Payment as a Service Market to Reach $53.6 Bn, Globally, by 2031 at 21.4% CAGR: Allied Market Research
Wednesday, October 12, 2022
Surge in smartphone penetration, incorporation of online payment services, increase in e-commerce sales, and rise in reliance on cloud technologies drive the growth of the global payment as a service market.
PORTLAND, Ore., Oct. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Payment as a Service Market by Component (Platform, Service), by Payment Method (Cards, App/eWallet, Automated Clearing House (ACH), Others), by Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail and Ecommerce, Media and Entertainment, Government and Utilities, Travel and Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global payment as a service industry generated $8.0 billion in 2021, and is estimated to generate $53.6 billion by 2031, manifesting a CAGR of 21.4% from 2022 to 2031.
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Prime determinants of growth
Surge in smartphone penetration, incorporation of online payment services, increase in e-commerce sales, and rise in reliance on cloud technologies drive the growth of the global payment as a service market. In addition, supportive initiatives of governments and untapped potential of emerging economies supplement the market growth. However, privacy and security concerns restrain the market growth. On the other hand, rise in need for operational efficiency and transparency during transactions and rise in demand for customized digitalized payments globally present new opportunities in the coming years.
Covid-19 Scenario
-- The usage and adoption of online and digitalized payment methods
increased among consumers globally to minimize the contact and
possibility of contamination. Moreover, the payment as a service sector
is experiencing a massive growth as consumers are becoming familiar with
the payment technologies in the market.
-- Moreover, there was a considerable rise in adoption of digital payments
by retailers, owing to surge in cases of Covid-19 infection. This, in
turn, lowered the need to carry and pay through cash.
-- Different banks and fintech industries are adopting various digital
payment methods for improving the losses suffered during the pandemic
situation. The demand and implementation of payment as a service are
expected to increase post-pandemic as well.
The platform segment projected to maintain its lead status during the forecast period
Based on component, the platform segment held the highest market share in 2021, accounting for more than two-thirds of the global payment as a service market, and is projected to maintain its lead status during the forecast period. This is attributed to the convenient, secure, and flexible online payment options offered by platforms for shopping via smartphone, desktop, or tablet. Moreover, it offers end-to-end payment platforms to enhance customers' experience while minimizing risk and improving cash flow. However, the service segment is projected to register the highest CAGR of 23.9% from 2022 to 2031. This is due to outsourcing opportunities for processing transactions, handling traditional payments more efficiently than before, and increasing customer loyalty.
The cards segment held the highest market share in 2021
Based on payment method, the cards segment accounted for the highest market share in 2021, holding nearly half of the global payment as a service market. This is due to offering of a wide range of payment solutions to help merchants analyze customer behavior & metrics. However, the app/e-wallet and will hold the lead status in terms of revenue during the forecast period. Moreover, this segment is projected to register the largest CAGR of 24.8% from 2022 to 2031. This is attributed to offering of convenience for consumers as users can get through a purchase in seconds just by tapping the device to the payment receptacle or by scanning the smartphone to a QR code to pay for the items purchased.
The BFSI segment contributed to the highest market share in 2021
Based on industry vertical, the BFSI segment accounted for the highest market share in 2021, contributing to more than one-fourth of the global payment as a service market. This is attributed to ease in management of cash-flow from a single dashboard. However, the retail and e-commerce segment is estimated to maintain its highest contribution throughout the forecast period. In addition, this segment is projected to grow at the fastest CAGR of 27.0% from 2022 to 2031. This is due to acceptance of different payment methods such as credit cards, debit cards, net-banking, wallets via mobile app, web checkout, QR code, NFC, kiosks, POS, and others.
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North America held the largest market share in 2021
Based on region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global payment as a service market. This is attributed to rapid advancements in payment technology, flexibility in payment processing, providing secured payment, and Point of Sale (POS) integration. However, Asia-Pacific is projected to maintain its dominant share throughout the forecast period. In addition, the region is estimated to witness at the highest CAGR of 24.7% from 2022 to 2031. This is due to adoption of digital payments, downfall in the usage of cash, and acceptance of mobile payments.
Leading Market Players
-- Aurus, Inc.
-- Alpha Fintech
-- ACI Worldwide
-- Apple Inc.
-- First Data (Fiserv, Inc.)
-- Google, LLC
-- Ingenico
-- Mastercard
-- Paysafe
-- PayPal Holdings, Inc.
-- Paystand
-- Pineapple Payments (Fiserv, Inc.)
-- VeriFone, Inc.
-- Visa Inc.
-- Valitor
-- PayU
-- Obopay
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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