Digital Payment Market by Type (Solutions & Services), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management), Deployment Mode, Organization Size, and Region - Global Forecast to 2023
[143 Pages Report] The digital payment market was valued at USD 32.50 billion in 2017 and is projected to reach USD 86.76 billion by 2023, at a CAGR of 18.0% during the forecast period. The base year considered for the study is 2017 and the forecast period considered is from 2018 to 2023.
Objectives of the Study
- To define, determine, segment, and forecast the digital payment market based on type (solutions and services), deployment mode, organization size, and region from 2018 to 2023, and analyze various macro and microeconomic factors that affect the market growth
- To forecast the size of market segments with respect to 5 major regions, namely, North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA)
- To provide detailed information related to major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze each submarket with respect to individual growth trends, prospects, and contribution to the overall market
- To analyze market opportunities for stakeholders by identifying high-growth segments in the market
- To profile key market players, provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials, and illustrate the competitive landscape of the market
- To track and analyze competitive developments, such as mergers & acquisitions, product developments, partnerships & collaborations, and Research & Development (R&D) activities in the market
The research methodology used to estimate and forecast the size of the digital payment market began with capturing data from key vendor revenues through secondary sources, and industry associations, such as the International Organization for Standardization (ISO), NACHA, Emerging Payments Association (EPA), Electronic Transactions Association, and World Economic Outlook (WEO). The bottom-up procedure was employed to arrive at the overall size of the digital payment market by estimating the market size of individual segments. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key industry personnel, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
The breakdown of primary profiles is depicted in the figure below:
To know about the assumptions considered for the study, download the pdf brochure
Key players operating in the digital payment market ecosystem include ACI Worldwide (US), Aurus (US), Aliant Payment (US), Authorize.Net (US), Adyen (Netherlands), BlueSnap (US), Chetu (US), Dwolla (US), FSS (India), First Data (US), Fiserv (US), Global Payments (US), Net1 UEPS Technologies (South Africa), Novatti (Australia), PayPal (US), Paysafe (UK), PayU (Netherlands), SIX (Switzerland), Stripe (US), TSYS (US), WEX (US), Wirecard (Germany), Worldline (France), Worldpay (US), and YapStone (US).
Key Target Audience
- Government Agencies
- Payment Solution and Service Providers
- Smart Card Vendors
- Financial Institutions
- Merchants and Merchant Acquirers
- Mobile Network Operators
- Credit/Debit Card Providers
- Cloud Payment Solution Providers
- POS Device Manufacturers
- Payment Security Service Providers
- Professional and Managed Service Providers
- System Integrators
- Technology Consultants
Scope of the Report:
The digital payment market has been segmented based on type (solutions and services), organization size, deployment mode, and region.
By Type
- Solutions
- Services
By Solution
- Payment Gateway Solutions
- Payment Processing Solutions
- Payment Wallet Solutions
- Payment Security and Fraud Management Solutions
- POS Solutions
By Service
- Professional Services
- Consulting and Training Services
- System Integration and Deployment Services
- Support and Maintenance Services
- Managed Services
By Deployment Mode
- On-premises
- Cloud
By Organization Size
- SMEs
- Large Enterprises
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per company-specific requirements. The following customization options are available for the report:
Geographic Analysis
- Further breakdown of the solutions and services market for countries in Asia Pacific
- Further breakdown of the solutions and services market for countries in the Middle East & Africa
- Further breakdown of the solutions and services market for countries in Latin America
- Further breakdown of the solutions and services market for countries in Europe
- Further breakdown of the solutions and services market for countries in North America
Company Information
- Detailed analysis and profiling of additional market players
The digital payment market is projected to grow from USD 38.00 billion in 2018 to USD 86.76 billion by 2023, at a CAGR of 18.0% during the forecast period. This growth can be attributed to initiatives undertaken for the promotion of digital payments, high proliferation of smartphones, and the need to provide improved customer service at POS terminals.
The digital payment market has been segmented based on type (solutions and services), deployment mode, organization size, and region. Digital payment solutions include payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and POS solutions. Digital payment services are classified into professional services and managed services. The payment gateway solutions subsegment is expected to grow at the highest CAGR during the forecast period. Payment gateway solutions provide a virtual terminal for online transactions. These solutions help in the processing of customer payment credentials and authorizing payment between the merchant and the customer. The growth of payment gateway solutions subsegment is primarily driven by the expansion of the E-commerce industry worldwide.
The professional services subsegment has been further categorized into consulting services, system integration and deployment services, and support and maintenance services. The professional services subsegment is estimated to account for a larger market share in 2018 as compared to the managed services subsegment. Companies offering professional services include consultants, dedicated project management teams, and digital payment experts specializing in the design and delivery of critical decision support software, tools, and services.
