(MENAFN- EIN Presswire)
Payments Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Payments Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
You Can Now Pre Order Your Report To Get A Swift Deliver With All Your Needs” - The Business research company
LONDON, GREATER LONDON, UNITED KINGDOM, October 29, 2024 /EINPresswire / -- The Business Research Company 's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only!
The payments market has experienced significant growth in recent years. It is projected to expand from $678.42 billion in 2023 to $748.02 billion in 2024, achieving a compound annual growth rate (CAGR) of 10.3%. This growth during the historical period can be attributed to factors such as the rise of e-commerce, globalization and cross-border transactions, the digitalization of financial services, consumer demand for convenience and speed, as well as regulatory changes and compliance.
Global Payments Market Size : What Are the Forecasts for Market Growth and Annual Expansion?
The payments market is anticipated to experience substantial growth in the coming years. It is expected to reach $1,086.76 billion by 2028, with a compound annual growth rate (CAGR) of 9.8%. This growth during the forecast period can be attributed to factors such as the increasing adoption of contactless and mobile payments, the rise of digital currencies and central bank digital currencies (CBDCs), initiatives promoting financial inclusion, the implementation of open banking and APIs, as well as advancements in cybersecurity and fraud prevention.
Get Detailed Insights into the Global Payments Market with Our Sample Report:
sample_request?id=107&type=smp
What Are The Key Growth Drivers In The Payments Market?
The growth of the e-commerce sector is poised to significantly drive the payments market over the forecast period. E-commerce, which encompasses the buying and selling of goods and services online, has transformed the payments landscape by enhancing accessibility and introducing alternative payment methods. It has also reduced transaction costs and provided convenience for consumers, leading to increased revenue opportunities for businesses. As more consumers turn to online shopping, the demand for efficient and secure payment solutions will continue to rise, further propelling the growth of the payments market.
Pre-book the report for a swift delivery:
report/payments-global-market-report
Who are the Key Industry Players Stepping Up in the Payments Market?
Key players in the payments market include Amazon Payments Inc., Apple Inc., Google Pay Inc., Samsung Electronics Co. Ltd., Industrial and Commercial Bank of China Limited, Alipay Co. Ltd., JPMorgan Chase & Co., Bank of America, National Merchants Association, Citibank, Wells Fargo and Company, American Express Company, Capital One Financial Corporation, Visa Inc., PayPal Holdings Inc., Flagship Merchant Services, Mastercard Inc.
What Trends Are Shaping The Growth Of The Payments Market Size?
In April 2023, PureSoftware, an India-based software products and digital services company, entered into a partnership with Liveplex, a US-based firm focused on helping clients transition to Web 3.0 through API integration. This collaboration aims to deliver significant benefits to PureSoftware's customers, including enhanced transparency, improved traceability, robust data security, protection of digital assets, and the assurance of interoperability across platforms. This partnership highlights the growing emphasis on advanced digital solutions in the evolving landscape of technology and business.
What Are the Different Segments of the Global Payments Market?
1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit
2) By Application: Banks, Non-Banking Financial Institutions, Other Applications
3) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users
Geographical Insights: Asia-Pacific Leading The Payments Market
Asia-Pacific was the largest region in the market in 2023. Western Europe was the second largest region in the market share. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Payments Market?
Payment instruments are mechanisms that facilitate the transfer of funds from accounts held at credit, payment, or similar institutions to a payee upon receiving a payment order. These instruments encompass various forms of payments, such as checks, debit cards, credit cards, electronic funds transfers, mobile payments, and digital wallets, enabling consumers and businesses to conduct transactions efficiently and securely. They play a crucial role in the financial ecosystem by ensuring smooth payment processes and enhancing overall transaction convenience.
The Payments Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Payments Market Report: Trends, Opportunities, Strategies, and More
The Payments Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into payments market size, payments market drivers and trends, payments competitors' revenues, and payments market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
Browse Through More Similar Reports By The Business Research Company:
B2B Payments Global Market Report 2024
report/b2b-payments-global-market-report
Bitcoin Payments Global Market Report 2024
report/bitcoin-payments-global-market-report
Cards & Payments Global Market Report 2024
report/cards-and-payments-global-market-report
What Services Does The Business Research Company Offer?
The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
Our flagship product, the Global Market Model, serves as a leading market intelligence platform that provides comprehensive and updated forecasts to facilitate informed decision-making.
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
...
Visit us on social media:
Facebook
X
LinkedIn
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN29102024003118003196ID1108828110