The global payment gateway market is expected to double in the six years from 2020.
California, TechnoBusiness Insights ● The global payment gateway market in 2020, according to a report by market research firm Global Industry Analysts, Inc., was valued at US$42.1 billion.
The market value of the global payment gateway is recorded, either through hosted payment gateways, non-hosted payment gateways, direct payment gateways, and platform-based payment gateways.
Driven by a faster shift in conventional shopping culture to digital due to the pandemic, the global payment gateway market value in the future is also believed to grow significantly.
Global Industry Analysts expect the payment gateway market value to double to US$80 billion by 2026 or grow at a CAGR of 11.1% during the analysis period.
Of all global payment gateway markets, the US remains the largest contributor, accounting for US$12.7 billion in 2021.
China, the world’s second-largest economy, is behind the US which is expected to register its payment gateway market value in 2026 of US$16.6 billion (CAGR 14.5%).
Other markets that are quite important for the global payment gateway market include Canada, Japan, and Germany, each of which is estimated to grow at a CAGR of 7.7%; 9.5%; and 8.6% during the analysis period.
However, the attractive global payment gateway market is contested by many players, a few of which are 99Bill Corporation, Alipay, Amazon Payments, PayPal, SecurePay, and Worldpay.●
Text: TechnoBusiness Insights
Data: Global Industry Analysts, Inc., April 2021
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