Payment Processor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Payment Processor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033 It will grow to $88.93 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. ”
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LANDON, GREATER LANDON, UK, June 21, 2024 /EINPresswire.com/ -- The payment processor market is experiencing a surge in growth, driven by the burgeoning e-commerce industry. The market size is expected to reach $58.25 billion in 2024 at a CAGR of 11.4% from $52.25 billion in 2023. Looking ahead, the market is projected to reach $88.93 billion by 2028 at a CAGR of 11.1%.
E-Commerce Fueling Market Growth
The rapid growth of e-commerce is a major factor propelling the payment processor market. Payment processing allows for secure online transactions by accepting various payment methods, improving checkout experiences, and boosting sales conversion rates. For instance, the U.S. Census Bureau reported a 7.6% increase in e-commerce sales in Q3 2023 compared to Q3 2022, with e-commerce accounting for 15.6% of overall sales in Q3 2023. As e-commerce flourishes, so does the demand for payment processing solutions.
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Major Players and Market Trends
Leading companies in the payment processor market, such as Visa, Mastercard, and PayPal, are actively developing innovative solutions to better serve customers. A key area of focus is technologically advanced payment processing products.
For instance, in August 2022, Beyond, a provider of revenue management software, launched Tally, a user-friendly payment processing solution designed specifically for vacation rental managers. Tally streamlines operations, enhances guest experiences, and increases conversions by allowing property managers to accept various payment methods and manage finances through features like automated payouts, reconciliation tools, and reporting.
Segments Driving the Market
The payment processor market is segmented by various factors:By Type: Credit Cards, Debit Cards, E-Wallet TransactionsBy Deployment Mode: On-Premises, Cloud-BasedBy End-User Industry: Banking Financial Services and Insurance (BFSI), Information Technology And Telecommunication, Healthcare, E-Commerce And Retail, Government And Utilities, Other End User Industries
North America Leads, Asia-Pacific Poised for Fastest Growth
North America was the dominant region in the payment processor market in 2023. However, the Asia-Pacific region is expected to witness the fastest growth in the coming years. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Access the complete report for an in-depth analysis of the global payment processor market: https://www.thebusinessresearchcompany.com/report/payment-processor-global-market-report
Payment Processor Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and FutureMarket analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Payment Processor Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on payment processor market size, payment processor market drivers and trends, payment processor market major players, competitors' revenues, market positioning, and market growth across geographies. The payment processor market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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June 21, 2024, 15:09 GMT
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