Rapid Growth in Smartphone Adoption Drives Global Digital Payment Market to New Heights

Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Payment Market by Component (Services, Solutions), Deployment Type (Cloud, On-Premises), Organization Size, Mode of Payment, Vertical - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The Global Digital Payment Market is in the midst of an impressive growth trajectory, as it accelerates from USD 84.00 billion in 2022 to USD 101.04 billion in 2023. Fueled by a Compound Annual Growth Rate (CAGR) of 20.41%, the market is poised to reach an astonishing valuation of USD 371.25 billion by 2030.

Market Segmentation & Coverage:

In a recent research report, the Global Digital Payment Market has been meticulously dissected to provide comprehensive insights into various facets of the industry:

  1. Component: The market encompasses both Services and Solutions. Services are further classified into Consultation & Integration, Incident Response Services, Managed Security Services, Support & Maintenance, and Training & Development. Notably, Services are projected to claim a substantial market share during the forecast period.
  2. Deployment Type: The market offers options of Cloud and On-Premises solutions. The Cloud deployment is anticipated to dominate market share during the forecast period.
  3. Organization Size: Analysis covers both Large Enterprises and Small & Medium-Sized Enterprises, with the latter expected to witness significant market share during the forecast period.
  4. Mode of Payment: This category includes Bank Cards, Digital Currencies, Digital Wallets, Net Banking, and Point of Sales. Digital Wallets are projected to capture significant market share during the forecast period.
  5. Vertical: The market serves a multitude of verticals, including Banking, Financial Services, & Insurance, Healthcare, Media & Entertainment, Retail & e-Commerce, Telecommunication, Transportation & Logistics, and Travel & Hospitality. Healthcare is anticipated to experience substantial market growth during the forecast period.
  6. Region: A comprehensive geographical analysis spans the Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas, with a focus on Argentina, Brazil, Canada, Mexico, and the United States, led the market in 2022, commanding a significant market share of 38.75%, closely followed by Europe, Middle East & Africa.

Market Dynamics:

Numerous factors are driving the remarkable growth of the Global Digital Payment Market:

  • Drivers: Key drivers include the high proliferation of smartphones enabling mCommerce growth, the increase in eCommerce sales, and the growth in internet penetration. Additionally, the rise in the adoption of contactless payments is propelling market expansion.
  • Restraints: Challenges such as the lack of global standards for cross-border payments have been identified.
  • Opportunities: Promising opportunities include the gradual adoption of Open-Banking APIs, a rapid decline in the unbanked population worldwide, and progressive changes in regulatory frameworks.
  • Challenges: Challenges in the form of evolving cyber attacks on digital payments have been acknowledged.

Report Insights:

The comprehensive report offers valuable insights into various aspects of the market:

  • Market Penetration: In-depth information about the market provided by key players.
  • Market Development: Analysis of lucrative emerging markets and penetration across mature segments of the market.
  • Market Diversification: Detailed information about new product launches, untapped geographies, recent developments, and investments.
  • Market Trends: A comprehensive understanding of the cumulative impact of COVID-19, the Russia-Ukraine Conflict, and high inflation on the market.
  • Competitive Assessment & Intelligence: Exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of leading players.
  • Product Development & Innovation: Insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions:

  • What is the market size and forecast of the Global Digital Payment Market?
  • What are the inhibiting factors and the impact of COVID-19 shaping the market during the forecast period?
  • Which products/segments/applications/areas present investment opportunities in the Global Digital Payment Market?
  • What is the competitive strategic window for opportunities in the market?
  • What are the technology trends and regulatory frameworks in the Global Digital Payment Market?
  • What is the market share of the leading vendors in the Global Digital Payment Market?
  • What modes and strategic moves are considered suitable for entering the market?

Key Attributes:

  • Number of Pages: 199
  • Forecast Period: 2023 - 2030
  • Estimated Market Value (USD) in 2023: $101.04 Billion
  • Forecasted Market Value (USD) by 2030: $371.25 Billion
  • Compound Annual Growth Rate: 20.4%
  • Regions Covered: Global

As the Global Digital Payment Market continues its rapid ascent, it presents lucrative opportunities for investors, innovators, and stakeholders in the digital payment ecosystem.

Companies Mentioned

  • ACI Worldwide Inc.
  • Adyen
  • Apple Inc.
  • Aurus Inc.
  • CryptoBucks by Aliant Payments Inc.
  • Due Inc.
  • Dwolla, Inc
  • Fattmerchant, Inc.
  • FIS, Inc.
  • Fiserv, Inc.
  • Global Payments Inc.
  • Intuit Inc.
  • JPMorgan Chase & Co.
  • Mastercard Inc.
  • Paysafe Group Limited
  • Spreedly, Inc.
  • Square, Inc. by Block, Inc.
  • Visa Inc.

For more information about this report visit https://www.researchandmarkets.com/r/2ebc3x

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Global Digital Payment Market