EPayment System Market 2021 – 2028
***Latest Updated Market Research Report
The global digital payments market size is expected to from USD 79.3 billion in 2021 to USD 154.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2%. The digital payments market is expected to grow, owing to the worldwide initiatives for the promotion of digital payments, proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration.
By component, solutions segment is estimated to account for the largest market size in 2020 and expected to grow at an impressive CAGR during the forecast period. The solutions segment of the digital payments market has been classified into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and PoS solutions. Major digital payment solution vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers. Payment gateway and payment processing are the most widely demanded solutions among merchants.
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COVID-19 impact on the global digital payments market
The outbreak of COVID-19 has significantly impacted operations in a few key sectors, such as manufacturing, logistics, hospitality, transportation, healthcare, and retail, and moderately impacted a few sectors that include IT and telecom, energy and utilities, government, education, and BFSI. The pandemic has accelerated the adoption of contactless and wallet payments. eWallets are witnessing increased traction for Peer to Peer (P2P) transfers, bill payments, and Customer to Business (C2B) payments for essential services owing to the lockdown and aversion to the exchange of cash. However, some wallet providers have increased their fees for merchants and consumers, leading to merchants not accepting their wallets for transactions.
Researchers anticipate that the Global ePayment System Market will exhibit significant growth over the coming years. The market has witnessed considerable growth over the last couple of years owing to the rise in abuse across the globe. The market is also expected to grow owing to the introduction of testing laboratories at present. Organizations are being obliged to organize tests in offices to ensure employee safety owing to the rising pressure on them and devoid them of illegitimate activities.
This report focuses on the top players in global market, like
pureLiFi, Velmenni, Oledcomm, Philips, VLNComm, Wipro, General Electric, LVX System, Nakagawa Labs and LightPointe Communications.
The report provides information on the technological advancements that are bound to take place in the coming years or are currently taking place in the market. Furthermore, the threats faced by the main player’s dominant in the global ePayment System market have been highlighted. The geographical segmentation of the global ePayment System market entails the dominant regions in the market during the forecast period. Information on the region leading this market and the reasons for the dominance of this region are also some of the aspects highlighted under this section of the report.
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Table Of Content:
1 Report Overview
2 Global Growth Trends
3 Competition Landscape by Key Players
4 Market Size by Type (2021-2028)
5 Market Size by Application (2021-2028)
13 Key Players Profiles
14 Analyst’s Viewpoints/Conclusions
Continued. . .
Major Highlights of the EPayment System Market Report:
- The EPayment System Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the EPayment System Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
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