Payment as a Service Market Overview
The Payment as a Service Market 2020 is all set
to touch a solid valuation of USD 14.37 Billion by 2024-end, reveals Market
Research Future (MRFR). The market can exhibit a promising growth at a rate of
23.20% from 2019 to 2024, which is the evaluation period. We will provide
covid-19 impact analysis with the report. The COVID-19 impact on the market has
been carefully studied, following which the report outlines the key
developments post the coronavirus disease outbreak.
COVID-19 Analysis
The COVID-19 pandemic has
affected some of the key industries around the world, with auto, manufacturing,
aviation, hospitality and retail deeply impacted by the lockdown. This scenario
has been unfavorable for digital payments that are essential aspects of these
industries. Closed shops, lesser discretionary spending by consumers and travel
bans are even more challenging for the payment as a service market.
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On the bright side,
following the outbreak of SARS-CoV-2, a few sections that are observing an
uptick with regard to digital payment include online pharmacies, online grocery
stores, OTT vendors such as media and telecom, online gaming, EdTechs,
utility/bill payments and recharges. Digital payment has received a significant
boost from the government, which is providing monetary help to people with the
use of payment as a service mode.
Primary Drivers and Key Deterrents
Leading vendors provide
services that guarantee risk-free processes. Most of these players are
indulging in mergers and acquisition as well as product development and launch
to boost their market position around the world. To cite an instance, in June
2020, Maverick Payments developed a customized payment gateway that offers
all-in-one user and integration experience for companies. The payment gateway
finishes a closed-end loop in the cycle, which enables it to work quicker and
also prevent potential frauds. The gateway also backs account updater, level
2/3 interchange optimization along with 3DS, making it an ideal payment as a
service technology for businesses.
Since the advent of novel
coronavirus, cashless payments have become even more prevalent. The pandemic
has proved to be a blessing for digital payments, with more and more consumers
adopting various digital payment mediums like e-wallets. Despite of COVID-19
outbreak, consumers are still purchasing essential items like medical supplies
and groceries, which can be an incredible booster in the payment as a service
market.
Another key development
that has positively shaped the worldwide market is the transformation of
traditional on-premise models to the cloud-based ones by vendors to bring down
the operating costs while offering services at a quicker rate. This shift
towards cloud deployment model has encouraged the growth of digital wallets and
omnichannel solutions, which can be favorable for the payment as a service
(PaaS) market.
Market Segmentation
The PaaS Market has been
considered for component as well as vertical.
The key components studied
are platform and services. The services in the market are professional along
with managed services.
The primary verticals that
deploy PaaS are hospitality, retail, healthcare, BFSI and media &
entertainment, among others.
Regional Analysis
North America, Europe,
Asia-Pacific, and the rest of the world are the key regions across which the
Payment Service Gateway Market is expected to advance during the conjectured
period.
The global market for
payment as a service is mostly controlled by North America as a result of the
massive number of well-known payment service providers present here. The United
States/US is a thriving market in the region owing to the presence of a
well-developed infrastructure and the rising number of innovative mobile
payment services introduced by leading companies in the country.
Europe, trailed by APAC, is
expected to procure the highest expansion rate in the years to come. Rising
spending by the government on the development of electronic or digital payment
services along with mounting consumer awareness with regard to digital payments
has enriched the regional market.
The APAC market primarily
benefits from the surge in modern payment technologies, improving network
functionalities, rising digitization, and the soaring uptake of cloud payment
services across India and China, and more.
The MEA market for payment
as a service can also witness notable growth during the appraisal period
because of the surging use of cashless payment services and the promotion of
these services by the government.
Key Firms
Pineapple Payments, Aurus,
Inc., Paysafe Group Ltd, ePay, Ingenico, Google, Amazon, First Data
Corporation, BlueSnap, Inc., Skrill, PayU, Authorize.net, Stripe, Braintree,
Total System Services (TSYS), Zoho Checkout, BitPay, Alpha Fintech, WePay, Verifone,
First American Payment Systems, are the key firms in the market for Payment as
a Service.
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