This report describes and explains the payment gateway market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global payment gateway market reached a value of nearly $32 billion in 2023, having grown at a compound annual growth rate (CAGR) of 16.84% since 2018. The market is expected to grow from $32 billion in 2023 to $75 billion in 2028 at a rate of 18.52%. The market is then expected to grow at a CAGR of 17.82% from 2028 and reach $170.2 billion in 2033.
Growth in the historic period resulted from growth in investments in the fintech industry, increasing international trade and supportive government initiatives. Factors that negatively affected growth in the historic period was lack of digital literacy.
Going forward, e-commerce expansion, rise in smartphone adoption, rise in digital payments and increasing internet penetration will drive the growth. Factor that could hinder the growth of the payment gateway market in the future rising cybersecurity issues.
The payment gateway market is segmented by type into hosted and non-hosted. The hosted market was the largest segment of the payment gateway market segmented by type, accounting for 56.96% or $4.3 billion of the total in 2023. Going forward, the non-hosted segment is expected to be the fastest growing segment in the payment gateway market segmented by type, at a CAGR of 22.49% during 2023-2028.
The payment gateway market is segmented by end-user into travel and hospitality, banking, financial services and insurance (BFSI), retail and e-commerce, media and entertainment and other end users. The retail and e-commerce market was the largest segment of the payment gateway market segmented by end-user, accounting for 37.52% or $2.8 billion of the total in 2023. Going forward, the banking, financial services and insurance (BFSI) segment is expected to be the fastest growing segment in payment gateway market segmented by end-user, at a CAGR of 23.20% during 2023-2028.
The payment gateway market is segmented by enterprise size into large enterprise and small and medium enterprise The large enterprise market was the largest segment of the payment gateway market segmented by enterprise size, accounting for 58.64% or $4.4 billion of the total in 2023. Going forward, the small and medium enterprise segment is expected to be the fastest growing segment in the payment gateway market segmented by enterprise size, at a CAGR of 22.60% during 2023-2028.
North America was the largest region in the payment gateway market, accounting for 36.54% or $11.7 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the payment gateway market will be Asia Pacific and Western Europe where growth will be at CAGRs of 21.34% and 18.59% respectively. These will be followed by South America and Eastern Europe where the markets are expected to grow at CAGRs of 18.25% and 17.87% respectively.
The global payment gateway market is highly concentrated, with a small number of players dominating the market. The top ten competitors in the market made up to 72.69% of the total market in 2022. Amazon Payments Inc. was the largest competitor with a 28.36% share of the market, followed by PayPal Holdings, Inc. with 8.10%, Stripe, Inc. with 7.95%, Visa Inc. with 7.55%, Fiserv, Inc. with 6.52%, JPMorgan Chase & Co. with 6.07%, Global Payments, Inc. with 5.94%, Klarna Bank AB with 0.93%, PayU Group with 0.66% and Verifone Holdings, Inc. with 0.60%.
The top opportunities in the payment gateway market segmented by type will arise in the hosted segment, which will gain $23 billion of global annual sales by 2028. The top opportunities in the payment gateway market segmented by enterprise size will arise in the large enterprise segment, which will gain $24.3 billion of global annual sales by 2028. The top opportunities in the payment gateway market segmented by end-user will arise in the retail and e-commerce segment, which will gain $16.1 billion of global annual sales by 2028. The payment gateway market size will gain the most in the USA at $11.8 billion.
Market-trend-based strategies for the payment gateway market include focus on strategic partnerships and collaborations to strengthen their market position, enhance product offerings and expand their geographic reach, focus on launching innovative payment gateways to promote electronic payments for government services, focus on enhancing the security, efficiency, interoperability and convenience in payment gateways, focus on launching new payment technology platforms with improved payments processing capabilities and focus on developing self-hosted payment platforms to strengthen their market position.
Player-adopted strategies in the payment gateway market include focus on growth strategy aims to strengthen P2P, commercial and B2B payment services through strategic partnerships, focus on growth strategy aims at diversifying its businesses by scaling up its capabilities to newer geographies and expanding its customers through new product developments, focus on enhancing its business operations through new product developments and focus on growth strategy aims at strengthening its business through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the payment gateway companies to focus on innovative government payment gateways, focus on advanced payment gateway solutions, focus on advanced payment technology platforms, focus on self-hosted payment platforms, focus on non-hosted segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for market expansion, provide competitively priced offerings, focus on pricing strategy development, participate in trade shows and events, focus on content marketing and thought leadership and focus on retail & e-commerce and BFSI segments.
The global payment gateway market reached a value of nearly $32 billion in 2023, having grown at a compound annual growth rate (CAGR) of 16.84% since 2018. The market is expected to grow from $32 billion in 2023 to $75 billion in 2028 at a rate of 18.52%. The market is then expected to grow at a CAGR of 17.82% from 2028 and reach $170.2 billion in 2033.
Growth in the historic period resulted from growth in investments in the fintech industry, increasing international trade and supportive government initiatives. Factors that negatively affected growth in the historic period was lack of digital literacy.
Going forward, e-commerce expansion, rise in smartphone adoption, rise in digital payments and increasing internet penetration will drive the growth. Factor that could hinder the growth of the payment gateway market in the future rising cybersecurity issues.
The payment gateway market is segmented by type into hosted and non-hosted. The hosted market was the largest segment of the payment gateway market segmented by type, accounting for 56.96% or $4.3 billion of the total in 2023. Going forward, the non-hosted segment is expected to be the fastest growing segment in the payment gateway market segmented by type, at a CAGR of 22.49% during 2023-2028.
