Rise in transaction data and increase in utilization of different online payment methods such as internet banking, credit cards, debit cards, and mobile wallets drive the growth of the global Payment Gateway Market. However, privacy & security issues and surge in online frauds pose a big threat to the market growth. On the other hand, increase in investments in advanced technologies by market players and increase in popularity and accessibility of high-speed internet present new opportunities in the coming years.
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Based on type, the hosted segment accounted for the highest market share in 2021, contributing to nearly three-fifths of the global payment gateway market, and is projected to maintain its leadership status during the forecast period. This is due to its ease in utilization with plug-and-play plugins for e-commerce stores, fraud management, multiple payment options, and others.
However, non-hosted segment is estimated to witness the highest CAGR of 18.1% from 2022 to 2030, owing to the complete control of merchants over the customer experience as customers will be able to complete the checkout process on the web page.
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Based on enterprise size, the large enterprise segment contributed to the highest market share in 2021, holding more than three-fifths of the global payment gateway industry, and is projected to maintain its lead position during the forecast period. This is due to availability of various payment gateway services with international payment options, hassle-free reconciliation, and multiple payment modes.
However, the small and medium enterprise segment is estimated to register the highest CAGR of 17.9% from 2022 to 2030. This is attributed to high success rate of transactions, affordable charges, and ease in growth tracking.
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Based on region, Asia-Pacific contributed to the largest market share in 2021, accounting for nearly two-fifths of the global ransomware protection market, and is expected to maintain its dominance in terms of revenue by 2030. Moreover, this region is projected to manifest the fastest CAGR of 18.4% during the forecast period.
This is due to increase in cross-border payment services provided by top payment service providers such as PayPal, Stripe, Payoneer, and others. The research also analyzes regions including North America, Europe, and LAMEA.
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Covid-19 Pandemic
- In order to reduce the possibility of cross-contamination, people, businesses, and organization preferred online transactions over cash. This led to rise in online transactions and digital payments. Owing to this, the demand for payment gateways surged considerably during the Covid-19 pandemic.
- During the pandemic, consumer-to-business transactions and electronic peer-to-peer payment increased considerably. This popularity, in turn, increased the revenue for payment gateway providers.
- The trend of online shopping gained momentum during the pandemic. This was due to the closure of physical stores, supermarkets, shopping malls, and other stores with lockdown restrictions in place. With increase in online shopping, people preferred to pay online for shopped items, which, in turn, raised the utilization of payment gateways.
- The demand for payment gateway is expected to continue to rise post-pandemic as people begin to prefer online transactions and digital payments over cash transactions.
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