Complexities in legacy payment services in Asia Pacific and Latin America have propelled the demand for consulting services, which, in turn, is likely to boost the growth of the services segment of the digital payment market.
North America is estimated to account for the largest share of the digital payment market in 2018. The growth of the digital payment market in North America can be attributed to the presence of a large number of digital payment solution providers in this region. The well-developed digital economy in North America and the expansion of the mobile commerce industry are additional factors contributing to the growth of the market in this region.
Lack of global standards for cross-border payments is a key factor restraining the growth of the digital payment market. Key players operating in the market include ACI Worldwide (US), Aurus (US), Aliant Payment (US), Authorize.Net (US), Adyen (Netherlands), BlueSnap (US), Chetu (US), Dwolla (US), FSS (India), First Data (US), Fiserv (US), Global Payments (US), Net1 UEPS Technologies (South Africa), Novatti (Australia), PayPal (US), Paysafe (UK), PayU (Netherlands), SIX (Switzerland), Stripe (US), TSYS (US), WEX (US), Wirecard (Germany), Worldline (France), Worldpay (US), and YapStone (US).
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 15)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology (Page No. - 19)
2.1 Research Data
2.1.1 Breakdown of Primaries
2.1.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Assumptions
2.4 Limitations
3 Executive Summary (Page No. - 26)
4 Premium Insights (Page No. - 30)
4.1 Attractive Opportunities in the Digital Payment Market
4.2 Market By Type
4.3 Market By Solutions
4.4 Market By Service
4.5 Market By Professional Services
4.6 Market By Region
4.7 Market Investment Scenario
5 Market Overview and Industry Trends (Page No. - 34)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Worldwide Initiatives for the Promotion of Digital Payments
5.2.1.2 High Proliferation of Smartphones
5.2.1.3 Need to Provide Better Customer Experience
5.2.2 Restraints
5.2.2.1 Lack of Global Standards for Cross-Border Payments
5.2.3 Opportunities
5.2.3.1 Rapid Decline in Unbanked People Across the Globe
5.2.3.2 Progressive Changes in Regulatory Frameworks
5.2.4 Challenges
5.2.4.1 Lack of Digital Literacy in Emerging Countries
5.2.4.2 Cyber-Attacks Affecting Digital Payment Market
5.3 Industry Trends
5.3.1 Introduction
5.3.2 Digital Payment Architecture
5.3.3 Case Studies
5.3.3.1 Case Study 1: Direct Line Group Implemented the Worldpay Digital Payment Solution to Enhance Customer Experience
5.3.3.2 Case Study 2: Kane Boutique Used the Payscape Payment Solution to Expand Its Business
5.3.3.3 Case Study 3: American Golf Used the Worldpay Payment Solution to Implement the Omnichannel Payment Mode for Its Retail Chain
6 Digital Payment Market, By Type (Page No. - 40)
6.1 Introduction
6.2 Solutions
6.2.1 Payment Gateway Solutions
6.2.2 Payment Processing Solutions
6.2.3 Payment Wallet Solutions
6.2.4 Payment Security and Fraud Management Solutions
6.2.5 Pos Solutions
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting Services
6.3.1.2 System Integration and Deployment Services
6.3.1.3 Support and Maintenance Services
6.3.2 Managed Services
7 Market By Deployment Mode (Page No. - 52)
7.1 Introduction
7.2 On-Premises
7.3 Cloud
8 Digital Payment Market, By Organization Size (Page No. - 55)
8.1 Introduction
8.2 SMEs
8.3 Large Enterprises
9 Market By Vertical (Page No. - 59)
9.1 Introduction
9.2 Banking, Financial Services, and Insurance (BFSI)
9.3 Telecom & Information Technology (IT)
9.4 Retail & E-Commerce
9.5 Healthcare
9.6 Media & Entertainment
9.7 Others
10 Digital Payment Market, By Region (Page No. - 61)
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 France
10.3.3 Germany
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Rest of Asia Pacific
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Rest of Latin America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Israel
10.6.4 Rest of Middle East & Africa
11 Competitive Landscape (Page No. - 80)
11.1 Overview
11.2 Market Ranking Analysis for the Digital Payment Market
11.3 Competitive Scenario
11.3.1 New Product Launches
11.3.2 Business Expansions
