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Digital Payment Market by Component and Geography - Forecast and Analysis 2022-2026

  • Published: Dec 2021
  • Pages: 120
  • SKU: IRTNTR71712
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The digital payment market share is expected to increase by USD 85.12 billion from 2021 to 2026, and the market’s growth momentum will decelerate at a CAGR of 17.41%.

This digital payment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers digital payment market segmentation by component (solutions and services) and geography (APAC, North America, Europe, South America, and MEA). The digital payment market report also offers information on several market vendors, including ACI Worldwide Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., JPMorgan Chase and Co., Mastercard Inc., PayPal Holdings Inc., Square Inc., Visa Inc., and WEX Inc. among others.

What will the Digital Payment Market Size be During the Forecast Period?

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Digital Payment Market: Key Drivers and Trends

The rising number of online transactions is notably driving the digital payment market growth, although factors such as privacy and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the digital payment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Digital Payment Market Driver

One of the key factors driving growth in the digital payment market is the rising number of online transactions. Online transactions are gaining importance among individual consumers, as they are very easy, quick, and convenient to use when compared with traditional methods. Consumers are also using smartphones to make online transactions at any time. Many retailers are adopting platforms such as NFC POS terminals that facilitate mobile payments. NFC POS terminals also boost the value and effectiveness of a retailer's marketing efforts. The process of streamlining operations helps retailers generate more revenue. The high adoption of contactless Europay, MasterCard, and Visa (EMV) cards will likely encourage the implementation of NFC POS terminals. The growing need for faster checkouts at retail outlets, the high adoption of EMV cards, effective information management among retailers, and the increased focus on secure payments contribute to the growth of the global digital payment market.

Key Digital Payment Market Challenge

The privacy and security concerns will be a major challenge for the digital payment market during the forecast period. Payment service providers use online cookies to gather personal data and customer information so that they can customize advertising messages to target key audiences. The indiscriminate use of cookies can infringe on client privacy, while location-based online services have raised privacy concerns because these can reveal the geographical location of the customers. Many companies also collect a large volume of data through cookies and other methods to determine demographics and better target advertising for future transactions. Confidential information, including consumer address and credit card information, is deterrent because m-commerce involves monetary transitions in real-time. These factors can inhibit the online experience of customers and hinder the potential growth of the market.

This digital payment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Digital Payment Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ACI Worldwide Inc.
  • Fidelity National Information Services Inc.
  • Fiserv Inc.
  • Global Payments Inc.
  • JPMorgan Chase and Co.
  • Mastercard Inc.
  • PayPal Holdings Inc.
  • Square Inc.
  • Visa Inc.
  • WEX Inc.

 

This statistical study of the digital payment market encompasses successful business strategies deployed by the key vendors. The digital payment market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The digital payment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Digital Payment Market?

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34% of the market’s growth will originate from APAC during the forecast period. China, India, and South Korea (Republic of Korea) are the key markets for digital payment in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rapid urbanization and the increasing penetration of Internet services will facilitate the digital payment market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Component Segments in the Digital Payment Market?

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The digital payment market share growth by the solutions segment will be significant during the forecast period. The segment comprises various solutions such as payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and point of sale (PoS) solutions. There has been drastic growth in digital payments globally across multiple business verticals. The primary factors that are raising the e-wallets segments are added features such as rewards point programs specific to wallets, multiple payment options, and ease in sending and receiving money. Additionally, other prominent factors positively affecting the overall market growth are the rising penetration of smartphones and growing consumer awareness. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the digital payment market size and actionable market insights on post COVID-19 impact on each segment.

 

Digital Payment Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 17.41%

Market growth 2022-2026

$ 85.12 billion

Market structure

Fragmented

YoY growth (%)

19.97

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 34%

Key consumer countries

US, China, UK, India, and South Korea (Republic of Korea)

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ACI Worldwide Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., JPMorgan Chase and Co., Mastercard Inc., PayPal Holdings Inc., Square Inc., Visa Inc., and WEX Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Digital Payment Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive digital payment market growth during the next five years
  • Precise estimation of the digital payment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the digital payment industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of digital payment market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Component

    • Market segments
    • Comparison by Component
    • Solutions - Market size and forecast 2021-2026
    • Services - Market size and forecast 2021-2026
    • Market opportunity by Component

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2021-2026
      • North America - Market size and forecast 2021-2026
      • Europe - Market size and forecast 2021-2026
      • South America - Market size and forecast 2021-2026
      • MEA - Market size and forecast 2021-2026
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • ACI Worldwide Inc.
      • Fidelity National Information Services Inc.
      • Fiserv Inc.
      • Global Payments Inc.
      • JPMorgan Chase and Co.
      • Mastercard Inc.
      • PayPal Holdings Inc.
      • Square Inc.
      • Visa Inc.
      • WEX Inc.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The digital payment market growth will increase by $85.12 billion during 2021-2026.
      The digital payment market is expected to grow at a CAGR of 17.41% during 2021-2026.
      Technavio has segmented the digital payment market by component (Solutions and Services) and geographic (APAC, North America, Europe, South America, and MEA).
      ACI Worldwide Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., JPMorgan Chase and Co., Mastercard Inc., PayPal Holdings Inc., Square Inc., Visa Inc., WEX Inc. are a few of the key vendors in the digital payment market.
      APAC will register the highest growth rate of 34.43% among the other regions. Therefore, the digital payment market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      • US
      • China
      • UK
      • India
      • South Korea (Republic of Korea)
      The key factors driving the digital payment market growth are:
      • Rising number of online transactions
      The digital payment market vendors should focus on grabbing business opportunities from the solutions segment as it accounted for the largest market share in the base year.
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