Global Digital Payment Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Digital Payment market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global digital payment market size was US$ 99.1 billion in 2021. The global digital payment market is forecast to grow to US$ 230.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 10.5% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The e-commerce industry is getting wide traction due to rising awareness about the benefits of adopting cashless methods. In addition, the use of mobile wallets is growing rapidly to make payments. Further, the safety of stable payment gateways and low chances of cash thefts will contribute to the growth of the digital payment market during the analysis period.
The rising range of digital initiatives by government bodies and industry players will also benefit the digital payment market during the analysis period. Governments are taking a several steps to digitize the payment process. Various countries like India, Singapore, and Australia, have implemented a slew of digital payment methods to boost digitalization in their economies. As a result, it will fuel the growth of the digital payment market during the analysis period.
The growing user base on the internet is expected to bring lucrative growth opportunities for the market. Furthermore, the convenience of digital payment methods, technological advancements, and the rising number of customer-centric payment applications will drive the demand for digital payment during the forecast period.
On the flip side, the lack of global standards for cross-border payments may limit the growth of the digital payment market during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for digital payment increased abruptly. The pandemic highlighted the need for social distancing. Cash payments have high chances of virus transmission, which surged the need for digital payments. Various e-commerce platforms eliminated cash payment options from their list in order to prevent any risk of disease transmission. Thus, it has been beneficial for the digital payment market during the pandemic.
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Regional Analysis
North America is forecast to hold the highest share in the digital payment market during the analysis period. The growth of the market is attributed to the presence of a large number of solution providers in the region. In addition, the rising proliferation of the internet and smart devices will significantly upsurge the demand for digital payment during the analysis period.
The Asia-Pacific digital payment market will also record significant growth, owing to the growing digitalization, government efforts, and rising internet penetration in the region. Furthermore, the rising number of small and medium enterprises in the region will offer lucrative growth opportunities for this regional market.
Competitors in the Market
? PayPal Holdings Inc
? American International Group, Inc.
? Visa Inc.
? MasterCard Incorporated (MasterCard)
? Amazon.com Inc.
? Alphabet Inc.
? Apple Inc.
? CCAvenue (Avenues India Pvt. Ltd)
? Paytm Mobile Solutions Private Limited
? Stripe Inc.
? Alipay.com Co. Ltd
? Other Prominent Players
Market Segmentation
The global digital payment market segmentation focuses on Component, Deployment, Organization, Vertical, and Region.
By Component:
? Solutions
o Payment Gateway Solutions
o Payment Processing Solutions
o Payment Wallet Solutions
o Payment Security and Fraud Management Solutions
o Point of Sale (POS) Solutions
? Services
o Professional Services
�?� Consulting
�?� Implementation
�?� Support and Maintenance
o Managed Services
By Deployment Type:
? On-premises
? Cloud
By Organization Size:
? Large Enterprises
? Small and Medium-sized Enterprises (SMEs)
By Vertical:
? Banking, Financial Services, And Insurance
? Retail and Ecommerce
? Healthcare
? Travel and Hospitality
? Transportation and Logistics
? Media and Entertainment
? Other
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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