Digital Payment Market Size to Reach $132.5 Billion By 2025, Based on Proliferation of Digitalization in BFSI, Retail, Healthcare, IT And Telecom Industries | Million Insights

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Digital Payment Market Size to Reach $132.5 Billion By 2025, Based on Proliferation of Digitalization in BFSI, Retail, Healthcare, IT And Telecom Industries | Million Insights

Digital Payment Market Size to Reach $132.5 Billion By 2025, Based on Proliferation of Digitalization in BFSI, Retail, Healthcare, IT And Telecom Industries | Million Insights

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According to new report available with Million Insights, the global digital payments industry is predicted to grow at 17.6% CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the market.

The global Digital Payment Market is projected to attain USD 132.5 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 17.6% throughout the forecast period, 2019 to 2025. Proliferation of digitalization across various industries including BFSI, retail, healthcare, and IT and telecom is anticipated to boost the market growth. In addition, rising penetration of e-commerce portals like Flipkart, Alibaba, and, Inc. that support various payment gateways and mobile wallets is projected to further fuel the growth of the market in the forthcoming years.

Rising government initiatives that promote digitalization and usage of digital payment platforms are anticipated to contribute to the market growth. For example, the government of India introduced its Digital India campaign that promote cashless transactions and usage of various mobile wallets available. Vendors are adopting emerging technologies such as artificial intelligence, machine learning, block chain technology, and IoT for improving the security aspects of the digital payment platforms and to enhance the user experience.

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These payment solutions are easy to use, safe and secured, and enable quick transactions. Moreover, they ensure high-end security to eliminate the incidences of fraud and data breaching by employing emerging technologies such as tokenization of cards. These factors are projected to boost the popularity of digital payment portals over traditional methods of transaction.

Furthermore, rising number of smartphone users and presence of strong digital infrastructure in North America is anticipated to boost the regional market growth. On the other hand, rising number of new entrants and SMEs in Asia Pacific coupled with growing trend of digitalization in developing countries like India are the key factors projected to propel the growth of digital payments market in Asia Pacific. Key players in the market are focusing on strategic initiatives such as M&A, partnerships, and collaborations for gaining competitive advantage over other competitor. Moreover, they are investing high amount in R&D to differentiate their offerings.

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Further key findings from the report suggest:

• The segment of payment processing held the largest market share in 2018, owing to increasing campaigns that promote digital and online transactions.

• The segment of payment gateway is projected to attain the fastest growth in the forthcoming years owing to several factors such as emerging trend of cashless transactions, token system, and cash pooling.

• The segment of digital wallets is projected to attain the fastest growth from 2019 to 2025 due to rising popularity of e-commerce portal and online purchases among the large consumer base.

• In 2018, the on-premise segment held the largest market share due to availability of customized solutions that fulfills specific requirements of clients.

• The segment of BFSI held the largest market share in 2018 owing to rising adoption of e-payment platforms.

• Leading service providers in this industry include Wirecard AG; Total System Services, Inc.; Novetti Group Limited; ACI Worldwide Inc.; Adyen N.V.; and PayPal Holdings Inc.

Million Insights has segmented the global digital payments market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region:

Digital Payment Solution Outlook (Revenue, USD Billion, 2014 – 2025)
    • Application Program Interface
    • Payment Gateway
    • Payment Processing
    • Payment Security & Fraud Management
    • Transaction Risk Management
    • Others

Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2014 – 2025)
    • Bank Cards
    • Digital Currencies
    • Digital Wallets
    • Net Banking
    • Point of Sales
    • Others

Digital Payment Deployment Outlook (Revenue, USD Billion, 2014 – 2025)
    • Cloud
    • On-premise

Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2014 – 2025)
    • Large Enterprises
    • Small & Medium Enterprises

Digital Payment End Use Outlook (Revenue, USD Billion, 2014 – 2025)
    • BFSI
    • Healthcare
    • IT & Telecom
    • Media & Entertainment
    • Retail & E-commerce
    • Transportation
    • Others

Digital Payment Regional Outlook (Revenue, USD Billion; Number of Transactions, Billion; Valuation, USD Trillion, 2014 – 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa

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