This research report categorizes the market based on nature of payments, components, deployment modes, enterprise size, verticals, and regions.
Northbrook, IL -- (SBWIRE) -- 06/30/2021 -- According to a new market research report "Real-Time Payments Market by Nature of Payment (P2P, P2B & B2P), Component (Solutions (Payment Gateway, Payment Processing & Payment Security & Fraud Management) & services), Deployment Mode, Enterprise Size, Vertical, & Region - Global Forecast to 2023" published by MarketsandMarkets™, the real time payments market size to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
The real time payments market is said to have a potential scope for growth in the years to come, due to the increasing use of smartphones and connected devices and the increasing consumers' demand for quicker payment settlements.
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Among solutions, the payment security and fraud management segment is expected to grow at the highest CAGR during the forecast period
The solutions segment has been subsegmented into payment gateway, payment processing, and payment security and fraud analyze management. Among these solutions, the payment security and fraud management solution is expected growth at the highest CAGR. The number of online frauds in financial transactions are increasing across the world, which results in the growing demand for the payment security and fraud management solutions that help avoid and detect financial frauds and improve the security of online transactions.
Among the enterprise size segment, the large enterprises segment is estimated to have a larger market size during the forecast period
The real time payments market by enterprise size has been segmented into 2 further subsegments: Small and Medium-sized Enterprises (SMEs) and large enterprises. The large enterprises segment is expected to have a larger market share during the forecast period. Large enterprises are increasing their investments for developing innovative real time payments solutions.
Among regions, Asia Pacific (APAC) is estimated to hold the largest market size and grow at the highest CAGR during the forecast period
APAC is expected to hold the largest market size and grow at the highest CAGR during the forecast period. In the APAC region, the growth rate can be attributed to various factors, including the adoption of advanced technologies, economic developments, increasing rate of digitalization, and high investments from real time payments solution and service providers. The driving forces for the increasing market size in this region include the huge population that contributes to the volume of transactions, and the domestic and international enterprises that are investing in this region.
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The real time payments market report provides the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. The major vendors in the global real time payments market include ACI Worldwide (US), FIS (US), Fiserv (US), Mastercard (US), Worldline (France), PayPal (US), Visa (US), Apple (US), Ant Financial (China), INTELLIGENT PAYMENTS (Gibraltar), Tmenos (Swtizerland), Wirecard (Germany), Global Payments (US), Capgemini (France), IntegraPay (Australia), SIA (Italy), Obopay (India), Ripple (US), Pelican (UK), Finastra (UK), Nets (Denmark), FSS (India), Montran (US), REPAY (US), and Icon Solutions (UK).
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