Digital Payment Market Outlook 2023-2029: Forecasting Demand and Industry Advancements
In-depth Digital Payment Market Study:
This report delves into the most recent revenue statistics and market trends within the Digital Payment industry. It offers a comprehensive overview of the “Digital Payment Market”, detailing its definition, market structure, and proactive management strategies. Key focal points include gross margin, costs, market share, capacity utilization, and supply, all of which significantly influence the Digital Payment Market's dynamics. Furthermore, it provides insights to gauge the future potential of the Digital Payment Market in the forthcoming years. This report covers essential topics with tailored data to meet specific requirements, facilitating informed decision-making and a profound understanding of the industry landscape.
Digital Payment Market Development and Estimation:
Digital Payment Market was valued at USD 82.97 Billion in 2022, and it is expected to reach USD 285.37 Billion by 2029, exhibiting a CAGR of 19.3 % during the forecast period (2023-2029)
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Digital Payment Market Extent and Perspectives:
The Global Digital Payment Market report is a reservoir of statistical and analytical insights providing a holistic understanding of market size, share, growth, trends, demand, key players, industry summaries, opportunities, value cycles, end-users, technology, types, and applications. It meticulously analyzes micro market opportunities for stakeholders, while also scrutinizing the competitive landscape and product offerings of major industry players.
Digital Payment Market Dividing:
by Technology
BEV
PHEV
HEV
In 2022, the on-premise sector held a dominant market share of around 65.0% of worldwide revenue, based on deployment. Businesses that use on-premises digital payment solutions have total control over their apps and systems, which is easily managed by their IT staff. Additionally, businesses use in-house digital payment solutions to safeguard their apps and systems against malicious attacks. For instance, in November 2019, Microsoft and ACI Global announced their alliance. The partnership provided lower long-term capital expenditure and increased security for ACI Worldwide's on-premises customers.
by Product
Hatchback
Sedan
SUV
Others
According to the solution, with roughly 25.0% of worldwide revenue, the payment processing segment led the digital payment market in 2022. With more and more people choosing to purchase online, retailers are implementing payment processing solutions to give customers a smooth checkout experience. In order to increase their market share, companies that offer payment processing services are pursuing partnerships and mergers. PayU, for instance, expanded its presence in Singapore by acquiring Red Dot Payment, a provider of payment solutions, in July 2019.
by Battery
LFP
Li-NMC
Others
With over 60.0% of worldwide revenue, the big enterprises segment led the digital payment market in 2022 based on enterprise size. Because of the high foot traffic in large retail establishments, digital payment solutions are required for speedy checkouts. Digital payment systems that support a range of digital payment methods, including smart banking cards, point of sale, and e-wallets, allow customers to enjoy a more convenient checkout procedure. Businesses are attempting to offer consumers cutting-edge payment choices at the same time. For instance, Klarna announced a collaboration with after pay in October 2020 to provide Buy Now Pay Later services to its online clientele.
by Battery Capacity
>201 Ah
<201 Ah
In terms of payment method, the point-of-sale sector led the digital payment market in 2022, bringing in over 52.0% of total revenue. Point of sale systems are the ones that retail businesses use to handle transactions. Several payment alternatives, quick checkout selections, and customised customer service are all benefits of utilising a point of sale. The point-of-sale payment method is utilised by numerous retailers and eateries to enhance the payment experience for its patrons. For instance, in January 2020, the online meal delivery service Grubhub announced a collaboration with point-of-sale system developer ParTech Inc. to include point-of-sale technologies into its ordering procedure.
by End-User
Shared mobility providers
Government organizations
Personal users
Others
End-user revenue-wise, the BFSI sector led the market in 2022, accounting for over 23% of worldwide revenue. Remittance expansion to low- and middle-income countries is expected to be one of the main drivers of new market development opportunities over the projection period. Banks are also improving their ability to compete with companies like Google, Amazon, and Facebook that offer digital payment solutions. To make things simpler for its customers, Bank of America, for instance, introduced a digital debit card in June 2019.
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Decision Support through Data:
Qualitative and quantitative data presented in this market study empowers decision-makers to discern high-growth market segments and regions, grasp the influencing market factors, and identify key areas of opportunity. Moreover, it offers an extensive view of the competitive landscape, highlighting emerging trends within the Digital Payment market.
Digital Payment Important Market Participants:
1. Total System Services, Inc.
2. Wirecard AG
3. Novetti Group Limited
4. PayPal Holdings Inc.
5. ACI Worldwide Inc.
6. Adyen N.V.
7. Aurus
8. Aliant Payments
9. Alipay
10. Apple Pay
11. Dwolla
12. FattMerchant
13. FIS
14. Fiserv
15. Global Payments
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Digital Payment Market Area-Specific Analysis:
The reports offer in-depth Regional Insights providing a comprehensive understanding of the Digital Payment market on a regional scale. It is imperative to comprehend the local nuances encompassing energy, economic, political, and geographic aspects to evaluate regional shifts within the Digital Payment market. The operational dynamics of the Digital Payment market wield substantial influence over local developmental blueprints. This report facilitates the analysis of regional factors that exert an impact on the Digital Payment market and significantly contribute to the domestic growth trajectories within respective countries.
Section Heading: Digital Payment Market
Part 01: Executive Summary
Part 02: Scope of the Digital Payment Market Report
Part 03: Digital Payment Market Landscape
Part 04: Digital Payment Market Sizing
Part 05: Digital Payment Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
Major Things :
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics: Growth drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation: A Detailed Analysis by Digital Payment
- Landscape Analysis: Leading key players and other prominent industry figures.
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