Payment Gateway Market worth USD 2,04,011.03 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Payment Gateway Market by Type (Online Mode, Offline Mode), by Application (Retail & E-commerce, Media & Entertainment, BFSI, Other (Hospitality, travel), by Organizational Size (Large Enterprises, Small & Medium Enterprises), By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global payment gateway market size is expected to grow from USD 39,118.86 million in 2022 to USD 2,04,011.03 million by 2033, at a CAGR of 16.2% from 2023 to 2033.

The payment gateway market consists of sales of payment gateway services by entities (organizations, sole traders, and partnerships). Increasing e-commerce sales and worldwide internet penetration are two additional important aspects that are expected to contribute to the growth of the payment gateway industry. Furthermore, the shift in merchant and customer preference to digital channels for facilitating online money transfers is expected to drive market expansion in future years. Moreover, Technology improvements and the growing pace of internet adoption throughout the world have enabled financial service companies to provide consumers with unique digital offerings. The growing popularity of mobile-based apps for money transfers is also driving up demand for online banking. Governments initiative throughout the world are working to expand access to internet services in rural regions. This has created a lot of opportunities for the upcoming period. On the other hand, the growing cyber-attacks or data privacy concerns will significantly hamper the growth of the market over the forecasting period at the global level.

Global Payment Gateway Market Segmentation

The overall payment gateway market has been segmented into type, application, and region.

• By Type (Online Mode, Offline Mode)
• By Application (Retail & E-commerce, Media & Entertainment, BFSI, Other [Hospitality, travel])
• By Organizational Size (Large Enterprises, Small & Medium Enterprises)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

BFSI segment is at the highest CAGR during the forecast period

BFSI segment is expected to grow at the highest CAGR during the forthcoming period. Payment gateway systems are widely used in the BFSI sector because they provide an end-to-end environment for financial services. Financial institutions have complicated cash flows in which funds are gathered from several sources and directed to various accounts. Gateway systems enable financial institutions to manage money transfer from a single interface.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. The increase might be ascribed to many government measures to strengthen the online payment infrastructure in Asia Pacific countries. To allow successful digital payments, the Reserve Bank of India (RBI) has regulated gateways such as Bharat Bill Pay, Paytm, and Mobikwik in India. The Chinese government is working on boosting internet connection in rural regions, offering market development potential.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the payment gateway market. It also consists of the profiles of leading companies such as PayPal, Stripe, Amazon Payments, Authorize.net, WorldPay, Adyen, CCBill, 2Checkout, First Data, SecurePay, PayU, MOLPay, Paymill, GMO, Alipay, Tenpay, Ping++, Paysafe, CashU and OneCard. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

About Market Statsville Group

Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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