Payment Orchestration Platform Market

Market Synopsis:

The Global Payment Orchestration Platform Market was valued at USD 793.6 Million in the year 2021 and is forecast to reach a value of USD 3,041.9 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 22.30% over the forecast period.

Payment Orchestration Platforms aid merchants in creating an optimized payment flow, reducing overall operational cost, and increasing profitability. Payment Orchestration Platforms also aid in the quick adoption of novel technologies and assist in tracking consumer trends and preferences shifts. Increasing digitization and rising use of online payments by consumers are also expected to favor Payment Orchestration Platform Market growth. In addition, the increasing popularity of Buy Now Pay Later (BNPL) among E-Commerce stores is expected to bolster demand for Payment Orchestration Platforms to optimize payment flows. Increasing the adoption of Payment Orchestration Platforms by merchants will also favor market potential across the forecast period. However, the increasing incidence of cyberattacks is expected to restrain the overall Payment Orchestration Platform Market growth through 2028.

Payment Orchestration Platform Market Segmentation:

The Payment Orchestration Platform Market is segmented based on Functionalities, End-Use, and Region. Based on the segment Functionalities, the market is sub-segmented as Cross Border Transactions, Risk Management, and Advanced Analytics & Reporting. Based on the End-Use segment, the market is sub-segmented as E-Commerce, Travel & Hospitality Industry, Healthcare, BFSI, and Other End-Uses.

Based on Functionalities:

Based on segment Functionalities, the market is sub-segmented into Cross Border Transactions, Risk Management, and Advanced Analytics & Reporting. The demand for Cross Border Transactions and Risk Management Functionalities is expected to drive the overall Payment Orchestration Platform Market growth over the forecast period. In addition, increasing urbanization and the rising popularity of online sales channels that enable shopping from all corners of the world are expected to drive the number of Cross Border Transactions.

Based on End-Use:

Based on the segment End-Use, the market is sub-segmented into E-Commerce, Travel & Hospitality Industry, Healthcare, BFSI, and Other End-Uses. The E-Commerce and BFSI sub-segments are anticipated to exhibit highly lucrative growth opportunities across the forecast period owing to the increasing penetration of digital technologies in the fintech infrastructure. In addition, the rising digitization of the BFSI sub-segment is also expected to bolster Payment Orchestration Platform Market growth through 2028. Furthermore, increasing E-Commerce activity is expected to majorly drive Payment Orchestration Platform Market growth as merchants will increase the adoption to accommodate a rising number of payments. In addition, the increasing popularity of BNPL trends is expected to boost growth in E-Commerce sales across the forecast period.

North America Accounts for a Dominant Market Share

In the global industry landscape, North America Payment Orchestration Platform Market accounted for a significant market share of 46.1% in 2021. The rapid adoption of novice technologies and the presence of crucial payment providers are expected to be prominent factors driving Payment Orchestration Platform Market growth. Increasing digitization and the rising popularity of online payment technologies coupled with rapid adoption by consumers are expected to bolster Payment Orchestration Platform Market growth at a stellar pace across the forecast period. Increasing smartphone proliferation in the United States and Canada is expected to prominently drive the overall Payment Orchestration Platform Market growth across the forecast period. In addition, increasing investments in digital payment technologies and rising research and development in the fintech industry are expected to be prominent trends driving Payment Orchestration Platform Market growth in this region.

The Asia Pacific region is expected to witness speedy growth compared to other regions worldwide. This growth can be attributed to rapid digitization and increasing technological proliferation in this region over the forecast period. As a result, China and India are anticipated to be the key markets in this region through 2028.

Competitive Landscape:

The key players in the Global Payment Orchestration Platform Market include- IXOPAY and others.

Segmentation of the Global Payment Orchestration Platform Market: