According to a new market research report “Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2026” published by MarketsandMarkets™, the global digital payment market size is expected to grow from USD 88.1 billion in 2021 to USD 180.2 billion by 2026, at a CAGR of 15.4% during the forecast period. Major driving factors for the digital payment industry are worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, and increase in eCommerce sales and growth in internet penetration. These factors are expected to drive the global digital payment market.
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By component, solutions segment to account for the highest market share during the forecast period
The solutions segment of the digital payment market has been classified into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and POS solutions. Major digital payment solution vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers. Payment gateway and payment processing are the most widely demanded solutions among merchants.
By vertical, media and entertainment is the fastest-growing segment during the forecasted period.
The growth of media and entertainment segment is fueled by the expansion of the smartphone market and the availability of high-speed and affordable data services, several users access media portals and entertainment content over mobile devices, With the availability of feasible mobile payment solutions provided over mobile devices, users can purchase digital media content, such as music and movies, download audio and video files, pay for online games, and pay for advertisements.
By region, APAC to account for the highest market share in 2021
The digital payment market in APAC is witnessing a strong growth trajectory in digital payments as the government pushes toward digital transformation, eventually leading to major changes across the industries. The favorable regulatory environment, infrastructure improvement, high smartphone penetration, and low data cost have led to the fast adoption of digital payments in APAC. Some countries like, Singapore, Thailand, Indonesia, China, and Cambodia introduced standards and rules to improve system efficiency and safeguard customers. For instance, Singapore’s proposed ePayment user protection guidelines, Thailand’s payment systems act, and China’s sanctions on new payment apps focus on standards, industry governance, and oversight of new players.
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Market Players
Major vendors in the digital payment market include PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), 2Checkout now Verifone(US), Spreedly (US), Dwolla (US), Braintree(US), Clover(US), OpenWay Group (Belgium), and EBANX (Brazil).
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