The payment gateway market is segmented by end-user into travel and hospitality, banking, financial services and insurance (BFSI), retail and e-commerce, media and entertainment and other end users. The retail and e-commerce market was the largest segment of the payment gateway market segmented by end-user, accounting for 37.52% or $2.8 billion of the total in 2023. Going forward, the banking, financial services and insurance (BFSI) segment is expected to be the fastest growing segment in payment gateway market segmented by end-user, at a CAGR of 23.20% during 2023-2028.
The payment gateway market is segmented by enterprise size into large enterprise and small and medium enterprise The large enterprise market was the largest segment of the payment gateway market segmented by enterprise size, accounting for 58.64% or $4.4 billion of the total in 2023. Going forward, the small and medium enterprise segment is expected to be the fastest growing segment in the payment gateway market segmented by enterprise size, at a CAGR of 22.60% during 2023-2028.
North America was the largest region in the payment gateway market, accounting for 36.54% or $11.7 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the payment gateway market will be Asia Pacific and Western Europe where growth will be at CAGRs of 21.34% and 18.59% respectively. These will be followed by South America and Eastern Europe where the markets are expected to grow at CAGRs of 18.25% and 17.87% respectively.
The global payment gateway market is highly concentrated, with a small number of players dominating the market. The top ten competitors in the market made up to 72.69% of the total market in 2022. Amazon Payments Inc. was the largest competitor with a 28.36% share of the market, followed by PayPal Holdings, Inc. with 8.10%, Stripe, Inc. with 7.95%, Visa Inc. with 7.55%, Fiserv, Inc. with 6.52%, JPMorgan Chase & Co. with 6.07%, Global Payments, Inc. with 5.94%, Klarna Bank AB with 0.93%, PayU Group with 0.66% and Verifone Holdings, Inc. with 0.60%.
The top opportunities in the payment gateway market segmented by type will arise in the hosted segment, which will gain $23 billion of global annual sales by 2028. The top opportunities in the payment gateway market segmented by enterprise size will arise in the large enterprise segment, which will gain $24.3 billion of global annual sales by 2028. The top opportunities in the payment gateway market segmented by end-user will arise in the retail and e-commerce segment, which will gain $16.1 billion of global annual sales by 2028. The payment gateway market size will gain the most in the USA at $11.8 billion.
Market-trend-based strategies for the payment gateway market include focus on strategic partnerships and collaborations to strengthen their market position, enhance product offerings and expand their geographic reach, focus on launching innovative payment gateways to promote electronic payments for government services, focus on enhancing the security, efficiency, interoperability and convenience in payment gateways, focus on launching new payment technology platforms with improved payments processing capabilities and focus on developing self-hosted payment platforms to strengthen their market position.
Player-adopted strategies in the payment gateway market include focus on growth strategy aims to strengthen P2P, commercial and B2B payment services through strategic partnerships, focus on growth strategy aims at diversifying its businesses by scaling up its capabilities to newer geographies and expanding its customers through new product developments, focus on enhancing its business operations through new product developments and focus on growth strategy aims at strengthening its business through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the payment gateway companies to focus on innovative government payment gateways, focus on advanced payment gateway solutions, focus on advanced payment technology platforms, focus on self-hosted payment platforms, focus on non-hosted segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for market expansion, provide competitively priced offerings, focus on pricing strategy development, participate in trade shows and events, focus on content marketing and thought leadership and focus on retail & e-commerce and BFSI segments.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Payment Gateway Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Payment Gateway Market Segmentation
11 Payment Gateway Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
22 Key Mergers and Acquisitions
23 Opportunities and Strategies
24 Payment Gateway Market, Conclusions and Recommendations
25 Appendix
Executive Summary
Payment Gateway Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global payment gateway market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description
Where is the largest and fastest-growing market for payment gateway? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The payment gateway market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider payment gateway market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by enterprise size and by end-user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the payment gateway market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by enterprise size and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for payment gateway providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Type: Hosted; Non-Hosted2) By Enterprise Size: Large Enterprise: Small and Medium Enterprise
3) By End User: Travel and Hospitality; Banking; Financial Services and Insurance (BFSI); Retail and E-Commerce; Media and Entertainment; Other End Users
Key Companies Mentioned: Amazon Payments Inc.; PayPal Holdings, Inc.; Stripe, Inc.; Visa Inc.; Fiserv, Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; payment gateway indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Amazon Payments Inc.
- PayPal Holdings, Inc.
- Stripe, Inc.
- Visa Inc.
- Fiserv, Inc.
- JPMorgan Chase & Co.
- Global Payments, Inc.
- Klarna Bank AB
- PayU Group
- Verifone Holdings, Inc
- SocoPay
- Guangzhou Shang Wu Tong Network Technology
- Mastercard JV
- PayPal India
- PayUmoney
- Razorpay
- Instamojo
- Cashfree
- Line Pay
- AliPay
- WeChatPay
- UnionPay
- 99Bill
- PayEase
- Way2Pay
- MeaWallet
- Takepayments
- Worldpay
- Shopify Payments
- Opayo
- Adyen
- GlobalCollect
- Ibanera
- Sberbank Online
- Yandex Money
- QIWI
- First American Payments Systems
- AxiaMed
- Lyra Network
- Paybox Services
- SystemPay International
- ACI Worldwide Inc
- Rebill
- Spin Pay
- CASHU
- Trriple
- Monami Tech
- Ozow
- DPO Group
- MTN Group Limited
- Flutterwave
- M-Pesa
- Coruscate’s Alexpay
- Digipay
- Software Group
- Kineto
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 282 |
Published | June 2024 |
Forecast Period | 2023 - 2033 |
Estimated Market Value ( USD | $ 32 Billion |
Forecasted Market Value ( USD | $ 170.2 Billion |
Compound Annual Growth Rate | 18.1% |
Regions Covered | Global |