New research study “”Online payment market statistics 2022 Analysis by Market Trends (Drivers, Restraints, Opportunities, Threats, Challenges, and Investment Opportunities), Size, Share, and Outlook “” has been added to Fortune Business Insights. The global Online Payments Market size stood at USD 3286.52 Billion in 2019 and is projected to reach USD 17643.335 Billion by 2027, growing at a CAGR of 23.7% during the forecast period.
Market research methodology on online payments:
We follow a robust research methodology that involves triangulation of data based on top-down and bottom-up approaches and validation of estimated market figures through primary research. The information used to estimate the market size and forecast for various segments at global, regional and country level is derived from the most credible published sources and interviews with the right stakeholders.
The growth rate or CAGR exhibited by an Online Payments market for a certain forecast period is calculated based on various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
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Companies Featured in Global Online Payments Market:
- com Co Ltd. (Hangzhou China)
- Adyen (Amsterdam Netherlands)
- American Express Co. (New York USA)
- ACI Worldwide Inc. (Florida, USA)
- JPMorgan Chase & Co (New York USA)
- Facebook Inc. (California USA)
- MasterCard Incorporated (New York USA)
- Apple Inc. (New York, USA)
- Amazon Inc. (Washington, USA)
- PayPal, Inc. (California, USA)
- Visa, Inc. (California, USA)
Drivers and Constraints
Growing adoption of online payment platforms by the retail industry will drive growth
The retail sector is considered to be one of the major contributors to the growth of the online payments market as it is rapidly adopting these platforms. The main purpose is to collect consumer data, such as purchase intervals, preferences and most purchased items. They further use this data to provide personalized customer services. Starbucks, for example, has introduced this payment app for customers where they can choose food and beverages and pay for them directly from their bank accounts. Additionally, the company has started offering services, such as loyalty points and discount codes to improve customer engagement.
However, the outbreak of the COVID-19 pandemic has started to cause a shift in the market. Consumer behavior is changing at a rapid pace due to the growing need to prevent the spread of the virus. Therefore, they opt for contactless transactions and use digital wallets. According to a MasterCard Corporation survey, around 79% of customers worldwide use contactless payment to maintain security. There is also a reduction in transactions due to the complete shutdown of the hospitality, aviation, travel and entertainment industries. This can hamper the demand for online payment solutions.
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Key Benefits of the Online Payments Market Report:
- Major countries in each region are mapped according to individual Online Payments market revenue.
- A comprehensive analysis of factors driving and restraining market growth is provided.
- The report includes an in-depth analysis of current research and clinical developments in the market.
- The major players and their key developments in recent years are listed.
Global online payments market, by region:
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Colombia etc.)
- Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa)
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Main points covered in the table of contents:
Overview: Along with a detailed overview of the global Online Payments Market, this segment provides an overview of the report to give thought on the nature and substance of the review study.
Analysis of the strategies of the main players: Market players can use this analysis to gain a competitive advantage over their rivals in the online payment market.
Study on the main market trends: This part of the report offers a more meaningful assessment of the most recent and future examples in the market.
Market Forecast: Buyers of this report will approach accurate and approved valuations of the entire market size in terms of value and volume. The report additionally gives usage, creation, transactions, and different conjectures for the Online Payment market.
Analysis of local growth: All critical regions and countries have been covered in the report. The local examination will help elevate players to exploit abandoned common business areas, prepare express philosophies for target regions, and consider the improvement of each regional market.
Segmental analysis: The report gives precise and solid conjectures of the slice of the pie of significant portions of the Online Payment market. Market members can use this review to establish key interests in major pockets of market development.
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