According to the research report titled ‘Payment Gateway Market Size By Type (Hosted, Non-Hosted, Local Bank Integrated), By Organization Size (SME, Large Enterprises), By Application (Travel and Hospitality, Retail & E-commerce, Media & Entertainment, Healthcare, Energy & Utilities, IT & Telecom, BFSI), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global payment gateway market is anticipated to grow exponentially throughout the forecast timeframe 2021-2027.
 

Growing penetration of digital payment systems is majorly driving global payment gateway market growth. Further, rising emphasis on cashless economy, favorable government policies, increasing financial literacy in developing industry, and continued investments in fintech sector will boost the market expansion over the projection period.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4079056/
 

Elaborating on the impact of the COVID-19 pandemic, shifting consumer preference towards online transactions to minimize physical contact and reduce the spread of the virus is drafting a favorable scenario for the market.
 

Despite the favorable outlook, factors such as mounting number of cybersecurity attacks and lack of global standard for cross-border transactions will hinder remuneration scope over the analysis period, claims the study. 
 

Based on the application spectrum, healthcare segment held over 11.1% of global payment gateway market revenue in 2020 and is expected to grow substantially between 2021-2027, owing to growing popularity of cashless transactions in healthcare sector.
 

Meanwhile, energy & utilities segment will expand at a CAGR of 17.4% through 2027, creditable to widespread usage of recurring billing, as well as digitalization of payments. Moreover, IT & telecom sector accounted for 9.15% market share in 2020 and will continue to grow steadily on account of surging demand for payment handling solutions.
 

From a regional perspective, Latin America market is likely to grow at a CAGR exceeding 19.4% over the forecast period, attributable to growing adoption of mobile wallets in the region. Whereas, MEA accounted for 5.01% total market revenue in 2017 and is expected to grow significantly due to shifting consumer preferences towards m-commerce.
 

Considering the competitive landscape, major players influencing worldwide payment gateway industry trends are Worldpay Inc., Skrill Ltd., Payoneer Inc., Braintree, Amazon com Inc., Verifone Holdings Inc., Stripe, Square Inc., PayU Group, PayPal Holdings Inc., Authorize Net, and Adyen NV.