In terms of revenue, the Global Payment Orchestration Platform Market is expected to reach USD 3,041.9 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 22.5% from 2022 to 2028.
The quick launch of digital procedures across developing nations, maximization of the ROI of each transaction, and authentic access to every tool for product promotion are expected to lead to market growth during the forecast period.
Key Highlights from Report:
- The e-commerce segment held a significant share in 2021. This is attributable to the rise of e-commerce sites such as Amazon, Flip kart, and others that have aided the expansion. In addition, the market is expanding as the e-commerce industry sees growth in online purchases, an increase in smartphone penetration the introduction of multiple payment options.
- The B2B payments segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. B2B payments are made between two retailers for services or goods. Businesses benefit from B2B payments because they make money transfers more accessible and faster. According to B2B payment processing firms, artificial intelligence and machine learning can help solve a variety of problems, including identifying incorrect costs, identifying alternative sources, providing relevant information to customers in a convenient manner, collecting data for reports, and leading the right ways through businesses to receive required purchasing approvals.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The regional growth elements are the increasing acceptance of real-time payments and expanding government programs. Furthermore, the industry is expected to profit from increased digitalization in Asia-Pacific developing countries like India and China, as well as increased acceptance of efficient and simple online payment transactions.
Payment orchestration software covers several tools that help e-merchants manage transactions, from routing through reconciliation. In addition, merchants benefit from the platform's openness and versatility, which provides access to a PCI vault and an overview of their purchases regardless of who handled them. These are some of the benefits of a Payment Orchestration Platform, which contribute to its status as the most popular platform in the IT sector. One of the main factors fueling the growth of the payment orchestration industry is the quick adoption of digital processes across developing countries, the optimization of each transaction's ROI, and legal access to all tools for product marketing. As the need for these commerce-enabling services has grown, platforms have been forced to refine their payment processes. As a result, multi-gateway approaches and payment orchestration are being used more than ever before.
Payment stacks have gotten more complicated and multidimensional in response to growing market demand for convenience and uncertainties in today's payment ecosystem. Unfortunately, with too many fractured layers and a patchwork of tech frameworks layered on top of existing legacy infrastructures, today's payment stacks have turned from an advantage to a vulnerability – they aren't built with enough consistency, interoperability, or intelligence to keep up with the emerging complexity of today's payments ecosystem. In addition, with the emergence of smartphones, sophisticated payment systems, and the increased risk of fraud and data breaches, staying ahead of the competition has become a challenging and costly task for travel companies.
North America held the most significant shares in 2021. In the region, the rising deployment of smart parking meters and technological developments in these meters are generating demand for payment orchestration. In addition, as the number of unmanned retailers in the United States increases, the need for digital payment solutions increases.