Digital Payment Market Growth, Global Drivers, Opportunities & Predictions 2026
Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWire) -- 12/06/2022 --The global Digital Payment Market is projected to grow from USD 88.1 billion in 2021 to USD 180.2 billion by 2026 at a compound annual growth rate (CAGR) of 15.4 % during the forecast period. An increasing initiative by the government globally to promote digital payment is driving the growth of the digital payment market.
Browse 299 market data Tables and 61 Figures spread through 300 Pages and in-depth TOC on "Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2026"
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Among services, the professional service segment is estimated to lead the digital payment market during the forecast period
The professional service segment includes consulting, implementation, support, and maintenance. The professional services manage client records, offer customized services and simplify billing. Also, consulting services emphasize recognizing value clusters with cost-benefit analysis. Professional services accelerate digital transformation and increase customer loyalty and retention.
The Large enterprise segment is set to emerge as the largest market during the forecast period.
Large enterprises consist of employee size, which is more than 1000 individuals. There is significant adoption of digital payment solutions by large enterprises to increase the profitability of the business. Digital payment transactions are convenient, safer, and cost-effective and also by automating specific business processes increases the productivity of large enterprises. Therefore, there is an increase in the adoption of digital payment solutions.
Asia Pacific segment is projected to grow at the fastest growth rate during the forecast period.
The Asia Pacific constitutes thriving economies such as India, Australia, and Japan are also essentially implementing digital payment solutions. In the Asia Pacific, consumers show deep interest in adopting innovative new technologies and digital payment methods. Banks governments are increasingly supporting the sustainable development of new payment methods by incorporating them through regulation, boosting security, and educating customers. Hence, the region is expected to witness the fastest growth rate during the forecast period.
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The major vendors covered in the digital payment market include PayPal (US), FIS (US), Square (US), VISA (US), Mastercard (US), Apple (US), WEX (US), Aurus (US), JPMorgan Chase (US), Clover (US), Braintree (US), Dwolla (US).
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