Payment as a Service Market is Set For a Rapid Growth and is Anticipated to Reach Around USD 25.64 Billion Globally by 2026.

Zion Market Research has published a new report titled “Payment as a Service Market by Component (Platform and Services), By Service (Managed Services and Professional Services) By Vertical (Media and Entertainment, Hospitality, Healthcare, Retail, BFSI and Others) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026.” According to the report, the market for payment as a service was valued USD 5.59 Billion in 2019 and is expected to reach around USD 25.64 Billion by 2026, at a CAGR approximately 24.42% for the forecast period from 2020 to 2026.

Browse the full “Payment as a Service Market by Service (Platform and Services), By Service (Managed Services and Professional Services) By Vertical (Media and Entertainment, Hospitality, Healthcare, Retail, BFSI and Others)- Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2026..” Report at https://www.zionmarketresearch.com/report/payment-as-a-service-market

Payments as a service is the same as software as a service. It is just a marketing expression used to describe software as a service. It is designed to allow vendors and other market contributors to utilize these payment options through a single interface locally, regionally and globally.

The payments as a service market will witness a significant growth in the projected period. The growth of the market is subjected to rising regulatory initiatives in order to promote payment solutions and also to enhance secure transactions in real-time. Additionally, optimizing merchant experience with secure and quick payment methods is one of the major factors anticipated to propel market growth in the forecast period. Moreover, owing to the emerging customer-centric model, retailers are now concentrating on modernizing their physical store to provide enhanced services to their customers and are also setting up online stores to escalate revenue. As per the mobile payments conference, the volume of the people doing online shopping was 1.5 Billion and this volume further grew to 2 Billion by 2019. Owing to the evolution of E-commerce globally along with the growth of internet coverage in every country, the way of payment for goods and services has also evolved. As now they can buy anything, from anywhere in the world. Furthermore, retailers are adopting innovative techniques like big data analytics, cloud computing, social networks, and digital store to escalate their presence and visibility in the market. These services and techniques are helping the retailers to reap the benefits of contactless payments that include increase in revenue, reduction in transaction time, lessen operating costs and enhance operational efficiency.

The payment as a Service Market is segmented on the basis of component, services, and verticals. The services segment is further bifurcated into managed services and professional services. The managed services segment is anticipated to hold a noteworthy growth in the estimated timeframe. The managed services play a vital role, as they are directly related to enriching customer experience, therefore organizations cannot compromise with these services, in order to maintain their position in the market. This has become challenging for organizations to focus on their core business and also on supporting numerous functions, this, in turn, propels the demand for managed services.

On the basis of region, the payment as a service market in the Asia Pacific is expected to have a substantial share in the market in the anticipated timeframe. The region is expected to witness growth due to the rising demand for advancements in technologies related to payment along with integrated payment solutions. The region also includes economies such as India, China, South Korea, Japan, New Zealand, and Australia, which are involved in making steady improvements in their payment systems. This is expected to support market growth in the region.

Major market players of payment as a service market are TSYS, First Data, Verifone, Paysafe, Aurus, Ingenico, Pineapple Payments, Agilysys, First American Payment Systems, Alpha Fintech and FIS among others.

The report segments payment as a service market as follows:

Global Payment as a Service Market: Component Segment Analysis

• Platform
• Services

Global Payment as a Service Market: Service Segment Analysis

• Managed Services
• Professional Services

Global Payment as a Service Market: Vertical Segment Analysis

• Media and Entertainment
• Hospitality
• Healthcare
• Retail
• BFSI
• Others

Global Payment as a Service Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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