trial phase, and incumbents in the payments market ecosystem must evolve to stay relevant in the industry, as the everchanging demand from clients is making the current system outdated.
European companies have invested heavily in embedded payment solutions in the past few quarters, resulting in market growth.
Customers are increasingly expecting e-commerce platforms to provide a smooth buying experience. Embedded payment is the solution to this ever-growing client requirement. This also allows the companies to provide value-added benefits to clients and increase loyalty.
Embedded payment platform providers are focusing on the growth prospects of the hospitality industry
With the growing prospects for embedded payments across various sectors, the hospitality sector is no exception. Most European countries have been on the list of top tourist destinations and have a massive hospitality industry.
With the lifting of lockdown restrictions across European countries, the hospitality industry is ready to thrive again. Market players are planning to regain their positions in the market by providing add-on services to the clients.
Additionally, Embedded payment platforms providers are making strategies to tap the prospects in the hospitality industry through partnerships.
- In December 2021, Netherlands-based payment platform provider Adyen partnered with Portugal-based hospitality information technology & services provider Nonius. Under this partnership, both companies are planning to assist businesses in the hospitality industry in integrating guest technology with payment technologies. Under this partnership, Adyen plans to utilize Nonius's client base in the hospitality industry and expand its market share.
- In September 2021, Adyen partnered with the United States-based hospitality software and solutions provider Agilysys Inc. Under this partnership will extend Agilysys customers' access to global payments.
The growing number of partnerships is expected to attract the attention of other embedded payment providers in the hospitality industry, resulting in increased competition.
Embedded payment providers are capturing niche market segments through partnerships
With the growing competition in the embedded payment market across various sectors, embedded payment platform providers are untapped segments. Embedded payment providers are collaborating with players from niche industries to expand their client base.
- In December 2021, Netherlands-based payment platform provider Adyen partnered with Canada-based specialty digital imaging retailer Henry's Enterprises Inc. Under this partnership, Adyen will provide payment processing capabilities to Henry's in-store and online commerce channels.
Scope
Embedded Payment Market Size and Forecast
Embedded Payment by Consumer Segments, 2020 - 2029
- B2B
- B2C
Embedded Payment by End-Use Sector, 2020 - 2029
- Embedded Payment in Retail & Consumer Goods
- Embedded Payment in Digital Products & Services
- Embedded Payment in Utility Bill Payment
- Embedded Payment in Travel & Hospitality
- Embedded Payment in Leisure & Entertainment
- Embedded Payment in Health & Wellness
- Embedded Payment in Office Supplies & Equipment
- Embedded Payment in Other
For more information about this report visit https://www.researchandmarkets.com/r/8io67n
