Hosted Payment Gateway Segment to Lead Global Payment Gateway Market till 2024

Government initiatives towards digitization and surging popularity of digital payment to drive global payment gateway market through 2024

According to TechSci Research report, “Global Payment Gateway Market By Type, By Enterprise Size, By End-User, By Region, Competition, Forecast & Opportunities, 2024”, global payment gateway market is projected to grow at a CAGR of over 8% during 2019-2024, on account of increasing internet penetration, which is aiding growing demand for online transactions. The number of internet users grew at a notable rate in the last five years and the trend is likely to continue during the forecast period, owing to the introduction of 5G high-speed internet technology. Moreover, growing inclination towards digital payments, easy- access and attractive cashbacks are promoting the growth of global payment gateway market.   

Payment gateway market caters to various end-users such as travel & hospitality, retail, healthcare, education, government, utilities and other industries. Retail sector dominated the market in 2018, as major retail companies are adding payment gateway to their sites. Based on the payment gateway type, hosted payment gateway dominates the global payment gateway market, owing to the fact that these payment gateways are user-friendly and more secure. In terms of enterprise size, large enterprises accounted for the leading market position, due to high transactions in volume and value terms.

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PayPal Holdings, Inc., Amazon Pay (Amazon.com, Inc.), Stripe, Inc. Adyen N.V. and PayU Group are the major companies operating in global payment gateway market. Companies operating in the online payment gateway market are collaborating, launching new services and expanding to different regions, for instance, Alipay expanded its payment service to London. Asia-Pacific payment gateway market is poised to grow at a high rate during the forecast period, owing to increasing utilization of online business platforms by local vendors in economies such as India and China.

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“Implementation of payment gateway across various end user segments, such as travel & hospitality, retail, healthcare, education, government and utilities is increasing at a robust pace, owing to growing volume of payments done via digital means such as credit/debit cards and mobile phones in these sectors. Moreover, growing awareness among people about online payments and increasing proliferation of smartphones would further steer growth in global payment gateway market in coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Payment Gateway Market By Type, By Enterprise Size, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global payment gateway market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global payment gateway market.

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