The online payment gateway market has been segmented into hosted payment, self-hosted payment, non-hosted payment, local payment and direct payment among others. Among these segments, the hosted payment gateway is expected to dominate the market during the forecast period.
Increasing awareness of security aided technology in online transactions is anticipated to aid the growth of online payment gateway market. Further, the market is witnessing high preference for smart phones and tablets among consumers. This factor is envisioned to strengthen the growth of online payment gateway market.
The market for online payment gateway is expected to flourish at a sufficient CAGR of 16% during the forecast period 2018-2027. Factors such as rising demand for online transactions, ease of operating and comfort are anticipated to drive the demand for online payment gateway market. Further, the increasing demand for safe and secure transactions is estimated to boom online payment gateway market by noteworthy revenue by the end of 2027.
In the regional segment, North America represented the largest market for online payment gateway market 2017. This can be credited to increasing dependence of consumers on electronic payments for online shopping among other demands. This factor is anticipated to boost the growth of online payment gateway market in the forecast period. Moreover, with rising need of internet subscription, local vendors making high use of online business platforms to considerably increase online purchasing in countries like India and China is estimated to make Asia Pacific the highest emerging countries to make rapid market growth in online payment gateway market.
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Growing Demand for Online Security
Growing concern for ease in online shopping, making reservations among others is major reason behind the use of online payment gateway market. Further, to eliminate the apprehension while using online payment portals regarding online theft with respect to personal credentials and making the whole experience user friendly, safe and easily accessible is expected to benefit the expansion of online payment gateway market.
Mobile Commerce Market Reflects Significant Opportunities
Enhancement and advances in communication devices with advanced technologies and safety oriented applications for online payment dealings are expected to drive the growth of the online payment gateway market in the near future. Further, there is adoption of mobile phones and tablets for their user friendly and accessible advantages such as shopping online by getting 24/7 assistance, different sale offers etc. This factor is believed to supplement the growth of the online payment gateway market globally.
However, the security related concerns such as cyber theft and personal credentials being compromised might become the restraining factor for the growth of online payment gateway market.
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The report titled “Online Payment Gateway Market: Global Historical Growth (2013-2017) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the online payment gateway market in terms of market segmentation by sector, product, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the online payment gateway market which includes company profiling of PayPal, Amazon, Stripe, AsiaPay, Avangate, Dwolla, Pagosonline, CCBill, MyGate and MercadoPago.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the online payment gateway market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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