Description

The global enterprise payment software market size is expected to grow from USD 589.2 Million in 2020 to USD 936.4 Million by 2027, at a CAGR of 8.4% from 2021 to 2027. Enterprise payment software helps large and multinational companies streamline and optimize payments processing. Through this type of software, companies can increase the efficiency of their payment activities by reducing errors, preventing fraud, automating the processing of large numbers of transactions, and transferring funds from customers to suppliers in multiple currencies. This software can also assist in processing payments from different sales mediums, such as retail, e-commerce, and on the go.

Factors such as the growing trend for big data analytics and cloud computing and centralized control of the entire payment lifecycle are anticipated to drive the rapid market growth. Moreover, to compete in the industrial payment market, several financial institutes globally focus on providing more user-friendly, simplified, and secured payment systems. Several solution vendors are offering customized payment software as per the industry's needs and requirements. This is expected to be one of the major factors for the rapid growth of the market across the globe.

Furthermore, the global enterprise payment software is attributed to driving over the forecast period due to the high digital payment penetration. Digital payment makes transaction facilities easier and faster in real-time, which is beneficial for various applications, including BFSI, Food& beverage, pharmaceuticals, and many more. Moreover, the rising e-commerce sector across the world coupled with rising in several initiatives for promoting digital payments impacts lucrative thrust to the market's growth over the forecast years.

Global Enterprise Payment Software Market Dynamics

Drivers: Centralized Control of the Entire Payment Lifecycle (Secure Payment)

The enterprise payment software market is driven by centralized control of the whole payment lifecycle and accurate and secure electronic payments. Financial institutions are concentrating on creating more simplified, user-friendly, and secure payment solutions to compete in the industrial payment market. Several solution providers offer customized payment software that is adapted to the demands and specifications of the industry. Furthermore, the software purchase can be a one-time expenditure or a monthly payment for businesses. To avoid data security problems, leading solution vendors are creating more secure payment structures.

The major players have developed enterprise payment software to secure payments across the nation. For instance, in May 2021, Appetize Payments, an all-in-one solution that combines payment processing services with Appetize's best-in-class cloud software, has been launched by Appetize, the leading digital commerce platform. Appetize Payments, which was launched when quality management and hospitality brands wanted to consolidate their tech stack, eliminates the need for expensive third-party services, gives pricing transparency, and provides a single point of contact. Appetize Payments was created in response to growing demand from enterprise customers for a more simplified and transparent payment solution.

Restraints: High Costs Associated with Customized Software

Large businesses can afford customized payment software to handle different payment systems processes. The customized software may be extremely expensive for medium and small businesses. This aspect is expected to hinder the customized software market's growth among small and medium-sized businesses. The various enterprise payment software are available at different prices such as Bill.Com delivers financial process efficiency to small businesses and medium-sized companies at $39 user/ month, Tipalti is the only end-to-end solution to automate the complete global payables operation in a unified cloud platform at $149 per month, and ModoPayments is the payments orchestration platform for enterprises at $140.050 per month among others.

Opportunities: Availability of Pricing Options for Various Enterprises

The availability of pricing options for the various enterprises is expected to create demand for such software among small & medium enterprises. Thus it is expected to create an opportunity among the enterprises to install such software. The pricing of the software as per the requirements of the enterprises is offered by the major players. For instance, in December 2020, a new company in digital banking Revolut has released online payment acceptance solutions for its corporate clients, aiming to compete with payment giants such as Stripe and Adyen. Revolut unveiled its new acquisition solution, which would let businesses use plug-in checkout software or create unique features to accept card payments over the internet. It offers customized solutions and is available for small and medium-sized enterprises and large enterprises.

Scope of the Report

The study categorizes the enterprise payment software market based on component, deployment mode, end-use industry at the regional and global levels.

By Component (Revenue, USD Billion, 2017-2027)

• Software
• Services

By Deployment Mode (Revenue, USD Billion, 2017-2027)

• Cloud-Based
• On-Premises

By End-Use Industry (Revenue, USD Billion, 2017-2027)

• Retail
• IT & Telecom
• Healthcare
• BFSI
• Others

By Region (Revenue, USD Billion, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The cloud-based segment of the enterprise payment software market is projected to account for the highest CAGR by deployment model

Based on the deployment mode, the enterprise payment software market has been segmented into cloud-based and on-premises. The cloud-based segment is expected to project the highest CAGR of 9.4% in the global enterprise payment software market during the forecast period. Cloud-based software solutions are increasingly gaining traction in the global market due to their reliability, scalability, requires comparatively less maintenance, and is cost-effective than on-premise software solutions. Hence, the market for solutions is expected to increase in the coming years.

North America accounts for the largest share in the enterprise payment software market.

Based on the regions, the global enterprise payment software market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The North American market is expected to drive the market's growth and hold the highest 36.9% market share in 2020 worldwide. Besides, the Asia Pacific is expected to be the fastest-growing region with a 10.2% CAGR in the global Enterprise Payment Software market, followed by South America in terms of growth.

In North America, the United States dominated the Enterprise Payment Software market in 2020, followed by Canada. It is majorly attributable to the rising number of companies offering enterprise payment software that promotes the market's growth. This, along with the rise in spending on digital technologies and robust growth in the e-commerce industry worldwide in both the United States and Canada, is further responsible for the dominance of the North American market in the industry.

Key Market Players

The enterprise payment software market is mildly concentrated in nature with few numbers of global players operating in the market, such as Sage Payment Solutions Inc., Tipalti Solutions Ltd., Bottomline Technologies Inc., Nvoicepay Inc., Aliant Payment Systems Inc., Bill.com Inc., CANOPUS Money Transfer, ConnectPay LLC, CSI Paysystems, Datasoft Group of companies Jobvite, Elavon, Forte Software Inc., Global Payments Inc., MineralTree Inc., and Payline Data Services LLC.

Recent Developments

• In July 2021, HANetf and Purpose Investments Inc. launched Europe’s first enterprise software ETF with an ESG screen. This software will expose investors to a varied, ESG-screened selection of enterprise software companies at the forefront of the digital revolution.
• In July 2021, Fuiou Pay (Fuiou) launched a B2B global payment solution in Hong Kong, with global digital payment companies including Nium and Visa. Additionally, Fuiou and Visa started collaborating on B2B payments with sharing a common goal of bringing better commercial payment experiences to enterprises in Greater China.
• In April 2021, the UK-based Sokin launched an enterprise platform, Sokin Enterprise payment platform, for x-border payments. This software will let organizations make limitless immediate payments and foreign exchange transfers for a fixed charge.
• In December 2020, Payoneer and Fintech Unicorn announced that its new payment orchestration platform is available for eCommerce merchants across Asia-Pacific that are looking to accept international payments through multiple providers. The company is engaged in expanding its global presence, and thus, by introducing its orchestration platform in the Asian market, it took its step ahead in

Key Issues Addressed

• What is the market size by various segmentation of the enterprise payment software by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the enterprise payment software market?
• What are the key opportunities and trends for manufacturers involved in the enterprise payment software supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of enterprise payment software in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.