Bhopal Newspaper

Payment As A Service Market Expected Highest Growth of USD 25.7 Billion By 2027 | Grand View Research, Inc.

 Breaking News
  • No posts were found

Payment As A Service Market Expected Highest Growth of USD 25.7 Billion By 2027 | Grand View Research, Inc.

June 20
09:57 2020
Payment As A Service Market Expected Highest Growth of  USD 25.7 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global payment as a service market size was valued at USD 6.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2020 to 2027

According to a report, “Payment As A Service Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Services, By Industry Vertical (Retail & Ecommerce, Travel & Hospitality, Healthcare, BFSI), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.

The retail and ecommerce segment held the largest market share in 2019. The growth of the segment is attributed to growing trend of online shopping among consumers across the globe. While doing online shopping, consumers always prefer safe and secure platform to pay for their purchases, thereby driving segment growth. In addition, retailers are also adopting advanced technologies including Artificial Intelligence (AI) and digital retail stores to improve their presence in the market. Increasing use of credit cards, e-wallets, debit cards, and online banking by consumers to do shopping has reduced operating cost, thereby driving segment growth.

“Would you Like/Try a Sample Report” Click the link below: https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market/request/rs1

The market is poised to grow with the change in regulatory initiatives. The changing regulatory frameworks and policies have encouraged alternative money transfer platform providers, fintech providers, and Managed Service Providers (MSPs) to enter the market. For instance, the implementation of the Payment Services Directive 2 (PSD2) standard by the European Commission in 2018 promoted new players in market to provide integrated money transfer platform while making transactions secure and faster. Further, stringency in regulations to provide 24*7 real-time customer support and Account Clearing House (ACH) money transfer environment is influencing the platform providers to outsource their activities to MSPs. These MSPs handle customer queries, provide support 24*7, and ensure platform providers to remain compliant with the regulatory environments.

U.S. payment as a service market size

Payment As A Service Market Report Highlights

  • Increasing demand for contactless transaction is the major driving factor of the market

  • The platform segment held the largest share of the market in 2019 owing to growing adoption of online shopping

  • Travel and hospitality sector is expected to witness the highest CAGR of 20.5% over the forecast period owing to the increasing online travel bookings by the consumers

  • North American held the largest share of the market in 2019. U.S. and Canada are the most prominent countries adopting the new technology platform for money transfer practices

Industry Vertical Insights

The retail and ecommerce segment held the largest share of more than 40.0% in 2019. The industry vertical segment analyzed in the study includes retail and ecommerce, travel and hospitality, healthcare, BFSI, and others. The increasing trend of online shopping and rapid adoption of SaaS have led to an increase in the implementation of payment services. Consumers prefer a safe and secure platform to pay for their purchases. In addition, the retailers have adopted new technologies such as Artificial Intelligence (AI) and digital stores to increase the presence and visibility in the market. Payment through e-wallets, credit cards, debit cards, and online banking has reduced the transaction time, improved operational efficiency, and reduced the operating cost.

Global payment as a service market share 

The healthcare segment is expected to witness the highest CAGR from 2020 to 2027. The increase in healthcare spending on medicines, and other medical supplies and equipment, is expected to drive the market over the forecast period. The outbreak of the COVID-19 has impacted the majority of population and countries across the globe, thereby driving the payment as a service market.

Have Any Query? Ask Our Experts for More Details on Report: https://www.grandviewresearch.com/request-for-customization/450439/rfc1

Payment As A Service Market Segmentation

Grand View Research has segmented the global payment as a service market on the basis of component, services, industry vertical, and region:

PaaS Component Outlook (Revenue, USD Million, 2016 – 2027)

  • Platform

  • Services

PaaS Services Outlook (Revenue, USD Million, 2016 – 2027)

  • Professional Services

  • Managed Services

PaaS Industry Vertical Outlook (Revenue, USD Million, 2016 – 2027)

  • Retail & ecommerce

  • Travel & Hospitality

  • Healthcare

  • BFSI

  • Others

PaaS Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

  • Rest of the World

List of key players of Payment As A Service Market

  • Agilysys Inc.

  • Alpha Fintech

  • Aurus

  • First American Payment Systems

  • First Data (Fiserv Inc.)

  • Ingenico

  • Paysafe

  • Pineapple Payments

  • TSYS (Global Payments Inc.)

  • Verifone

Request for Customization : https://www.grandviewresearch.com/inquiry/450439/ibb

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market

Related Articles