The payment gateway market is expected to showcase exponential growth by 2027 owing to the prevalent utilization of digital payment methods across the globe. Additionally, growing focus on the establishment of a cashless economy is projected to support product demand through the forecast timeline.
Driven by the COVID-19 pandemic, the industry witnessed massive growth as consumers worldwide resorted to online payments to avoid risks of exposure to the coronavirus involved in cash transactions. Subsequently, proliferating usage of digital payment methods has boosted market demand.
Recently, industry players have been expanding their presence in emerging regions to improve their market standing, which has been favorable for business outlook globally. For instance, in July 2021, Paytm, the India-based digital payment leader, announced its plans to raise nearly USD 2.2 billion in an initial public offering (IPO).
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Backed by Chinese e-commerce giant Alibaba, Paytm was recently dubbed one of the most valuable startups in the country. Paytm, which entered the market as a digital payment provider in 2009, now operates a payment gateway, ticket booking portal, and e-commerce marketplace.
In another instance, in June 2021, Silicon Valley startup Citcon attained the status of "Oracle Validated Integration" with Xstore Expertise for its payment gateway offering. As a result, mounting presence of newer market entrants has further enhanced market dynamics.
For in-depth analysis, the payment gateway market has been categorized on the basis of type, organization size, application, and region. With respect to application, the market has been divided into travel and hospitality, media & entertainment, IT & telecom, retail & e-commerce, healthcare, energy & utilities, and BFSI.
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In 2020, the healthcare application segment held over 11.1% revenue share in the payment gateway market and is estimated to grow at a sizable pace over 2021-2027. Increasing popularity of cashless transactions in healthcare agencies is likely to fuel segmental adoption through the following years.
The energy & utilities application segment is expected to grow at a CAGR of around 17.4% over the analysis period to reach a notable valuation by the end of 2027. Rising use of recurrent billing, along with modernization of payments across the energy sector, is speculated to facilitate segmental expansion in the coming years.
The IT & telecom application segment accounted for over 9.15% of the payment gateway market in 2020 and is projected to observe lucrative growth over the forecast timeframe. Surging need for payment handling solutions in the telecom industry is set to promote segmental growth through 2027.
The payment gateway market from the BFSI application segment is anticipated to progress at over 21.3% CAGR through the estimated period. Rapid digitalization of payment methods across the BFSI sector is slated to foster segmental outlook in the future.
In terms of region, the Latin America payment gateway market is expected to progress at a CAGR of approximately 19.4% over the projected period. Growing penetration of mobile wallets in the region is slated to impel market demand over the forthcoming years.
In 2020, Middle East & Africa accounted for nearly 5.01% of the overall market revenue and is anticipated to reach a respectable valuation by the end of 2027. Shifting preference of consumers towards m-commerce in MEA is likely to augment regional market growth through the forecast period.