The study of the “Global Payment Gateway Market and Global Payment Security Industry” provides the market size information along with the factors and parameters impacting it in both short and long term. The study ensures a 360° view, bringing out the complete key insights of the industry.
Dallas, Texas, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Global Payment Gateway Market 2020-2024:
The Global Payment Gateway Market is expected to register a CAGR of 16.43% in the forecast period 2019 - 2024. The integration of payment gateway has become one of the most critical aspects of any businesses in every industry. It allows collecting money through the customer preferred bank without compromising on sensitive data.
The scope of the study for the payment gateway market has considered both hosted and non-hosted type of payment gateways for different types of enterprise and their respective applications in a wide range of industries globally.
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Increase in smartphone usage and availability of internet throughout the globe is increasing the demand for Payment gateways online. All the business local or international started using online payment gateways for receiving payments for the product or service they had to offer. People get the convenience of paying and receiving online instantly without any tedious method of net banking, ATM transactions or carrying cash. There is an increase in usage and availability of internet all over the globe which is a key market driver for the growth of global payment gateway market. This has also lead to an increase in the remittance transfers across the globe.
Key Players Analysis:
- PayPal Holdings, Inc.
- Amazon Pay (Amazon.com, Inc.)
- Stripe, Inc
- Skrill Limited
- PayU Group
- Adyen N.V.
- Ingenico Group
- Alipay.com Co Ltd
- Payoneer Inc
- Paytm Mobile Solutions Pvt. Ltd
- VeriFone Holdings, Inc
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These payments gateways have gained people’s trust over the time, thus increasing the customer base daily. With digitalization, governments are taking measures to make Wi-Fi service available as much as possible giving a rise to global payment gateway market. It is important for these payment gateways to be safe and must maintain the customers privacy as most of them are directly linked to the user’s banks account. The key trend which is creating opportunities for the global payment gateway market is emergence of integration of biometric authentication across payment gateway solutions.
Payment Gateway Market Segmentation:
By Enterprise Type:
- Small and Medium Enterprise (SME)
- Large Enterprise
By End-user Vertical:
- Media and Entertainment
- Other End-user Verticals
- North America
- Latin America
- Middle East & Africa
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Some Points from Table of Content:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapidly Increasing Internet Penetration
4.2.2 Changing Preference of Users to Online Transaction
4.3 Market Restraints
4.3.1 Stringent Regulations in Payment Industry
4.3.2 Increasing Data Breaches and Cyber Attacks
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
Global Payment Security Market 2020-2024:
The Global Payment Security Market was valued at USD 14.41 billion in 2018 and is expected to reach USD 30.05 billion by 2024, with a CAGR of 13.03% during the forecast period (2019 - 2024). With the rising number of digital payments, such as credit/debit payments, mobile wallets, and online payments, it is expected to boost the payment security market globally over the forecast period.
CyberSource Corporation, Bluefin Payment Systems LLC, Braintree Payment Solutions, LLC, Elavon Inc, Ingenico Group, Geobridge Corporation, Signified Inc, TokenEx LLC, TNS Inc, Shift4 Corporation, Intelligent Payments Group Limited
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Scope of the Report:
Without the existence and implementation of proper security protocols, payment merchants put themselves and also their customers at risk for payment fraud. With the rapidly increasing digital transactions, a payment security solution is a must to prevent frauds.
People are moving more and more towards using internet services all over the globe hence it is important to make the usage of network safe and secure. There are increasing cases of online money laundering. The data, passwords used by the users are not safe over the internet. There is need for transferring money from one location to another even if it is across the borders. All these factors are rising the demand for Global Payment Security Market.
Retail Sector to Witness High Growth:
- With the increasing usage of mobile payments in the retail industry primarily in the e-commerce sector is boosting the payment security market. The major economies such as the United States, China have witnessed a considerable rise in retail e-commerce sales which has now become a key area of concern for consumers and financial service providers due to the security of mobile banking and payments, which provides the mobile payment security software market scope to grow.
- Retail e-commerce sales are rapidly increasing owing to a combination of government support, increased smartphone penetration, and applications usage, and the promise of better shopping experience is likely to boost the market growth forward.
- Mobile technologies, powered by the complementary technologies of cloud, analytics, and social mobile payments are expected to grow further, which will drive the market further.
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North America occupies the Largest Market Share
- North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided the organizations in this region a competitive edge in the market.
- Moreover, the region has the presence of several payment security vendors, such as CyberSource Corporation, Elavon Inc., Geobridge Corporation, and TNS Inc. among various others which is one of the factors driving the market in this region.
- With the changing retail market and growing E-commerce sales in this region, it is the primary factor that is raising the demand for a fast payment solution, which, in turn, drives the need for the payment security market.
- Moreover, with an average consumer using more than one card at a time and also online payments growing four times faster than retail payments, the credit card market is booming, hence, creating an opportunity for the payment security market.
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