Payment Gateway Market Growth Potential & Forecast, 2032

 

As per a recent research report, Payment Gateway Market to surpass USD 160 Bn by 2032.

Global Payment Gateway Market is estimated to grow considerably through 2032, owing to the increasing government support towards the fintech sector. Incentives and grants offered by the government to promote talent mobility will further proliferate the industrial growth.

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However, growing digitization has resulted in mounting cyber security threats worldwide. To safeguard customers from theft and data breaches, several market leaders are investing in developing their own payment gateway systems to avoid third-party payments. For instance, in February 2022, Bank of America launched its innovative online payment system, Pay by Bank. The new tool, developed in collaboration with Banked Ltd., enables e-commerce enterprise clients, primarily in the UK, to pay straight from their bank account.

 

Moreover, participants in the payment gateway industry are primarily focusing on introducing cutting-edge innovations which will potentially transform the market outlook through the ensuing years.

The payment gateway market has been divided in terms of type, organization size, application, and region.

Based on type, the local bank integrated segment garnered more than 11% revenue share in 2022. The surging adoption of digital technology among banking and financial companies is estimated to be one of the key drivers fueling the product demand. The local bank integrated payment gateways come in handy for small businesses that seek straightforward one-time online payment structures. Their ease of use and simpler set up is largely contributing to the growing adoption across such businesses.

With respect to application, the media & entertainment segment is projected to grow at 26% CAGR from 2023 to 2032. The media and entertainment sector has advanced technologically to offer consumers improved entertainment options, including 3D movies and television shows, gaming, and others. People can leverage payment gateway services by making online payments from any region. Building on this, companies are now rolling out advanced features and solutions to bring in enhanced viewer experience.

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For instance, in December 2022, Nowpayments, a non-custodial cryptocurrency payment gateway, announced that customers would now be allowed to pay for the online streaming giant Netflix and online music streaming platform Spotify subscriptions with SHIB.

From the regional perspective, the Middle East & Africa payment gateway market is slated to depict positive growth through the forecast period. The growing trend of strategic collaborations with key market participants to extend payment capabilities is creating better opportunities for expansion in the MEA payment gateway market. The lack of payment security measures and rising cyberattacks, however, are hindering the market growth.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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