Payment Gateway Market Outlook 2023-2032: Growth Potential, Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Payment Gateway Global Market Report 2023, The global payment gateway market is expected to grow from $27.32 billion in 2022 to $32.05 billion in 2023 at a compound annual growth rate (CAGR) of 17.31%. The global payment gateway market size is expected to reach $60.00 billion in 2027 at a CAGR of 16.97%.
North America held the largest payment gateway market share, and Asia-Pacific was the fastest-growing region in 2022.
Payment Gateway Market Driver
The rise in digital payments is projected to move the payment gateway market forward in the coming years. Digital payments are electronic transactions that take place without the need of cash or cheques, and are made possible by means such as credit cards, debit cards, mobile wallets, and internet payment systems. Payment gateways are needed to offer a secure connection between a business’s website and a payment processing provider, which conducts payment processing for the business through whom the digital payment was made. For example, according to the World Bank’s Global Findex Database report issued in June 2022, the number of adult adults engaged in conducting or receiving digital payments climbed to 57% in 2021 from 35% in 2014. Furthermore, in high-income economies, the percentage of adult adults making or receiving digital payments surpassed 95%. As a result, the rise in digital payments is propelling the payment gateway market forward.
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Key Payment Gateway Market Segments
The Global Payment Gateway Market is segmented –
1) By Type: Hosted, Non-Hosted
2) 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
Payment Gateway Market Prominent Players
Major players in the payment gateway market are Aquatech International LLC, Veolia Water Technologies Inc, Creative Water Solutions, Sapphire Water Systems, Minerals Technologies Inc, M. W. Watermark, Culligan International, Water Professionals, Ecolab Inc., Solenis LLC, Cortec Corporation, Buckman Laboratories Inc., Evoqua Water Technologies LLC, Akzo Nobel N.V., and Lenntech B.V.
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Prominent Payment Gateway Market Trend
The use of voice recognition technology in payment solutions is a crucial trend that is gaining traction in the payment gateway market. Companies in the payment gateway market are embracing new technologies in order to maintain their market position. For example, Ubona Technologies, an India-based speech recognition company, launched 123 UPI in February 2023, a first-of-its-kind speech recognition technology-based payments solution that enables users to make digital payments in their preferred Indian language using any phone (feature phone or smartphone). This system makes use of an automatic voice recognition engine to help users deal in their favourite Indian language, allowing them to make digital payments in their home tongue.
The Payment Gateway Global Market Report 2023 provides comprehensive insights on the payment gateway market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the payment gateway market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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