Global Payment Gateways Market to Grow at a CAGR of 17% Through 2021, Says Technavio

Technavio has published a new report on the global payment gateways market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global payment gateways market is expected to grow at a CAGR of close to 17% during the forecast period, according to Technavio’s latest market research.

In this market research report, Technavio covers the market outlook and growth prospects of the global payment gateways market for 2017-2021. The market is further categorized into the following segments based on end-users, which include large enterprises, micro and small enterprises, and mid-sized enterprises. The large enterprises segment dominated the market with more than 62% share in 2016.

“The growth of the market is attributed to the increased use of advanced technologies, such as mobile payments and digital wallets, and the high adoption of cloud platform by organizations. The integration of mobile platform with the payment gateway software has increased the agility of these solutions,” says Amrita Choudhury, a lead enterprise application research expert from Technavio.

Technavio’s ICT research analysts segment the global payment gateways market into the following regions:

  • Americas
  • EMEA
  • APAC

Americas: introduction of contactless payment to propel growth

In the Americas, the adoption of Europay, MasterCard, and Visa (EMV) technology has increased, and customers are becoming more accepting of digital wallet technology. Technological advances, such as the introduction of contactless payment POS terminals, attract more customers and contribute to the growth of the market. The growing popularity of mobile wallets has encouraged many payment networks to unbundle their offerings, thus boosting the market growth.

“The high adoption of smartphones and other mobile devices has encouraged payment gateway developers to increase their investments in the merchant service,” says Amrita.

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EMEA: launch of independent mobile wallet platforms to fuel growth

The market in EMEA is experiencing steady growth due to the increased momentum of NFC-enabled wallet services and the launch of many non-NFC wallet services. In Europe, many large financial institutions and telecom operators have launched independent mobile wallet platforms that are available in nearly half of the EU countries.

Some of the other factors that drive the market growth include the continuous R&D in smartphone technology, increasing number of NFC-enabled smartphones, the high focus of industry stakeholders on digital security, widespread adoption of mobile gadgets, and integration of e-commerce with brick-and-mortar stores.

APAC: increasing penetration of smartphones to boost growth

The payment gateways market in APAC is expected to grow at a CAGR of more than 20%. APAC is adopting the payment gateway technology at a much faster rate compared to other regions. The volume of online payments is increasing in developing markets in the region. Also, the limited availability of debit and credit cards in many nations is encouraging customers to use bank accounts that are linked to mobile wallets. The penetration of smartphones is nearly 62%, which is higher than other banking options.

The top vendors in the global payment gateways market as highlighted in this market research analysis are:

  • Amazon Payments
  • CCBill
  • PayPal
  • Stripe

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global payment gateways market is expected to grow at a CAGR of close to 17% during the forecast period, according to Technavio’s latest market research.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com