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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