Global Payment Gateways Market Will Register 17% CAGR during 2020-2024

The global payment gateways market size is expected to grow by USD 23.45 bn during 2020-2024, progressing at a CAGR of almost 17% during the forecast period.

The focus on high customer satisfaction, high adoption of contactless payment solutions, and increased use of m-commerce are some of the major factors propelling the market growth. However, factors such as privacy and security concerns, threats from open-source payment gateways, and high entry barriers may impede the growth.

Payment Gateways Market: End-user

By end-user, the report is segmented into large enterprises, micro and small enterprises, mid-sized enterprises. The large enterprises’ segment will account for the largest market share during the forecast period owing to the generation of a large number of transactions. Companies operating in the banking, financial services, and insurance (BSFI), IT and manufacturing sectors are the major contributors in this segment. Furthermore, the demand for payment gateways is anticipated to surge from companies operating in the e-commerce, healthcare and life sciences, education, utilities and retail sectors during the forecast period.

Payment Gateways Market: Geographic Landscape

In terms of geography, 38% of the market’s growth will originate from North America during the forecast period due to the high adoption of contactless payment solutions, particularly, in the US. In addition, governments of countries across North America have introduced stringent regulations to secure digital payment gateways while mandating the recertification of electronic payment systems used by merchants.

Payment Gateways Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist in payment gateways market growth during the next five years
• Estimation of the payment gateways market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the payment gateways market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of payment gateways market, vendors