BANGALORE, India, Sept. 23, 2020
BANGALORE, India, Sept. 23, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Online Payment Gateway Market by Type (API/Non-hosted Payment Gateways, Direct Payment Gateways, Hosted Payment Gateways, Local Bank Integrates, Platform-based Payment Gateway, Pro/Self-hosted Payment Gateways), by Application (Large Enterprise, Micro and Small Enterprise, Mid-sized Enterprise), by End User (Banking, Retail, Travel) and Region – Global Forecast to 2025", published on Valuates Reports.The Global Online Payment Gateway Market size is expected to grow from USD 43,491.95 Million in 2019 to USD 90,431.01 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 12.97%.
Major factors that drive the growth of Online Payment Gateway Market size are the growing eCommerce revenues along with increasing internet penetration, acceptance of contactless payments, and changing consumer preferences.
Get Detailed Analysis of COVID-19 Impact on Online Payment Gateway Market:
COVID-19 EFFECT ON THE ONLINE PAYMENT GATEWAY MARKET SIZE
The COVID-19 outbreak is expected to have a positive impact on the Online Payment Gateway Market size. Many major Payment Gateway firms are developing new products to meet the emerging need for contactless transactions during the COVID-19 pandemic. Also, since the lockdown, eCommerce sales have increased worldwide, particularly for groceries and health items, even though many retailers are struggling with logistics.
TRENDS INFLUENCING THE ONLINE PAYMENT GATEWAY MARKET SIZE
Increasing eCommerce sales and growing internet penetration is expected to drive the Online Payment Gateway Market size. Internet connectivity has reached all parts of the globe, and this has strengthened the online shopping industry. The growth of eCommerce is driven by the rapid adoption of smartphones and tablets and internet connectivity through 4G, 5G, and so on. Rising eCommerce transactions are therefore expected to impact the growth of the Online Payment Gateway Market positively.
Rising financial inclusion across the globe is expected to fuel the Online Payment Gateway Market size. Online Payment Gateway will give customers and businesses new ways of conducting personalized, convenient, and scalable transactions with digitization and continuous technological advances.
Merchants worldwide are focused on expanding their businesses in other countries while collaborating with providers of payment services. These collaborations offer the benefit of leveraging the opportunities created by e-commerce globalization and enabling gateway systems to be incorporated into their distribution channels. This increasing collaboration between merchants and payment gateway is expected to increase the Online Payment Gateway Market size.
ONLINE PAYMENT GATEWAY MARKET SHARE ANALYSIS
North America is expected to hold the largest Online Payment Gateway Market share during the forecast period. This dominance can be attributed to technological advances and significant payment gateway implementations in different end-use segments. Furthermore, the high popularity of mobile commerce in this area is expected to generate market growth opportunities.
Over the forecast period, Asia Pacific is expected to emerge as the fastest-growing regional market. The growth can be attributed to many initiatives undertaken by different governments to develop their countries' online payment infrastructure.
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ONLINE PAYMENT GATEWAY MARKET SEGMENTATION
Based on Type, the Online Payment Gateway Market studied across
Based on Application, the Online Payment Gateway Market studied across
Based on End-User, the Online Payment Gateway Market studied across
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Major producers in the Payment Gateways Market include PayPal, Alipay, and WorldPay, which accounted for 15.65%, 20.53%, and 10.27% of the market, respectively.
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