11.3.3 Mergers & Acquisitions
11.3.4 Agreements & Partnerships
12 Company Profiles (Page No. - 85)
(Business Overview, Products Solutions/Services Offered, Recent Developments, SWOT Analysis, MnM View)*
12.1 First Data
12.2 Paypal
12.3 Worldpay
12.4 Wirecard
12.5 Fiserv
12.6 Chetu
12.7 Total System Services (TSYS)
12.8 Novatti
12.9 ACI Worldwide
12.10 Global Payments
12.11 Bluesnap
12.12 Paysafe
12.13 Worldline
12.14 Wex
12.15 Six Payment Services
12.16 Dwolla
12.17 Stripe
12.18 Adyen
12.19 Payu
12.20 Yapstone
12.21 Net 1 UEPS Technologies
12.22 Financial Software and Systems (FSS)
12.23 Authorize.Net
12.24 Aurus
12.25 Aliant Payment Systems
* Business Overview, Products Solutions/Services Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
13 Appendix (Page No. - 137)
13.1 Discussion Guide
13.2 Knowledge Store: Marketsandmarkets Subscription Portal
13.3 Available Customizations
13.4 Related Reports
13.5 Author Details
List of Tables (63 Tables)
Table 1 United States Dollar Exchange Rate, 20152017
Table 2 Digital Payment Market Size, By Type, 20162023 (USD Billion)
Table 3 Solutions: Market Size By Type, 20162023 (USD Billion)
Table 4 Solutions: Market Size By Region, 20162023 (USD Billion)
Table 5 Payment Gateway Solutions: Market Size By Region, 20162023 (USD Billion)
Table 6 Payment Processing Solutions: Market Size By Region, 20162023 (USD Billion)
Table 7 Payment Wallet Solutions: Market Size By Region, 20162023 (USD Billion)
Table 8 Payment Security and Fraud Management Solutions: Market Size By Region, 20162023 (USD Billion)
Table 9 Pos Solutions: Market Size By Region, 20162023 (USD Billion)
Table 10 Services: Market Size By Type, 20162023 (USD Billion)
Table 11 Services: Market Size By Region, 20162023 (USD Billion)
Table 12 Professional Services: Market Size By Type, 20162023 (USD Billion)
Table 13 Professional Services: Market Size By Region, 20162023 (USD Billion)
Table 14 Consulting Services: Market Size By Region, 20162023 (USD Billion)
Table 15 System Integration and Deployment Services: Market Size By Region, 20162023 (USD Billion)
Table 16 Support and Maintenance Services: Market Size By Region, 20162023 (USD Billion)
Table 17 Managed Services: Market Size By Region, 20162023 (USD Billion)
Table 18 Digital Payment Market Size, By Deployment Mode, 20162023 (USD Billion)
Table 19 On-Premises: Market Size By Region, 20162023 (USD Billion)
Table 20 Cloud: Market Size By Region, 20162023 (USD Billion)
Table 21 Digital Payment Market Size, By Organization Size, 20162023 (USD Billion)
Table 22 SMEs: Market Size By Region, 20162023 (USD Billion)
Table 23 Large Enterprises: Market Size,By Region, 20162023 (USD Billion)
Table 24 North America: Market Size By Country, 20162023 (USD Billion)
Table 25 North America: Market Size By Type, 20162023 (USD Billion)
Table 26 Solutions: North America Market Size By Type, 20162023 (USD Billion)
Table 27 Services: North America Market Size By Type, 20162023 (USD Billion)
Table 28 Professional Services: North America Market Size By Type, 20162023 (USD Billion)
Table 29 North America: Digital Payment Market Size, By Deployment Type, 20162023 (USD Billion)
Table 30 North America: Market Size By Organization Size, 20162023 (USD Billion)
Table 31 Europe: Market Size By Country, 20162023 (USD Billion)
Table 32 Europe: Market Size By Type, 20162023 (USD Billion)
Table 33 Solutions: Europe Market Size By Type, 20162023 (USD Billion)
Table 34 Services: Europe Market Size By Type, 20162023 (USD Billion)
Table 35 Professional Services: Europe Digital Payment Market Size, By Type, 20162023 (USD Billion)
Table 36 Europe: Market Size By Deployment Type, 20162023 (USD Billion)
Table 37 Europe: Market Size By Organization Size, 20162023 (USD Billion)
Table 38 Asia Pacific: Market Size By Country, 20162023 (USD Billion)
Table 39 Asia Pacific: Market Size By Type, 20162023 (USD Billion)
Table 40 Solutions: Asia Pacific Market Size By Type, 20162023 (USD Billion)
Table 41 Services: Asia Pacific Market Size By Type, 20162023 (USD Billion)
Table 42 Professional Services: Asia Pacific Market Size By Type, 20162023 (USD Billion)
Table 43 Asia Pacific: Market Size By Deployment Type, 20162023 (USD Billion)
Table 44 Asia Pacific: Market Size By Organization Size, 20162023 (USD Billion)
