In a recently published report, Digital Payment Solutions Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Payment Solutions Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
The Digital Payment Solutions Market is continuously growing on surging trend in the global scenario. Digital payment is a system which is used for paying money or money’s worth for goods and services electronically instead of using cash or cheque. In simple words, paying via dedicated apps for the purchase of any product online. Growing adoption of technology in digital payment solution and seamless integration of payment solutions are the key driving factors which are exerting positive influence on the growth of market. In addition, increasing usage of smartphones and rising development of e-commerce are also propelling the demand of digital payment solution.
Furthermore, increasing internet penetration across the world is generating numerous opportunities in the market over the coming years. Moreover, digital payment solution is safe and secure to use, they are convenient to handle, it is easy to access , it involves lower risk of loss and theft and time saving process. It is also available 24/7 hours which is major benefit of digital payment solution. These benefit are also boosting the demand of digital payment solution among the users over the coming years. However, data security & privacy concerns and additional charges on making digital payment are the factors which are limiting the market demand of digital payment solution across the globe.
The regional analysis of Global Digital Payment Solutions Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to growing presence of a large number of digital payment solution providers and expansion of mobile commerce industry in the region. Europe is also contributing satisfactory growth in the global Digital Payment Solutions market. Asia-Pacific is also anticipated to exhibit higher growth rate/CAGR over the forecast period 2018-2025 due to increasing adoption of internet and rising e-commerce industry in developing countries such as India and China.
The major market player included in this report are:
*First Data
*World Pay
*Chetu
*Paypal
*Wirecard
*Fiserv
*Total System Services (TSYS)
*Novatti
*Global Payments
*Bluesnap
*ACI Worldwide
*Paysafe
*Six Payment Services
*Worldline
*Wex
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
*Payment Gateway Solution
*Payment Wallet Solutions
*Payment Processing Solutions
*Payment Security & Fraud Management Solutions
*POS Solutions
*Other
By Application:
*MNOs
*Financial Institutions
*Payment Network
*Intermediaries
*Merchants
*Customers
By Regions:
*North America
o U.S.
o Canada
*Europe
o UK
o Germany
*Asia Pacific
o China
o India
o Japan
*Latin America
o Brazil
o Mexico
*Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
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Target Audience of the Global Digital Payment Solutions Market in Market Study:
*Key Consulting Companies & Advisors
*Large, medium-sized, and small enterprises
*Venture capitalists
*Value-Added Resellers (VARs)
*Third-party knowledge providers
*Investment bankers
*Investors
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