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Digital Payment Market by Type, Solution Type, Deployment Mode, Organization Size And Region - Global Forecast to 2023

Digital Payment Market: Global Forecast until 2023

  • October 2018
  • 144 pages
  • ID: 5587810
In this report:
The cloud deployment mode segment of the digital payment market is expected to grow from USD ##.## billion in 2018 to USD ##.## billion by 2023, at a higher CAGR of ##.##% during the forecast period as compared to the on-premises segment.
According to a study by the McKinsey Global Institute that was released in 2016, digital financial services are expected to increase GDPs of emerging countries by ##% by 2025.

Summary

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The growing proliferation of smartphones is predicted to push the rise of the digital payment market.

The digital payment market is projected to be ~$38.0B in 2018 and is projected to extend ~$86.8B by 2023, at a compound annual growth rate (CAGR) of 18.0% during the forecast horizon. Top factors driving the increase of the digital payment market contain initiatives undertaken for the promotion of digital payments, high proliferation of smartphones, and the need to offer improved customer service at POS terminals. On the other hand, lack of overall standards for cross-border payments is a main aspect anticipated to restrain the rise of the digital payment market.

The services segment is anticipated to rise at a better compound annual growth rate during the outlook period.

Established on category, the services segment of the digital payment market is expected to increase at a better compound annual growth rate during the estimate period as distinguished to the solutions segment.Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions.

Rise in the number of digital transactions in emerging economies is anticipated to rise the industry demand for digital payment services.

SMEs are anticipated to implement digital payment solutions at a higher rate during the outlook period.

Established on organization size, the SMEs segment of the digital payment market is expected to rise at a better compound annual growth rate from 2018 to 2023 as distinguished to the big enterprises segment.Governments of countries across the world have launched different initiatives to foster the adoption of new technologies in SMEs.

Additionally, they have also reduced the Merchant Discount Rate for SMEs to facilitate large-scale deployment of digital payment solutions. Therefrom, SMEs in countries such as india (IN), Australia (AU), China (CN), and Germany (DE) are increasingly adopting digital payment solutions to enhance business outcomes.

The digital payment market in Asia-Pac is anticipated to grow at the highest CAGR (Compound annual growth rate) during the estimate period.

The digital payment market in Asia Pacific (APAC) is expected to grow at the highest compound annual growth rate (CAGR) during the outlook period. This increase can be accredited to the raised demand for digital payment solutions and advancements in digital technologies benefitting all stakeholders present in the digital payment ecosystem in the Asia Pacific area.

The distribution of profiles of primary members taking part is mentioned below:

• By Company category: Tier 1 (40.0 percent), Tier 2 (35.0 percent), and Tier 3 (25.0 percent)

• By Description: C-suite executives (45.0 percent), Directors (30.0 percent), and Others (25.0 percent)

• By Area: North America continent (35.0 percent), Asia-Pac (30.0 percent), Europe (EU) (20.0 percent), and RoW (15.0 percent)

Top market players decribed in this industry report contain ACI Worldwide, Aurus, Aliant Payment, Authorize.Net, Adyen, BlueSnap, Chetu, Dwolla, FSS, First Data, Fiserv, Global Payments, Net1 UEPS Technologies, Novatti, PayPal, Paysafe, PayU, SIX, Stripe, TSYS, WEX, Wirecard, Worldline, Worldpay, and YapStone.

Segment Research

The digital payment market has been divided on the basis of category, deployment mode, organization size, and area. An in-depth study of regions has been performed to provide business insights into the potential future business opportunities.

Reasons to Buy the Report

The study will facilitate industry top players/new sector entrants in the digital payment market in these ways:

1. The document breaks down the digital payment market comprehensively and offers the closest approximations of revenue numbers for the global market and sub-segments across different areas.

2. The analysis benefits partners distinguish the pulse of the sector and offers them with info on main market drivers, market restraints, opportunities, and alternatives.

3. The market research benefits partners comprehend their players and obtain valuable insights to better option their business in the sector.

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