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, payment gateway market is anticipated to amass huge returns during 2021-2027.
 

Widespread adoption of digital payment methods around the world, alongside increasing e-commerce sales with rising internet penetration are the major growth inducing factors for payment gateway market. Additionally, increasing focus on promoting a cashless economy is expected to boost the product demand over the projection period.

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The report cites that increasing adoption of cashless payment methods during the Covid-19 outbreak has boosted the industry value. Major companies are working towards increasing their presence in emerging regions in order to strengthen their market position, thus augmenting the overall industry outlook.

On the basis of application ambit, the healthcare segment held 11% share in global payment gateway market in 2020 and is anticipated to grow at a substantial pace over 2021-2027, owing to rising popularity of cashless transactions in healthcare department.

The energy & utilities application segment share is predicted to increase at a CAGR of 17.4%, reaching a significant valuation by the end of 2027, owing to increased usage of recurring billing, as well as digitalization of payments across the energy vertical.

Moving on, IT & telecom application segment accounted for approximately 9.15% industry share in 2020 and is expected to grow at a healthy rate over the forecast duration. The expansion is attributed to increasing integration of payment handling solutions in the segment. 

Considering the regional landscape, Latin America market is expected to showcase a CAGR of 19.4% over the forecast period, owing to increasing penetration of mobile wallets.

Whereas, Middle East & Africa market held 5.01% of revenue share in 2020 and is slated to garner lucrative returns by the year 2027, attributed to shifting consumer preference towards m-commerce in the region.

The key players in payment gateway market are Worldpay, Inc., WePay, Inc., VeriFone Holdings, Inc., Stripe, Inc., Square, Inc., Skrill Limited, SecurionPay, PayU, PayPal Holdings, Inc., Payoneer, Inc., Payline Data Services, LLC, Dwolla, Inc., Braintree, BlueSnap, Inc., BluePay, Bitpay, Inc., Authorize.Net, Amazon.com, Inc., Allied Wallet, Inc., Adyen N.V., and 2Checkout.com, Inc.