According to IMARC Group’s latest report, titled “Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global payment gateways market reached a value of about US$ 10 Billion in 2016. A payment gateway is an e-commerce service that facilitates a payment transaction by transferring information between a payment portal and the front-end processor or acquiring bank. Payment gateways mitigate the possibility of frauds as they utilize various tools to screen orders such as delivery address verification, AVS checks, computer finger printing technology, velocity pattern analysis, identity morphing detection, and geolocation. Nowadays, numerous vendors are adopting payment gateways since they are faster than manual processing and enable the customers to make purchases at any hour of the day without the inconvenience of waiting in long queues.
Highlights of the global payment gateways market:
- Increasing use of mobile wallets and growing e-commerce industry remain the key growth inducing factors.
- Large enterprises represent the biggest application segment.
- North America is the leading market, holding the largest share globally.
The global payment gateways market is driven by the growing importance of customer satisfaction and service on account of rising competition in the market. This has prompted the vendors to come up with strategies and innovative services, such as flexibility in ordering products and enabling different payment options using payment gateways. Moreover, companies are restructuring their businesses and revenue strategies by moving towards a digital approach. Sectors such as telecommunications, banking, financial services, healthcare, and retail are widely adopting payment gateway solutions, thereby providing a thrust to the market. Additionally, the market is driven by collaborations between different banks and retail vendors to provide attractive cashback offers to attract new customers and retain the existing ones. Apart from this, the emergence of mobile wallets has further boosted the market growth. Owing to the aforementioned forces, the market is expected to grow at a CAGR of around 9% during 2017-2022, reaching a value of around US$ 18 Billion by 2022.
The market has been segmented on the basis of applications into large enterprises, micro and small enterprises, and mid-sized enterprises. Currently, large enterprises account for the majority of the total share. On a regional-basis, the report covers North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America represents the largest market, holding the largest share globally. On analyzing the competitive landscape, it is found that Worldpay Group, Wirecard, Adyen, Allied Wallet and PayPal are the key players operative in the market.
The report by IMARC Group has examined the global payment gateways market on the basis of:
- Large Enterprises
- Micro and Small Enterprises
- Mid-sized Enterprises
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- Worldpay Group
- Allied Wallet
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