“A research report on Payment Gateway Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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Global Payment Gateway Market Overview
Global payment gateway market was valued at $ 12.7 billion in 2018 and is forecast to grow at the CAGR of around 22% to reach $ 41 billion by 2024, due to the increasing demand for online transactions. Payment gateway acts as intermediary between the e-commerce site and bank. Online payment encrypts sensitive information and is used for the authentication of the online transaction. It is also used for preventing fraudulent activities by providing card verification value (CVV) and address verification system (AVS). Moreover, the popularity of the digital payment modes like credit/debit cards, net banking, mobile wallets and increasing number of customers using smartphones for online transactions is further driving the growth of global payment gateway market. Additionally, collaboration of e-commerce sites with various payment gateways are offering cashbacks in order to retain their old customer and attract new customers.
Global Payment Gateway Market Segments
Currently, the transactions are validated through OTPs, PINs and other passwords. However, key trend which will predominantly affect the market in coming year is integration of biometric authentication across payment gateway solutions. Based on the enterprise size, the market has been segmented into small & medium enterprise (SME) and large enterprise. Large enterprise acquired the majority share in 2018, however, SMEs are also likely to grow at a fast pace during the forecast period. Payment gateway serves various end-users such as travel & hospitality, retail, healthcare, education, government, utilities and others. Retail segment acquired the leading share in 2018 and is expected to witness notable growth during the forecast period. Retail companies are adding various payment gateways such as Paypal, among others to their websites which is bolstering the growth of the market. Based on the type, the payment gateway market has been segmented into hosted, self-hosted and bank integrated. Hosted payment gateway segment dominates the market and is likely to dominate till 2024 owing to merchants seeking quick installation of payment gateway solutions on their website.
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