Payment Gateway Market Value to Exceed USD 98.2 Billion in 2030

Payment gateway market is growing as a result of the increase in big transaction data and increased usage of different online payment methods.

PORTLAND, PORTLAND, OR, UNITED STATES, February 22, 2023 /EINPresswire.com/ — According to the report, the global payment gateway market generated $22.4 billion in 2021, and is estimated to reach $98.2 billion by 2030, witnessing a CAGR of 17.7% from 2022 to 2030.

Rise in transaction data and increase in utilization of different online payment methods such as internet banking, credit cards, debit cards, and mobile wallets drive the growth of the global payment gateway market. However, privacy & security issues and surge in online frauds pose a big threat to the market growth. On the other hand, increase in investments in advanced technologies by market players and increase in popularity and accessibility of high-speed internet present new opportunities in the coming years.

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Based on type, the hosted segment accounted for the highest market share in 2021, contributing to nearly three-fifths of the global payment gateway market, and is projected to maintain its leadership status during the forecast period. This is due to its ease in utilization with plug-and-play plugins for e-commerce stores, fraud management, multiple payment options, and others. However, non-hosted segment is estimated to witness the highest CAGR of 18.1% from 2022 to 2030, owing to the complete control of merchants over the customer experience as customers will be able to complete the checkout process on the web page.

Based on enterprise size, the large enterprise segment contributed to the highest market share in 2021, holding more than three-fifths of the global payment gateway industry, and is projected to maintain its lead position during the forecast period. This is due to availability of various payment gateway services with international payment options, hassle-free reconciliation, and multiple payment modes. However, the small and medium enterprise segment is estimated to register the highest CAGR of 17.9% from 2022 to 2030. This is attributed to high success rate of transactions, affordable charges, and ease in growth tracking.

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Based on end use, the BFSI segment held the largest market share in 2021, accounting for around one-third of the global payment gateway market, and is expected to maintain its lead status by 2030. This is due to rise in popularity of digital transactions for exploring new business opportunities and surge in user base in the sector. However, the travel and hospitality segment is projected to grow at the fastest CAGR of 18.9% from 2022 to 2030, owing to availability of security, simplicity, and convenience carrying out transactions for online bookings.

Based on region, Asia-Pacific contributed to the largest market share in 2021, accounting for nearly two-fifths of the global market, and is expected to maintain its dominance in terms of revenue by 2030. Moreover, this region is projected to manifest the fastest CAGR of 18.4% during the forecast period. This is due to increase in cross-border payment services provided by top payment service providers such as PayPal, Stripe, Payoneer, and others. The research also analyzes regions including North America, Europe, and LAMEA.

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Leading Market Players –

• PayPal Holdings, Inc.
• Visa Inc.
• STRIPE
• Amazon.com Inc.
• FIS(Worldpay)
• MASTERCARD
• PayU
• BitPay, Inc.
• FISERV, Inc.(BluePay)
• JPMorgan Chase & Co.

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David Correa
Allied Analytics LLP
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