WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Payment as a Service Market finds that rising regulatory initiatives to promote payment solutions as well as optimized customer/merchant experience with quick and secure payment, are factors that influencing the growth of Payment as a Service Market.
The total Global Payment as a Service Market is estimated to reach USD 22156.8 Million by the year 2028. The Global Market revenue stood at USD 6,184.3 Million in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 23.7%, states Vantage Market Research, in a report, titled “Payment as a Service Market Size, Share & Trends Analysis Report by Component (Platform, Services), by Service (Professional services, Managed services), by Vertical (Retail, Hospitality, Media and entertainment, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - 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 as a Service market is predicted to grow at a CAGR of roughly 23.7% during the forecast period.
- The Payment as a Service market was estimated to be worth roughly USD 6,184.3 Million in 2021 and is expected to reach USD 22156.8 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Payment as a Service market.
Market Dynamics:
Drivers:
Increasing Demand for Smartphones Globally
For the past decade, the demand for smartphones across the globe has witnessed significant growth and demand is increasing with each passing day. For instance, according to India Cellular & Electronics Association (ICEA), India became the second largest smartphone market by volume in 2017 and recorded a growth rate of 14.5 per cent in 2018 with 142.3 million units shipped.
Furthermore, according to India Brand Equity Foundation (IBEF), as of October 2021, the country had around 700 million Internet users, and 1.18 billion mobile connections. Also, about 600 million smartphones. These numbers have witnessed steep growth in each quarter. In 2020, India was the leading country in the world in terms of number of transactions, which was around 25.5 billion real-time payment transactions. Hence, the demand for smartphones is increasing, which is anticipated to drive the market growth over the forecast period.
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Segmentation of the Global Payment as a Service Market:
- Component
- Platform
- Services
- Service
- Professional Services
- Managed Services
- Vertical
- Retail
- Hospitality
- Media and Entertainment
- Healthcare
- Banking, Financial Services, and Insurance (BFSI)
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Several Government Initiations Regarding Digitalization
Globally, governments are focusing on digitalization of the country and taking several initiatives regarding digitization. Also, along with the changing trend to online payments, by realizing the benefits of contactless payments, which include reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs, it is increasing the levels such as data breaches. Thus, governments as well as major players engaged in the market are investing their money heavily in improving the technology as well as security for better experience. Thus, availability of funds is anticipated to propel market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world 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 electronics 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
- North America
- Europe
- Asia Pacific
- Latin America
- 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
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The Report on Payment as a Service Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Payment as a Service Market in 2021. The major driving factors for the market are augmented demand for integrated payment solutions, and presence of economies, such as India, China, Japan, South Korea, Australia, and New Zealand. Additionally, advancements in payment technologies in region is further propelling the market growth over the forecast period.
List of Prominent Players in the Payment as a Service Market:
- First Data (US)
- TSYS (US)
- Pay safe (UK)
- Verifone (US)
- Ingenico (France)
- Aurus (US)
- Agilysys (US)
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Payment as a Service Market Size, Share & Trends Analysis Report by Component (Platform, Services), by Service (Professional services, Managed services), by Vertical (Retail, Hospitality, Media and entertainment, Healthcare), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/payment-as-a-service-market-354273
Recent Developments:
March 2019: First Data has enhanced its payment services by acquiring ay Cash, a company that provides digital merchant services in Germany.
April 2019: Pay safe and Pay Simply have partnered to enable online tax payment in Canada by integrating with Pay safe’s online cash solution, Pay safe cash.
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 as a Service Market?
- How will the Payment as a Service Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Payment as a Service Market?
- What is the Payment as a Service market drivers and restrictions?
- What will be the CAGR and size of the Payment as a Service Market throughout the forecast period?
This market titled “Payment as a Service Market” will cover exclusive 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 |
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| Region & Counties Covered |
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| Companies Covered |
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| 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, company market share analysis, and COVID-19 impact analysis |
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