Payment Service Provider Market: Emerging Trends And Strong Application Scope By 2019 - 2027

 Payment Service Provider Market: Introduction

The global payment service provider market is projected to reach ~US$ 88 Bn by 2027. The payment service provider market is projected to expand at a CAGR of ~10% from 2019 to 2027. Growth in financial inclusion, specifically in developing countries is expected to drive the growth of the market. During the forecast period, the payment service provider market in Middle East & Africa is anticipated to grow at a CAGR of 12%. In terms of revenue, the market is dominated by Asia Pacific. The North America payment service provider market is expected to expand at a CAGR of 5.6% during the forecast period.

Rapid Growth of e-Commerce Globally

Several countries across the globe have seen double-digit e-Commerce growth year-on-year, which is a healthy growth rate. Rapidly expanding levels of internet penetration increases the number of e-Commerce consumers. According to a report by Adyen, online bank transfer is the primary method of payment for e-Commerce, accounting for 50% of online purchases in Malaysia.

Online retail transactions currently account for as small as 0.5% of the Thailand retail industry overall, but is growing by an estimated 30%-35% annually as internet penetration is nearly 60%. Singapore is the most active e-Commerce market in Southeast Asia as smartphone penetration is nearly 90%. This indicates that e-Commerce has played a major role in transforming the mode of payment by individuals.

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Payment Service Provider: Market Segmentation

The global payment service provider market has been segmented in terms of component, payment channel, payment type, application, end use, and region. Based on component, the market has been segmented into software and services. Software segment has been sub-segmented into payment gateway solutions, payment processing solutions, payment security & fraud management solutions, and PoS solutions.

Payment Service Provider Market: Regional Outlook

Asia Pacific is expected to dominate the payment service provider market during the forecast period. Asia Pacific and Middle East & Africa are expected to see increasing growth in the payment service provider market. The payment service provider market in North America, Europe, and South America is also expected to expand rapidly during the forecast period.

The report provides in-depth segment analysis of the global payment service provider market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the payment service provider market.