IMARC Group, a leading market research company, has recently released report titled “Payment Gateways Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global payment gateways market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the payment gateways market?
The global payment gateways market size reached US$ 23.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.
What are payment gateways?
A payment gateway is a technology solution that facilitates the processing of online transactions between a merchant’s website and a customer’s chosen payment method, such as a credit or debit card. Essentially, it acts as an intermediary, securely transmitting sensitive financial information from the customer to the merchant’s acquiring bank and, subsequently, the issuing bank for transaction approval. In today’s digital era, payment gateways are an indispensable part of e-commerce, enabling quick and secure online transactions. They have also evolved to offer additional features like fraud prevention, multi-currency conversion, and compliance with regulatory standards such as PCI DSS. As a result, payment gateways are widely used across various industries, including retail, services, and hospitality, making them a cornerstone of the modern digital economy.
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What are the growth prospects and trends in the payment gateways industry?
The global payment gateways market is primarily driven by the exponential rise in online shopping and digital transactions, fueled by greater internet penetration and the widespread adoption of smartphones. Moreover, businesses are increasingly integrating advanced payment gateways to provide a seamless and secure user experience, which in turn boosts customer confidence and promotes online sales, thus fostering market growth. In addition, the rapid shift toward cashless economies globally is further propelling market growth. Besides this, the emergence of mobile wallet-based payment gateways, which offer the benefits of speed and convenience, is positively influencing the market growth. Furthermore, the heightened emphasis on security features, including multi-factor authentication and encryption, is adding another layer of trust, thereby accelerating the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Application:
- Large Enterprises
- Micro and Small Enterprises
- Mid-Size Enterprises
Breakup by Mode of Interaction:
- Hosted Payment Gateways
- Pro/Self-Hosted Payment Gateways
- API/Non-Hosted Payment Gateways
- Local Bank Integrates
- Direct Payment Gateways
- Platform-Based Payment Gateways
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
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