The global Digital Payment market gathered revenue around USD 68.69 billion in 2021 and market is set to grow USD 361.45 billion by the end of 2030 and is estimated to expand at a modest CAGR of 20.9% during the prediction period 2022 to 2030.
Growth Factors:
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.
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.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Digital Payment market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Digital Payment market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
Report Scope | Details |
Market Size | USD 361.45 billion by 2030 |
Growth Rate | CAGR of 20.9% From 2022 to 2030 |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
Segments Covered | Solution, mode of payment, deployment, enterprise size, end use, region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Companies Mentioned | Aliant Payments; Aurus Inc.; Adyen, Financial Software & Systems Pvt. Ltd.; PayPal Holdings Inc.; Novatti Group Pty Ltd.; ACI Worldwide, Inc.; Global Payments Inc.; Wirecard; Authorize.Net; Total System Services, Inc.. |
By Solution Analysis
The payment processing segment dominated the market in 2021 and accounted for more than 25.5% share of the global revenue. The increasing preference for online shopping across the globe is prompting retailers to adopt payment processing solutions to provide customers with seamless checkout experiences.
Payment gateway solutions are in demand among merchants as they enable convenient payment. Furthermore, payment gateways are used for in-store payments to allow customers to make payments via smartphones and the internet.
By Mode of Payment Analysis
The point of sales segment dominated the market in 2021 and accounted for more than 52% share of the global revenue. Point of sale systems are used by retail stores for processing transactions.
The net banking segment is expected to register a significant growth rate over the forecast period. The benefits offered by net banking, including improved time efficiency, ease of banking, and activity tracking, are among the major factors driving the segment growth
By Deployment Analysis
The on-premise segment dominated the market in 2021 and accounted for more than 65.0% share of the global revenue. The on-premise deployment of digital payment provides organizations with complete control over applications and systems, which can be easily managed by the organization’s IT staff.
The cloud segment is anticipated to grow at the highest CAGR over the forecast period. The continued rollout of smart city projects, coupled with the rising number of unmanned retail stores, is one of the major factors driving the growth of the segment.
By Enterprise Size Analysis
The large enterprise size segment dominated the market in 2021 and accounted for more than 59.0% share of the global revenue. Large retail stores increasingly demand digital payment solutions to enable their customers to conduct payments by maintaining social distancing.
Digital payment methods, such as smart banking cards, point of sales solutions, and e-wallets, are used by retailers to reduce checkout time. At the same time, retailers are also focusing on providing innovative payment solutions for customers.
The small & medium enterprises segment is anticipated to grow at the fastest CAGR over the forecast period. Small & medium enterprises are shifting from paper-based invoicing to digital invoicing as paper-based billing systems are expensive, prone to errors, and inefficient.
By End-use Analysis
The Banking, Financial Services and Insurance (BFSI) segment dominated the market in 2021 and accounted for more than 23.0% share of the global revenue. The rising demand for digital remittance for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions.
The retail & e-commerce segment is anticipated to register the fastest growth over the forecast period. The growing use of mobile-based payment solutions among customers for retail payments is one of the major factors driving the segment growth.
By Regional Analysis
North America dominated the global market in 2021 and accounted for the largest revenue share of over 34.2%. The regional market benefits from factors, such as the increasing deployment of and technology enhancements in smart parking meters. For instance, in July 2020, ParkMobile, a parking solution provider, announced its partnership with EasyPark, a facilities service provider. Through this partnership, the former company provided contactless payments facility throughout Vancouver city. Moreover, the growing number of unmanned stores in the U.S. is creating the demand for digital payment solutions.
For instance, in November 2019, Ahold Delhaize, a Netherlands-based supermarket, announced the opening of its cashier-less store in the U.S. Europe is expected to witness significant growth over the forecast period. Banks in Europe are making efforts to launch a European payment initiative aimed at creating a unified payments solution for merchants and consumers across the region. Such initiatives are expected to create new growth opportunities for the market over the forecast period. Moreover, the digital campaign launched by the Italian government to increase electronic payments in the country is also propelling the regional market growth.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Digital Payment market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Digital Payment Market include: Aliant Payments; Aurus Inc.; Adyen, Financial Software & Systems Pvt. Ltd.; PayPal Holdings Inc.; Novatti Group Pty Ltd.; ACI Worldwide, Inc.; Global Payments Inc.; Wirecard; Authorize.Net; Total System Services, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Digital Payment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Digital Payment market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Digital Payment markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Digital Payment Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Digital Payment Market, By Solution
7.1. Digital Payment Market, by Solution, 2021-2030
7.1.1. Application Program Interface
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Payment Gateway
7.1.2.1. Market Revenue and Forecast (2019-2030)
7.1.3. Payment Processing
7.1.3.1. Market Revenue and Forecast (2019-2030)
7.1.4. Payment Security & Fraud Management
7.1.4.1. Market Revenue and Forecast (2019-2030)
7.1.5. Transaction Risk Management
7.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Digital Payment Market, By Mode of Payment
8.1. Digital Payment Market, by Mode of Payment, 2021-2030
8.1.1. Bank Cards
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Digital Currencies
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Digital Wallets
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Net Banking
8.1.4.1. Market Revenue and Forecast (2019-2030)
8.1.5. Point of Sales
8.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Digital Payment Market, By Deployment
9.1. Digital Payment Market, by Deployment, 2021-2030
9.1.1. Cloud
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. On-premise
9.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Digital Payment Market, By Enterprise size
10.1. Digital Payment Market, by Enterprise size, 2021-2030
10.1.1. Large Enterprises
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Small & Medium Enterprises
10.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Digital Payment Market, By End-use
11.1. Digital Payment Market, by End-use, 2021-2030
11.1.1. BFSI
11.1.1.1. Market Revenue and Forecast (2019-2030)
11.1.2. Healthcare
11.1.2.1. Market Revenue and Forecast (2019-2030)
11.1.3. IT & Telecom
11.1.3.1. Market Revenue and Forecast (2019-2030)
11.1.4. Media & Entertainment
11.1.4.1. Market Revenue and Forecast (2019-2030)
11.1.5. Retail & E-commerce
11.1.5.1. Market Revenue and Forecast (2019-2030)
11.1.6. Transportation
11.1.6.1. Market Revenue and Forecast (2019-2030)
Chapter 12. Global Digital Payment Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Solution (2019-2030)
12.1.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.1.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.1.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.1.5. Market Revenue and Forecast, by End-use (2019-2030)
