Digital Payment Market Size, Share, Industry Segments, Trends, Forecast 2021-2026
The new report by Expert Market Research titled, ‘Global Digital Payment Market Size, Share, Trends, Report and Forecast 2021-2026’, gives an in-depth analysis of the global digital payment market, assessing the market based on its segments like solutions, deployment, mode of payment, end use, and major regions like Asia Pacific, Europe, North America, Middle East, and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2021-2026)
Historical Market Size (2020): USD 4.9 Trillion
Forecast CAGR (2021-2026): 13%
Forecast Market Size (2026): USD 10.4 Trillion
The global digital payment market is driven by the initiatives of the government to introduce digitization in the economies of developing countries such as India, China, Singapore, and Australia. In order to improve transparency, boost productivity, and provide easy transaction facilities the growing investment of government and private players will drive growth in the forecast period. Additionally, the growing utilization of smart phones and rapid development in the network & communication sector to provide faster internet will aid the growth. Further, amidst the Covid-19 pandemic, the digital market saw rapid growth owing to the need for contactless services.
Digital Payment Industry Definition and Major Segments
Digital payments are online or digital transactions that do not involve the exchange of physical cash. It requires an electronic medium for the exchange of money between the payer and the payee. They require the internet and a device with a mediating electronic platform.
The market is divided on the basis of solution into:
Payment Security and Fraud Management
Transaction Risk Management
The market is bifurcated on the basis of deployment into:
In terms of mode of payment, the market is segmented into:
The market is segmented on the basis of end use into:
Retail and E-commerce
IT and Telecommunication
Media and Entertainment
Transportation and Logistics
Travel and Hospitality
By region, the industry is categorised into:
Middle East and Africa
Digital Payment Market Trends
Regionally, North America and Europe are the largest shareholder in the global digital payment market owing to the early adoption of the technology. Moreover, advanced smartphone technology and the internet in the region aid in the growth of the market. Meanwhile, Asia Pacific is expected to witness the fastest growth in the forecast period. This can be attributed to the growing smartphone penetration in the Asia Pacific region and the growing usage of digital wallets due to their convenience. Additionally, heavy investment by governments in developing countries such as China and India, for the development of digital platforms, favorable legislation, and the presence of domestic players will aid the growth. Further, the preference for contactless transactions amidst covid-19 pandemic will propel the growth.
Key Market Players
The major players in the market are Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., One97 Communications Limited, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
Expert Market Research (EMR) is a leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium-scale enterprises.
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Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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