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Payment Gateway Market to Witness Significant Growth During the Forecast Period

BFSI | Aug, 2020

Growing digitization and increase in customer interest towards digital payments to drive global payment gateway market through 2024.

According to Global Databooks report, “Global Payment Gateway Market, By Type, By Enterprise Size, By End User, By Company, Competition, Forecast & Opportunities, 2024”, global payment gateway market is projected to grow at an estimated CAGR of around 22% during 2019-2024, on account of increasing number of payment gateway platforms and growing internet users, globally. Moreover, these payment gateways are easy to use and offer attractive cashback which is contributing to the growth of the market.

Global payment gateway market can be segmented based on type, enterprise size, and region. Based on type, market can be segregated into hosted, bank integrated, and self-hosted. Hosted segment is anticipated to account for significant share during the forecast period due to enhanced payment security and increase in usage of hosted payment gateways in retail markets. In terms of enterprise size, market can be bifurcated into large enterprise and small enterprises. Out of these two, large enterprises accounted for the largest market share in 2019 and the trend is likely to continue through 2024.

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PayPal Holdings Inc, Stripe Inc, Ayden N.V, and others are leading key players in global payment gateway market. Major companies are adopting strategies like providing cashbacks and discounts, expansion in new locations, mergers & acquisitions, to register growth in the competitive market.

“Implementation of payment gateway across various end users like retail, transportation, travel & hospitality, education, government and utilities is increasing due to surging customer interest towards secured online payments, in developing nations like India, propelling the growth of the payment gateway market, globally.”, said Mr. Karan Chechi, Research Director with Global Databooks, a research based global management consulting firm.

“Global Payment Gateway Market, By Type, By Enterprise Size, By End User, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global payment gateway market and provide statistics & information on market size, structure and future market growth. Report provides cutting-edge market intelligence and help investors to make proper decisions. Besides, the report also identifies and analyzes the merging trends along with essential drivers, challenges and opportunities in the global payment gateway market.


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