In a recent published report, Kenneth Research has updated the market report for Online Payment Gateway Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
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U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Payment Gateway Market products.
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Online Payment Gateway Market over the period 2019-2026.As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017.
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The availability of the Internet and deluge of ecommerce stores has fueled the online shopping craze. Modern customers are able to harness the power of the net to make seamless transactions. Nationalised and private banks have decided to capitalize on this trend and introduced their own medium for making financial transactions a piecemeal for customers. Online payment gateways are merchant services which act as a middleman for processing the transactions between customers and online sites with a secure encrypted handshake.
The global online payment gateway market is anticipated to expand at a 12.8% CAGR from 2018 to 2023 (forecast period), The increasing inclination of customers towards cashless and cardless payments is expected to drive the market growth. The penetration of smartphones into consumer lifestyles has induced the need for online payment applications and expects to bolster market demand during the forecast period.Security concerns regarding payment can be a hurdle for the market. But the integration of trusted digital certificates and concerted efforts made by these providers to provide a secure pathway is likely to culminate in higher market growth.
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Report Overview
The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts make highly astute projections regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global online payment gateway market segmented by type, application, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their current standing in the market. New revenue sources for players are analyzed and outlined coupled with the various strategies implemented by players.
Segmentation
Types of online payment gateways include platform-based gateway solution, pro/self-hosted payment gateways, local bank integrates, and others. Major applications of online payment gateway include micro & small enterprises, mid-size enterprises, and large enterprises.
The segments covered in the online payment gateway market report are analyzed with respect to four major regions – North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW), with respective country-level market sizing. The definition and advantages of “online payment gateway” is outlined in the report for a comprehensive understanding of the market. The report discusses in detail the various players and their respective strategies to enhance their value chain.
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Competitive Landscape
Key players operating in the online payment gateway market include First Data Corp. (U.S.), Adyen NV (Netherlands), Amazon.com, Inc. (U.S.), CASHU (UAE), Stripe (U.S.), GMO Payment Gateway, Inc. (Japan), Verizon Communications, Inc. (U.S.), Alibaba Group Holding Ltd. (China), 2Checkout.com, Inc. (U.S.), Visa, Inc. (U.S.), CCBill, LLC (U.S.), Tencent Holdings Ltd. (China), SecurePay Pty Ltd. (Australia), PayPal Holdings, Inc. (U.S.), Naspers Ltd. (South Africa), Worldpay, Inc. (U.S.), Global Payments, Inc. (US), and Wirecard AG (Germany). Various strategies such as acquisitions, partnerships, joint ventures, and novel product launches are used by these players to gain a major share in the market.
The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.
Research Methodology
At MRFR, our research analysts conduct a thorough objective analysis of the market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top executives of various payment application and payment service providers. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.
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Analysis Period
Base Year – 2017
Projection Period – From 2018 to 2023
Market Denomination – USD Billion
Conversion Rate – Considered as per the respective financial years
For the scope of research, the report offers a comprehensive analysis of the global online payment gateway market.
Type
Pro/Self Hosted Payment Gateways
Platform-Based Payment Gateway Solution
Local Bank Integrates
Others
Application
Micro & Small Enterprise
Mid-size Enterprise
Large Enterprise
Region
North America
The U.S.
Canada
Mexico
Europe
The U.K.
Germany
France
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
Rest-of-the-World
The Middle East & Africa
Latin America
Intended Audience
Smart Card Vendors
Payment Solution and Service Providers
Credit/Debit Card Providers
Financial Institutions
Mobile Network Operators
Cloud Payment Solution Providers
POS Device Manufacturers
Payment Security Service Providers
System Integrators
Government Agencies
Technology Consultants
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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