Table 45 Latin America: Digital Payment Market Size, By Country, 20162023 (USD Billion)
Table 46 Latin America: Market Size By Type, 20162023 (USD Billion)
Table 47 Solutions: Latin America Market Size By Type, 20162023 (USD Billion)
Table 48 Services: Latin America Market Size By Type, 20162023 (USD Billion)
Table 49 Professional Services: Latin America Digital Payment Market Size, By Type, 20162023 (USD Billion)
Table 50 Latin America: Market Size By Deployment Type, 20162023 (USD Billion)
Table 51 Latin America: Market Size By Organization Size, 20162023 (USD Billion)
Table 52 Middle East & Africa: Market Size By Country, 20162023 (USD Billion)
Table 53 Middle East & Africa: Market Size By Type, 20162023 (USD Billion)
Table 54 Solutions: Middle East & Africa Market Size By Type, 20162023 (USD Billion)
Table 55 Services: Middle East & Africa Market Size By Type, 20162023 (USD Billion)
Table 56 Professional Services: Middle East & Africa Digital Payment Market Size, By Type, 20162023 (USD Billion)
Table 57 Middle East & Africa: Market Size By Deployment Type, 20162023 (USD Billion)
Table 58 Middle East & Africa: Market Size By Organization Size, 20162023 (USD Billion)
Table 59 Market Ranking, 2018
Table 60 New Product Launches, 20172018
Table 61 Business Expansions, 20162018
Table 62 Acquisitions, 20172018
Table 63 Agreements & Partnerships, 20162017
List of Figures (48 Figures)
Figure 1 Digital Payment Market Segmentation
Figure 2 Market Segmentation
Figure 3 Digital Payment Market: Research Design
Figure 4 Research Methodology
Figure 5 Data Triangulation
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Digital Payment Market, 20162023
Figure 9 Estimated Market Shares of Leading Type, Organization Size, and Regional Segments of Digital Payment Market in 2023
Figure 10 Digital Payment Market, Regional and Country-Wise Shares, 2018
Figure 11 Growing Smartphone Penetration is Expected to Drive the Growth of the Market
Figure 12 Solutions Segment is Estimated to Hold A Larger Market Share During the Forecast Period
Figure 13 Payment Processing Solutions Segment is Estimated to Hold the Largest Market Share in 2023
Figure 14 Professional Services is Estimated to Hold the Larger Market Share During the Forecast Period
Figure 15 Support & Maintenance Services Segment is Expected to Hold the Largest Market Share During the Forecast Period
Figure 16 North America is Expected to Hold the Largest Market Share in 2018
Figure 17 Asia Pacific is Expected to Be the Hotspot Market to Invest in During the Forecast Period
Figure 18 Digital Payment Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Digital Payment Architecture
Figure 20 Services Segment Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 Payment Gateway Solutions Subsegment Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Payment Gateway Solutions
Figure 23 Payment Processing Solutions
Figure 24 Professional Services Subsegment Expected to Grow at A Higher CAGR During the Forecast Period
Figure 25 Cloud Segment Expected to Grow at A Higher CAGR During the Forecast Period
Figure 26 SMEs Segment Expected to Grow at A Higher CAGR During the Forecast Period
Figure 27 Digital Payment Market in Asia Pacific Expected to Grow at the Highest CAGR During the Forecast Period
Figure 28 North America Market Snapshot
Figure 29 Asia Pacific Market Snapshot
Figure 30 Key Developments By Leading Players in the Digital Payment Market During 20152018
Figure 31 First Data: Company Snapshot
Figure 32 First Data: SWOT Analysis
Figure 33 Paypal: Company Snapshot
Figure 34 Paypal: SWOT Analysis
Figure 35 Worldpay: Company Snapshot
Figure 36 Worldpay: SWOT Analysis
Figure 37 Wirecard: Company Snapshot
Figure 38 Wirecard: SWOT Analysis
Figure 39 Fiserv: Company Snapshot
Figure 40 Fiserv: SWOT Analysis
Figure 41 Total System Services: Company Snapshot
Figure 42 Novatti: Company Snapshot
Figure 43 ACI Worldwide: Company Snapshot
Figure 44 Global Payments: Company Snapshot
Figure 45 Worldline: Company Snapshot
Figure 46 Wex: Company Snapshot
Figure 47 Adyen: Company Snapshot
Figure 48 Net 1 UEPS Technologies: Company Snapshot
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Growth opportunities and latent adjacency in Digital Payment Market