WASHINGTON, July 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Payment Orchestration Platform Market finds that the increase in buy now pays later platforms across the globe expedites market growth. In addition, the rising retail acceptance of digital payment solutions is anticipated to propel the development of the Payment Orchestration Platform Market during the forecast period. The Global Payment Orchestration Platform Market revenue is expected to reach a value USD 3,041.9 Million in 2028.
The Global Market revenue stood at a value USD 793.6 Million The year 2021 is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period; states Vantage Market Research, in a report, titled " Payment Orchestration Platform Market Size, Share & Trends Analysis Report by Functionalities (Cross Border Transactions, Risk Management, Advanced Analytics & Reporting), by End-Use (E-Commerce, Travel & Hospitality Industry, Healthcare, BFSI), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Payment Orchestration Platform market is predicted to grow at a CAGR of roughly 22.5% during the forecast period.
- The Payment Orchestration Platform market was estimated to be worth roughly USD 793.6 Million in 2021 and is expected to reach USD 3,041.9 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Payment Orchestration Platform market.
Market Dynamics:
Drivers:
Rise in Buy Now Pay Later Platforms Worldwide
The growing popularity of Buy, Now Pay Later (BNPL) platforms among retailers worldwide is one of the major factors driving the market growth. Payment planning forums allow merchants to use the BNPL platform without excessive technical development. BNPL use is highest among the population from 18 to 24. This is because BNPL enables consumers to purchase without paying in advance. According to figures provided by The Ascent, a financial service provider, growth in BNPL was significant among people in the 18 to 24 age group in the United States. This age group calculated a growth rate of 62% between July 2020 and March 2021. Therefore, a rise in BNPL platforms is expected to boost the market growth over the forecast period.
Increasing Retail Acceptance of Digital Payment Solutions to Stimulate Market Growth
The growing adoption of digital payment solutions among retail companies creates new opportunities for market growth. This is because the Payment Orchestration Platform Market (POP) helps merchants increase payment acceptance rates and improve their customer experience. As a result, various retail companies enter into relationships with POP suppliers. For example, in November 2020, APEXX Global, a provider of a Payment Orchestration Platform Market, announced its partnership with ASOS, an online fashion retailer. Through this partnership, the latter company managed and coordinated the authorization, development, and evaluation of its performance. Therefore, increased commercial acceptance of digital payment solutions is further anticipated to fuel the market's growth in the years to come.
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Segmentation of the Global Payment Orchestration Platform Market:
- Functionalities
- Cross Border Transactions
- Risk Management
- Advanced Analytics & Reporting
- End-Use
- E-Commerce
- Travel & Hospitality Industry
- Healthcare
- BFSI
- Other End Uses
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Payment Orchestration Platform Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Payment Orchestration Platform Market Size, Share & Trends Analysis Report by Functionalities (Cross Border Transactions, Risk Management, Advanced Analytics & Reporting), by End-Use (E-Commerce, Travel & Hospitality Industry, Healthcare, BFSI), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
North America Dominated the Global Payment Orchestration Platform Market
North America has dominated the Global Payment Orchestration Platform Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North American region in 2021. This is owing to the increasing deployment of smart parking meters, as well as technological advances in these meters in the region. Moreover, as the number of vacant stores in the United States grows, so does the market for digital payment solutions. For example, in November 2019, Ahold Delhaize, a chain of Dutch supermarkets, announced the launch of the first low-cost store in the United States.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The increasing acceptance of payments in real-time and expanding government programs are anticipated to lead to the regional growth of the market. In addition, the industry is expected to benefit from increased digital integration in countries such as India and China and the adoption of more efficient and convenient online payment services.
List of Prominent Players in the Payment Orchestration Platform Market:
- IXOPAY
- Cell Point Digital
- Payoneer
- Aye4fin GmbH
- Corey
- APEXX Fintech Limited
- Amadeus IT Group SA
- Rebilly
- Modo payments
- Spreedly
- Optile
Recent Developments:
April 2021: Gr4vy, a provider of a Payment Orchestration Platform Market, announced an $ 11.1 million increase in its series A. Nyca Partners led this cycle with participants from Firestar, Activant, and Global Founders Capital. The company plans to use this grant to strengthen its supply and market status.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Payment Orchestration Platform Market?
- How will the Payment Orchestration Platform Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Payment Orchestration Platform Market?
- What is the Payment Orchestration Platform market drivers and restrictions?
- What will be the CAGR and size of the Payment Orchestration Platform Market throughout the forecast period?
This market, titled “Payment Orchestration Platform Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Functionalities • Cross Border Transactions • Risk Management • Advanced Analytics & Reporting • End-Use • E-Commerce • Travel & Hospitality Industry • Healthcare • BFSI • Other End Uses • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • IXOPAY • Cell Point Digital • Payoneer • Aye4fin GmbH • Corey • APEXX Fintech Limited • Amadeus IT Group SA • Rebilly • Modo payments • Spreedly • Optile |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, c ompany market share analysis, and COVID-19 impact analysis |
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