FELTON, California, June 24, 2020 /PRNewswire/ -- The global Digital Payment Market is projected to attain USD 132.5 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 17.6% throughout the forecast period, 2019 to 2025. Proliferation of digitalization across various industries including BFSI, retail, healthcare, and IT and telecom is anticipated to boost the market growth. In addition, rising penetration of e-commerce portals like Flipkart, Alibaba, and Amazon.com, Inc. that support various payment gateways and mobile wallets is projected to further fuel the growth of the market in the forthcoming years.
Rising government initiatives that promote digitalization and usage of digital payment platforms are anticipated to contribute to the market growth. For example, the government of India introduced its Digital India campaign that promotes cashless transactions and usage of various mobile wallets available. Vendors are adopting emerging technologies such as artificial intelligence, machine learning, block chain technology, and IoT for improving the security aspects of the digital payment platforms and to enhance the user experience.
These payment solutions are easy to use, safe and secured, and enable quick transactions. Moreover, they ensure high-end security to eliminate the incidences of fraud and data breaching by employing emerging technologies such as tokenization of cards. These factors are projected to boost the popularity of digital payment portals over traditional methods of transaction.
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Furthermore, rising number of smartphone users and presence of strong digital infrastructure in North America is anticipated to boost the regional market growth. On the other hand, rising number of new entrants and SMEs in Asia Pacific coupled with growing trend of digitalization in developing countries like India are the key factors projected to propel the growth of digital payments market in Asia Pacific. Key players in the market are focusing on strategic initiatives such as M&A, partnerships, and collaborations for gaining competitive advantage over other competitor. Moreover, they are investing high amount in R&D to differentiate their offerings.
Further key findings from the report suggest:
- The segment of payment processing held the largest market share in 2018, owing to increasing campaigns that promote digital and online transactions.
- The segment of payment gateway is projected to attain the fastest growth in the forthcoming years owing to several factors such as emerging trend of cashless transactions, token system, and cash pooling.
- The segment of digital wallets is projected to attain the fastest growth from 2019 to 2025 due to rising popularity of e-commerce portal and online purchases among the large consumer base.
- In 2018, the on-premise segment held the largest market share due to availability of customized solutions that fulfills specific requirements of clients.
- The segment of BFSI held the largest market share in 2018 owing to rising adoption of e-payment platforms.
- Leading service providers in this industry include Wirecard AG; Total System Services, Inc.; Novetti Group Limited; ACI Worldwide Inc.; Adyen N.V.; and PayPal Holdings Inc.
Browse 150 page research report with TOC on "Global Digital Payment Market" at: https://www.millioninsights.com/industry-reports/global-digital-payment-market
Million Insights has segmented the global digital payments market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region:
- Digital Payment Solution Outlook (Revenue, USD Billion, 2014 - 2025)
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security & Fraud Management
- Transaction Risk Management
- Others
- Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2014 - 2025)
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Point of Sales
- Others
- Digital Payment Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
- Cloud
- On-premise
- Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2014 - 2025)
- Large Enterprises
- Small & Medium Enterprises
- Digital Payment End Use Outlook (Revenue, USD Billion, 2014 - 2025)
- BFSI
- Healthcare
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Transportation
- Others
- Digital Payment Regional Outlook (Revenue, USD Billion; Number of Transactions, Billion; Valuation, USD Trillion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Middle East & Africa
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Digital Payment Market to Garner Exceptional Proceeds Due to Rising Government Initiatives to Promote Digitalization & Usage of Digital Payment Platforms Till 2025 | Million Insights - PRNewswire
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