12.1.6. U.S.
12.1.6.1. Market Revenue and Forecast, by Solution (2019-2030)
12.1.6.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.1.6.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.1.6.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.1.6.5. Market Revenue and Forecast, by End-use (2019-2030)
12.1.7. Rest of North America
12.1.7.1. Market Revenue and Forecast, by Solution (2019-2030)
12.1.7.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.1.7.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.1.7.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.1.7.5. Market Revenue and Forecast, by End-use (2019-2030)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Solution (2019-2030)
12.2.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.2.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.2.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.2.5. Market Revenue and Forecast, by End-use (2019-2030)
12.2.6. UK
12.2.6.1. Market Revenue and Forecast, by Solution (2019-2030)
12.2.6.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.2.6.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.2.6.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.2.6.5. Market Revenue and Forecast, by End-use (2019-2030)
12.2.7. Germany
12.2.7.1. Market Revenue and Forecast, by Solution (2019-2030)
12.2.7.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.2.7.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.2.7.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.2.7.5. Market Revenue and Forecast, by End-use (2019-2030)
12.2.8. France
12.2.8.1. Market Revenue and Forecast, by Solution (2019-2030)
12.2.8.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.2.8.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.2.8.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.2.8.5. Market Revenue and Forecast, by End-use (2019-2030)
12.2.9. Rest of Europe
12.2.9.1. Market Revenue and Forecast, by Solution (2019-2030)
12.2.9.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.2.9.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.2.9.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.2.9.5. Market Revenue and Forecast, by End-use (2019-2030)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Solution (2019-2030)
12.3.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.3.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.3.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.3.5. Market Revenue and Forecast, by End-use (2019-2030)
12.3.6. India
12.3.6.1. Market Revenue and Forecast, by Solution (2019-2030)
12.3.6.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.3.6.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.3.6.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.3.6.5. Market Revenue and Forecast, by End-use (2019-2030)
12.3.7. China
12.3.7.1. Market Revenue and Forecast, by Solution (2019-2030)
12.3.7.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.3.7.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.3.7.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.3.7.5. Market Revenue and Forecast, by End-use (2019-2030)
12.3.8. Japan
12.3.8.1. Market Revenue and Forecast, by Solution (2019-2030)
12.3.8.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.3.8.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.3.8.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.3.8.5. Market Revenue and Forecast, by End-use (2019-2030)
12.3.9. Rest of APAC
12.3.9.1. Market Revenue and Forecast, by Solution (2019-2030)
12.3.9.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.3.9.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.3.9.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.3.9.5. Market Revenue and Forecast, by End-use (2019-2030)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Solution (2019-2030)
12.4.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.4.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.4.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.4.5. Market Revenue and Forecast, by End-use (2019-2030)
12.4.6. GCC
12.4.6.1. Market Revenue and Forecast, by Solution (2019-2030)
12.4.6.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.4.6.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.4.6.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.4.6.5. Market Revenue and Forecast, by End-use (2019-2030)
12.4.7. North Africa
12.4.7.1. Market Revenue and Forecast, by Solution (2019-2030)
12.4.7.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.4.7.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.4.7.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.4.7.5. Market Revenue and Forecast, by End-use (2019-2030)
12.4.8. South Africa
12.4.8.1. Market Revenue and Forecast, by Solution (2019-2030)
12.4.8.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.4.8.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.4.8.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.4.8.5. Market Revenue and Forecast, by End-use (2019-2030)
12.4.9. Rest of MEA
12.4.9.1. Market Revenue and Forecast, by Solution (2019-2030)
12.4.9.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.4.9.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.4.9.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.4.9.5. Market Revenue and Forecast, by End-use (2019-2030)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Solution (2019-2030)
12.5.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.5.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.5.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.5.5. Market Revenue and Forecast, by End-use (2019-2030)
12.5.6. Brazil
12.5.6.1. Market Revenue and Forecast, by Solution (2019-2030)
12.5.6.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.5.6.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.5.6.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.5.6.5. Market Revenue and Forecast, by End-use (2019-2030)
12.5.7. Rest of LATAM
12.5.7.1. Market Revenue and Forecast, by Solution (2019-2030)
12.5.7.2. Market Revenue and Forecast, by Mode of Payment (2019-2030)
12.5.7.3. Market Revenue and Forecast, by Deployment (2019-2030)
12.5.7.4. Market Revenue and Forecast, by Enterprise size (2019-2030)
12.5.7.5. Market Revenue and Forecast, by End-use (2019-2030)
Chapter 13. Company Profiles
13.1. Aliant Payments
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Aurus Inc.
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Adyen
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Financial Software & Systems Pvt. Ltd.
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. PayPal Holdings Inc.
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Novatti Group Pty Ltd.
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. ACI Worldwide, Inc.
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Global Payments Inc.
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Wirecard
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Authorize.net
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
Glossary of Terms