The global Payment Processing market size is projected to reach USD 68.8 Billion by 2026, from USD 36.2 Billion in 2019, at a CAGR of 9.6% during the forecast period 2020-2026.
The ongoing evolution in payments ecosystems, which encompasses a blurring of the lines between payment types and bold entry moves by non-bank players leveraging non-traditional business models, has spurred a wave of industry consolidation. The rapid change in payment space, including the emergence of real-time payments and blockchain, has disrupted the conventional payment provider model and made digital transactions.
Though these digital transactions opened up many doors for cyber-attackers, significant improvements in regulatory mechanisms are likely to curtail these assaults during the projected period.
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TRENDS INFLUENCING THE PAYMENT PROCESSING MARKET SIZE
- Initiatives to encourage digital and electronic payments, high penetration of smartphones, emphasis on enhancing customer service, and consumer demand for immediate payments and settlements are major drivers for the Payment Processing Solutions Market size.
- As retailers concentrate on diversifying their business activities, they are gradually adopting wireless and mobile computing technologies for handling transactions. This, in effect, is expected to accelerate the Payment Processing market size during the forecast period.
- Processing payment solutions help retailers boost customer satisfaction, minimize costs, and reduce fraudulent transactions. These factors are further expected to increase the Payment Processing Solutions Market size.
- Payment processing solutions help media and entertainment companies cut costs and provide innovative protection options for digital payment systems. This widespread adoption of payment processing solutions by various industry verticals is expected to increase the Payment Processing Solutions Market size during the forecast period.
- The rapid change in payment space, including the emergence of real-time payments and blockchain, has disrupted the conventional payment provider model. It ultimately opened up many doors for cyber-attackers. Nonetheless, over the projected period, significant improvements in regulatory mechanisms are likely to curtail those assaults.
PAYMENT PROCESSING MARKET SHARE ANALYSIS
- Based on the payment method, the credit card segment is expected to hold the largest Payment Processing Solutions Market share during the forecast period
- By vertical, the hospitality segment is expected to hold the largest payment processing market share during the forecast period.
- Based on the region, North America is expected to hold the largest payment processing market share. The North American market for payment processing solutions is highly competitive, with countries such as the US and Canada focused on R&D and innovation. Credit card is North American countries’ preferred form of payment for customers in both the electronic and point-of-sale (POS ) systems.
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The Following Players Are Covered In This Report:
- Amazon Payments
- First Data
Payment Processing Market Breakdown Data by Type
- Online Mode
- Offline Mode
Payment Processing Market Breakdown Data by Application
- Catering Industry
- Medicine & Cosmetics
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