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Digital Payments Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Deployment Type (On-premises, Cloud ), by Organization Size (Small and Medium-sized Enterprises, Large Enterprises), by Vertical (Banking Financial And Insurance Services, Retail and Ecommerce, Healthcare, Travel and Hospitality), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)

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Reports - Digital Payments Market

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Digital Payments Market

Digital Payments Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Deployment Type (On-premises, Cloud ), by Organization Size (Small and Medium-sized Enterprises, Large Enterprises), by Vertical (Banking Financial And Insurance Services, Retail and Ecommerce, Healthcare, Travel and Hospitality), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)

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Revenue Insights

Revenue 2021

USD 87.8 Billion

Revenue 2028

USD 204.1 Billion

CAGR Revenue

14.90%

Revenue 2022

USD 99.96 Billion

Revenue 2030

USD 303.65 Billion

CAGR Revenue History

15.10%

Largest Region

North America

MSA Largest Region

33.80%

Fastest Region

Asia Pacific

Map Revenue

USD 29.6 Billion

Overview


Market Synopsis:

Global Digital Payments Market valued at USD 87.8 Billion in 2021 and is projected to reach a value of USD 204.1 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.90% over the forecast period from the year 2021 to 2028.

Digital Payments systems are used to transfer money electronically without using physical currency. These systems can be accessed through mobile phones, computers, or other electronic devices. They have been widely adopted across various industries due to their convenience and security features.

The increasing adoption of smartphones, tablets, and wearable technology has led to an increased usage of these devices as a means of payment at the point of sale (POS). In addition, the increasing use of online shopping platforms has resulted in greater demand for e-commerce transactions. Moreover, the growing popularity of social media networks has contributed to the rise of social commerce. All these factors are expected to drive the growth of the Digital Payments Market over the forecast period. However, the high costs associated with setting up a Digital Payments system may hinder its widespread adoption. The high cost of transaction fees and lack of awareness regarding the benefits offered by digital wallets may restrain the growth of the global market. The security concerns related to the usage of digital wallets may also hamper the growth of this market over the forecast period.




Market Segmentation:


The Global Digital Payments Market is segmented by component, deployment type, organization size, vertical, and region. Based on component, the market is bifurcated as solutions and services. By deployment type, the market is segmented as on-premises and cloud. By organization size, the market is segmented into small and medium-sized enterprises, and large enterprises. The market is segmented by vertical as banking, financial services and insurance (BFSI), retail and ecommerce, healthcare, travel and hospitality, transportation and logistics, media and entertainment, and other verticals.


The Solutions Component to Hold the Largest Share Within the Segment


The solutions segment is expected to hold the largest Compound Annual Growth Rate (CAGR) during the forecast period. Retailers are adopting payment processing solutions to provide customers with flawless checkout experiences as their preference for online shopping increases around the world. Major Digital Payments solution providers are gradually adopting smart technologies such as analytics, big data, and cloud computing to provide comprehensive solutions to potential customers. Payment gateways and payment processing are the most in-demand solutions among merchants.




On-Premises Component Tops in Deployment Types


On-premise Digital Payments are expected to dominate the global market over the forecast period. This is due to the increasing adoption of mobile wallets and card readers in retail stores. Moreover, the rise in e-commerce has increased the demand for online payment solutions. On-premises deployment of Digital Payments provides organizations with complete control over applications and systems that can be easily managed by the organizations IT staff.

The cloud segment is expected to grow at the highest CAGR during the forecast period. One of the primary drivers fueling the segments growth is the continuing implementation of smart city projects, which is being accompanied by an increase in the number of unmanned retail establishments. Additionally, payment companies' efforts to integrate artificial intelligence features into their payment systems are projected to boost the segments growth.




Large Enterprises are Seen to be Growing Substantially


The large enterprises segment accounted for the largest share of the Global Digital Payments Market in the forecast period. This can be attributed to the fact that they have adopted advanced technologies and have invested heavily in developing innovative products. Retailers employ Digital Payments methods such as smart banking cards, point-of-sale solutions, and e-wallets to shorten checkout times. At the same time, retailers are focusing on providing customers with innovative payment options. Moreover, companies have established partnerships with various banks and financial institutions, thereby enabling them to offer attractive discounts and other benefits to customers.

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BFSI Holds a Major Share in the



Digital Payments



Market


The banking, financial services, and insurance (BFSI) segment dominated the market and accounted for the largest share of the global revenue. Banks are adopting Digital Payments solutions in response to the growing demand for digital remittance for cross-border and domestic transactions. Furthermore, banks are improving their offerings to compete with Digital Payments solution providers like Google, Amazon, and Facebook. For example, in June 2019, Bank of America launched a digital debit card to provide greater convenience to its customers.

Over the projected period, the retail & e-commerce segment is expected to increase at the fastest rate. One of the primary factors fueling the segments growth is the increased adoption of mobile-based payment solutions among customers for retail payments. At the same time, the growing number of automated retail stores around the world is fueling market expansion.

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North America



Region Dominates as APAC Grows Tremendously in the Global Digital Payments Market


North America accounts {{MSA_Largest_Region}} of market share in the Global Digital Payments Market, this was attributed to the increasing deployment and technology enhancements in ease for online payments. However, Asia Pacific is projected to witness the highest CAGR in the forecast period. This is mainly attributed to the increasing penetration of smartphones and tablets and the number of internet users, growing acceptance of online payments, and growing adoption of mobile wallets, coupled with the growing e-commerce sector. Furthermore, the government initiatives to promote Digital Payments have led to the growth of this market in the region.




Competitive Landscape:


Some of the major key players in the Digital Payments Market are {{Players}}.




Segmentation of Digital Payments Market -



By Component -(Revenue- USD Million, 2016-2028)



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By Deployment Type -(Revenue- USD Million, 2016-2028)



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By Organization Size



-(Revenue- USD Million, 2016-2028)



  • {{segment_3_1}}



  • {{segment_3_2}}



By Vertical -(Revenue- USD Million, 2016-2028)



  • {{segment_4_1}}



  • {{segment_4_2}}



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By Region- (Revenue- USD Million, 2016-2028)



North America-


• The US

• Canada

• Mexico


Europe-


• Germany

• The UK

• France

• Italy

• Spain

• Rest of Europe


Asia-Pacific-


• China

• Japan

• India

• South Korea

• South East Asia

• Rest of Asia Pacific


Latin America-


• Brazil

• Argentina

• Rest of Latin America


Middle East & Africa-


• GCC Countries

• South Africa

• Rest of Middle East and Africa

North America to continue dominating market

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Renewable Power Market size, 2023 to 2032(USD Billion)

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Adoption of Artificial Intelligence

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Data breach and cyber security risk

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).

Market Segmentation

ParameterDetails
Component
  • Solutions
  • Services
Deployment Type
  • On-premises (79.2%)
  • Cloud (20.8%)
Organization Size
  • Small and Medium-sized Enterprises
  • Large Enterprises
Vertical
  • Banking Financial And InsuranceServices
  • Retail and Ecommerce
  • Healthcare
  • Travel and Hospitality
  • Transportation and Logistics
  • Media and Entertainment
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Historical & Forecast Data

Base Year

2023

Historic Year

2018 - 2022

Forecast Year

2023 - 2032

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