Pune, 25, Nov 2022: The Global Digital Payment Market report has been published by Maximize Market Research, a leading Information Technology, and Telecommunication consulting firm. According to the MMR analysis, the global Digital Payment Market was valued at USD 29.90 billion in 2021 and is expected to grow at a 6.8% CAGR to USD 50.62 billion by 2029. (2022-2029). The report offers insight into industry trends, key sectors, potential investments in various areas, demand, regional landscapes, and market pressures. The report is extremely beneficial to prominent market participants, new entrants, investors, and stakeholders who are developing plans and striving to improve the reputation of their businesses.
Digital Payment Market Scope and Research Methodology
The worldwide digital payment market report is a detailed evaluation of major trends and future competitive analysis in the Digital Payment Market Industry, which aids customers in discovering business opportunities and developing market strategies. The Digital Payment Market research report includes service type, growth trend, industrial engineering, major competitors, industrial chain structure, industry overview, industry national policy, planning analysis, and the most current dynamic analysis.
The analysis of the digital payment market focused on the market’s overall drivers, opportunities, challenges, and constraints. The report also explores the effect of these main drivers, trends, and limitations on market demand throughout the forecast period. The goods and services provided by key enterprises, revenue, economic position in the global market, investment plan, growth strategy, and regional footprint are all analyzed. Recent acquisitions and mergers, as well as company strategic orientations and information on cooperative alliances, paint a realistic picture of the competitive environment in the Digital Payment Market.
The primary and secondary data sources are significantly used in the report. Government action, regulated market, competitive analysis, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges, are all investigated during the research process. To produce the final quantitative and qualitative data, all possible components impacting the markets covered in this research study were investigated, thoroughly researched, validated through primary research, and assessed. Market size is normalized for top-level markets and sub-segments, and the influence of inflation, economic downturns, regulatory & policy changes, and other variables is considered into the forecasting purposes. This information is coupled with extensive inputs and analysis and given in the report.
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Digital Payment Market Overview
Payments are done through digital or online channels that do not involve the exchange of actual cash are referred to as digital payments. This sort of payment, also known as an electronic payment (e-payment), is a value transfer from one payment account to another in which both the payer and the payee use a digital device such as a mobile phone, computer, or credit, debit, or prepaid card. The payer and payee might be the same person or company. This means that for digital payments to take place, both the payer and the payee must have a bank account, an online banking method, a device to make the payment from, and a medium of transmission, which means they must have signed up to a payment provider or an intermediary such as a bank or a service provider.
Digital Payment Market Dynamics
ICT technology is being used by countries all over the world to improve the digital payment market. Governments are making various initiatives to automate the payment procedure. Digital payment is one of the most important growth imperatives for a country’s economy. It has the potential to promote productivity and economic growth, improve transparency, increase tax collection, broaden financial inclusion, and give end users new economic opportunities. The Indian government has launched a variety of initiatives to promote digital payments. Digital India, the introduction of the Unified Payments Interface (UPI), and the 14444 helpline number all serve as catalysts for the shift to digital payments.
Cyberattacks, on the other hand, constitute a substantial constraint to the growth of the digital payment market. These are the most significant issues that the payment business has encountered in a long time. The increasing usage of digital payment systems raises cybersecurity risks such as cyber theft and fraud. Accepting and integrating payment technology into businesses has prompted concerns about privacy, theft, and regulatory compliance. Businesses are being hit by new and developing cyber attacks that exploit mobile malware to steal cardholder data from payment systems. Examples of evolving scams include friendly fraud, affiliate fraud, botnets, phishing, velocity attacks, and triangulation.
Digital Payment Market Segmentation
By Battery Capacity
- >201 Ah
- Shared mobility providers
- Government organizations
- Personal users
Digital Payment Market Regional Insights
In 2021, North America led the global market, accounting for more than 34.0% of total sales. Increased implementation and technical improvements in smart parking metres are boosting the regional market. In July 2020, ParkMobile, a parking solution provider, announced a partnership with EasyPark, a facilities service provider. As a result of this agreement, the prior business enabled contactless payments across Vancouver. Furthermore, as the number of unmanned enterprises in the United States grows, so does the demand for digital payment solutions.
Digital Payment Market Key Competitors:
- Total System Services, Inc.
- Wirecard AG
- Novetti Group Limited
- PayPal Holdings Inc.
- ACI Worldwide Inc.
- Adyen N.V.
- Aliant Payments
- Apple Pay
- Global Payments
- JPMorgan Chase
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Key questions answered in the Digital Payment Market are:
- What is Digital Payment Market?
- What is the growth rate of the Digital Payment Market during the forecast period?
- What is the nature of competition in the Digital Payment Market industry in developed economies and developing economies?
- Who are the key players in Digital Payment Market?
- Who are the market leaders in Digital Payment Market in Europe
- Who are the market leaders in Digital Payment Market in USA and Canada
- Who are the market leaders in Digital Payment Market in India, China, Japan, and South Korea?
- What are the factors affecting growth in Digital Payment Market?
- Who held the largest market share in Digital Payment Market?
- What are the factors for the growth of the Asia-Pacific region in the Digital Payment Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Technology, Product, Battery, Battery Capacity, End-User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Digital Payment in Healthcare Market: Digital Payment in Healthcare Market was valued at US$ 9.62 Bn. in 2021. The Global Digital Payment in Healthcare Market size is estimated to grow at a CAGR of 22 % over the forecast period. The growing rate of smartphones is a crucial driver of this market. Due to smartphones, many can use digital payment applications.
Text-To-Speech Market: Text-To-Speech Market was valued at US$ 2.27 Bn. in 2021 and the total Text-To-Speech revenue is expected to grow at 13.8% from 2022 to 2029, reaching nearly US$ 6.39 Bn. Text-to-speech systems can also avoid the need for users to read lengthy user guides or manuals by giving spoken prompts and audio guidance for operations. Various similar developments in smart devices are expected to boost text-to-speech technology integration into portable devices.
Buy Now Pay Later Market: The Buy Now Pay Later Market size was valued at USD 127.12 Bn. in 2021 and the total revenue is expected to grow by 36.17% from 2022 to 2029, reaching nearly 1502.77 Mn. Increased smartphone use and quicker connectivity have made it possible for merchants and customers to accept and make payments through digital platforms, which is also fueling the growth of the purchase now pay later market.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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