Online Payment Gateway Market Share, Size, Trends Analysis Research Report 2021 to 2030

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.

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.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Online payment gateway market refers to a type of market which helps in making smooth online transactions between buyer and seller. It is an ecommerce service in which the transaction processes debit and credit card payments by transferring key information between payment portals and front end processors.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Online payment gateways play a vital role in online transaction process, the service of which is provided by one of many financial service providers of commercialized banks. The online payment gateways make sure that the ecommerce transaction process is securely and safely done between the payment processor and payment gateway.

Payment gateway is a process that authorizes transfer of funds between merchants and customers by performing several tasks such as encryption, authorization and completing the transaction to finalize the order. On approval, the appropriate response is generated and then the payment processor evaluates and transmits transaction data.

Market Size and Forecast

Geographically, North America holds the highest market share for online payment gateway market. The key factor driving the growth of North America’s market in online payment gateway is flying dependence of consumers on electronic payments for online shopping. With an increase need of internet subscription, local vendors are making high use of online business platforms to significantly increase online purchasing in countries like India and China. It is estimated to make Asia Pacific the highest emerging countries to make rapid market growth in online payment gateway market.

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The demand for advanced technology that provides secure and safe transactions in online payment gateways is anticipated to fuel market share by the end of forecast period. Factors such as increasing adoption of mobile devices coupled with rising popularity of mobile commerce are making headway for the growth of the online payment market. Moreover, need of user affable methods for making online reservations and payments via smartphones is anticipated to positively impact the growth of the market.

According to a recent study conducted by Research Nester, the global market for online payment gateway is expected to grow at a moderate CAGR of 16% during the forecast period 2018-2027. Online payment gateway market is anticipated to generate USD 89.5 billion in revenue by the end of 2027.

Based on application type, online payment gateway market is segmented into small, large and medium enterprises. To meet the gradual changing demands of customers regarding online payments, the large enterprises have a high demand in this market.

Key Players

PayPal
Amazon
Avangate
Stripe
AsiaPay
Dwolla
Pagosonline
MyGate
CCBill
MercadoPago

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Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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