LONDON--(BUSINESS WIRE)--The global payment gateways market size is expected to grow by USD 23.45 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The introduction of mobile payment gateways, such as Apple Pay, Samsung Pay, and Android Pay, has simplified the process of paying bills. Customers are no longer required to carry credit or debit cards. Many retailers are adopting platforms like NFC POS terminals that facilitate contactless payments. NFC POS terminals also boost the value and effectiveness of a retailer's marketing efforts. Retailers worldwide are realizing the benefits of NFC POS terminals and are aligning these terminals with their operations and processes to enhance the overall relationship between their respective brands and customers. Thus, the growing adoption of contactless payment solutions is expected to drive the payment gateways market growth during the forecast period.
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As per Technavio, the growing adoption of cloud computing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Payment Gateways Market: Growing Adoption of Cloud Computing
The global payment gateways market is experiencing a tremendous demand for cloud-based solutions, especially from small and mid-sized enterprises. This compels many vendors to develop cloud-based solutions. For instance, in July 2018, Visa acquired Germany-based payment gateway software provider Payworks to offer cloud-based solutions for in-store payment processing. Through this acquisition, the company also offers its CyberSource digital payment management platform for the creation of a fully integrated payment acceptance solution for merchants and acquirers. Hence, the growing adoption of cloud computing is expected to drive the growth of the market during the forecast period.
“Factors such as the emergence of mobile wallets, and the advent of big data management will have a significant impact on the growth of the payment gateways market value during the forecast period,” says a senior analyst at Technavio.
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Payment Gateways Market: Segmentation Analysis
This market research report segments the payment gateways market by end-user (large enterprises, micro and small enterprises, and mid-sized enterprises) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North American region led the payment gateways market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased integration of payment gateways in the retail e-commerce sector, and increased awareness among organizations about the benefits of deploying payment gateways.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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