09-Sep-2024 | Zion Market Research
According to the report, the global Payment Service Provider market size was valued at approximately USD 9.37 billion in 2023 and is predicted to reach around USD 21.91 billion by the end of 2032, expanding at a CAGR of around 9.9% from 2024 to 2032.
Increased Focus and Adoption of the Digitization in Payment Service Providers to Spur Market Growth
Several initiatives are being taken by different governments all over the world which may facilitate the growth of the payment service provider market. The increased focus and adoption of digitization in almost every sector is contributing toward growth on a significant level. The security and efficient features of online payment take over the need to stick to traditional payment methods. As the pandemic continues, the need for contactless payments may prevail and is also expected to increase. Thus, the growth of the payment service provider market is almost necessary for the world to cope with the pandemic. Also, the rise in online businesses, for instance, the e-commerce sector, is adding to the growth of the market.
The presence of Big Players in The Region supports North American Dominance
With the largest share, North America was a leading regional market for payment service providers market in 2023 followed by Asia Pacific. North America is the biggest contributor to the payment service provider market. The region houses some small and large organizations that have adopted online payments as a primary payment method and are contributing directly toward the growth of the market. The biggest payment service provider players are based in the US and thus the adoption rate of these services is also very high in the region.
The Asia Pacific region is also expected to grow significantly over a while. Asia Pacific is the new hub for technology-driven businesses because of its high population and developing infrastructure. The region also saw a tremendous rise in the adoption of smartphones both in the older as well as the younger population. All these factors are going to contribute to the growth of the payment service provider market in the region.
Some of the key players operating in the payment service provider market are ACI Worldwide, Inc., MasterCard International, Inc., Adyen, Global Payments Direct, Inc., CCBill, LLC., Discover Financial Services (Diners Club International Ltd), Stripe, Total System Services, Inc., Amazon Web Services, Inc., PayPal, Inc., among others. These players are set to bolster the development of the global payment service provider market.
Browse the full “Payment Service Provider Market By Payment Type (Customer to Business, Business to Business, and Customer to Customer), By Payment Channel (Token System, Digital Wallets, Net Banking, Direct Carrier Billing, and Real-time Payments), By Software (Payment Processing Solutions, Payment Gateway Solutions, PoS Solutions, and Payment Security & Fraud Management Solutions), By Services (System Integration & Implementation Services, Consulting Services, Managed/ Outsourced Services, and Support & Maintenance Services), By End Use (Travel & Booking, Healthcare, Banking, Financial Services & Insurance (BFSI), Entertainment, Telecommunications, E-commerce, Retail, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032” Report at https://www.zionmarketresearch.com/report/payment-service-provider-market
By Payment Type
By Payment Channel
By Software
By Services
By End Use
By Region
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