According to Future Market Insights (FMI), the global ePayment system market will generate US$78,965.6 million in revenue in 2022. By 2033, the market is anticipated to have grown at a CAGR of 20.1% to reach US$ 602,292.2 million. The market is anticipated to be worth US$ 96,401.1 million in 2023.
Nearly 75% of the worldwide payments market is thought to be made up of ePayment system sales. The market for electronic payment systems has expanded significantly as a result of the growing acceptance of contactless payments and e-Payment gateways.
The market for ePayment systems is expanding due to a trend towards mCommerce, internet shopping, digital commerce, and cashless transactions.
Furthermore, increasing Internet banking and Internet shopping have significantly pushed the use of ePayment system across the globe. The market for ePayment systems has shown significant growth over the last few years due to the increasing adoption of advanced technologies. With advancements in technology, there has been a rise in the demand for ePayment systems.
Key Takeaways from ePayment System Market Study
- Based on deployment, the cloud segment is expected to dominate the market through 2031, owing to the rising popularity of cloud computing and analytics.
- Based on enterprise size, the large enterprises segment is expected to dominate the market through 2031 owing to the growing need to digitize their payment landscape.
- The BFSI segment is expected to hold the largest share in the global ePayment system market in 2021, based on industry.
- China will continue leading the East Asia market, registering a CAGR of over 18.9% through 2031.
- The U.S. market is projected to expand at a CAGR of 18.2% through 2031, owing to the due to early adoption of upcoming technologies and presence of established and upcoming payment technology providers in the country.
- The UK is anticipated to hold the lead in Europe, exhibiting a CAGR of 18.5% through 2031.
Who is winning?
The moderately consolidated ePayment system market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion.
Prominent players in the ePayment system market include but are not limited to ACI Worldwide, Aliant Payments, Alipay, Apple Pay, FIS, Fiserv, Global Payments, Intuit, JPMorgan Chase, Mastercard, PayPal, Paysafe, PayTrace, PayU, Spreedly, Square, Stripe, Visa, Worldline, and 2Checkout, among others.
More Valuable Insights on ePayment System Market
A revised market research report published by Future Market Insights (FMI) on the global ePayment System market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031.The report provides valuable insights on the basis of component solution (payment gateway solution, payment processing solution, payment wallet solution, payment security and fraud management solution, and point of sale (POS) solution); and services (professional services, and managed services); deployment(cloud and on-premises); enterprise size (small & medium enterprises (SMEs) and large enterprises); and Industry (BFSI, retail and eCommerce, healthcare, media & entertainment, IT & telecom, transportation & logistics, and others), and across six major regions.
