Digital Payment Market to Surpass USD 21.83 Trillion by 2031 | Skyquest Technology
Westford, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global digital payment market will attain a value of USD 21.83 trillion by 2031, with a CAGR of 9.55% during the forecast period (2024-2031). There has been an increase in the number of digital payments in the last few years due to the increasing smartphone usage and contactless payments. There’s an increase in global transactions made through digital payment methods, indicating consumers’ preference for convenience. The shift is also quickly taking shape in the emerging markets, as they are adopting mobile wallet and payment applications. Some of the traditional market players and other financial institutions have adapted to the market shift.
Browse in-depth TOC on "Digital Payment Market"
- Pages – 165
- Tables - 69
- Figures – 75
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Digital Payment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 10.53 Trillion |
| Estimated Value by 2031 | $ 21.83 Trillion |
| Growth Rate | Poised to grow at a CAGR of 9.55% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Trillion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Transaction Type, Payment Mode, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration of Biometric Authentication |
| Key Market Drivers | Increasing Smartphone Penetration Accelerates Adoption of Digital Payments |
Digital Payment Market Segmental Analysis
Based on Technology, the Digital Payment Market is segmented into Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, and Others.
Based on Payment Type, the market is segmented into B2B, B2C, B2G, and others.
Based on Location, the market is segmented into Remote Payment, and Proximity Payment.
Based on End-use, the market is segmented into BFSI, Healthcare, IT & telecom, Media & Entertainment, Retail & E-commerce, Transportation, and Others.
Based on region, the is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Instrument Segment Continues to Dominate the Market Due to its Improved Technological Factors
The instrument sector remained the most popular and the leading segment in the year 2023 in the digital payment market. The improved and advanced technological features that are likely to bring more efficiency, accuracy as well as portability are expected to open future growth prospects. Additionally, the focus on building instruments with faster turnaround times is expected to have a positive impact on the segment’s growth in this market during the forecast period.
BFSI Segment Expected to Have the Fastest Growth as the Demand for Digital Banking Solutions are Growing
The BFSI segment is expected to grow at the fastest rate over the projection period for the digital payment market. This is driven by the rising demand for fintech solutions and digital banking services. Elements like digital banks, peer-to-peer lending, and mobile payment services are examples of disruptive trends changing traditional banking models. Nowadays customers prefer digital payment methods for banking operations, loan repayments, and insurance premiums enabling the growing popularity of the digital payment options.
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With Growing Internet and Smartphone Usage, Asia-Pacific Holds the Largest Market Share
Asia-Pacific holds the largest share in the global digital payments market because of the region’s large population with growing internet and smartphone usage, especially in countries like China, India, and SEA countries. This region along with its deeply rooted value on digital technology and government push for cashless transaction contributes to the general use of digital payment systems. It goes without saying that the development of online shopping has also enhanced this trend since people always look for easy and safe payment options.
Digital Payment Market Insights:
Drivers
- Increasing Smartphone Penetration Accelerates Adoption of Digital Payments
- E-commerce Expansion Fuels the Demand for Secure Digital Payment Solutions
- Shift Towards Cashless Transactions Post Covid-19 Pandemic
Restraints
- Security Concerns Poses Significant Challenges in Digital Payment Adoption
- Regulatory Complexity and Divergence Impede Market Growth
- Issues Regarding Fraud and Identity Theft Creating Challenges for Both Consumers and Businesses
Prominent Players in Digital Payment Market
- PayPal (US)
- Alipay (China)
- WeChat Pay (China)
- Visa Inc. (US)
- Mastercard Inc. (US)
- American Express Co. (US)
- Apple Pay (US)
- Google Pay (US)
- Samsung Pay (South Korea)
- Square Inc. (US)
- Stripe Inc. (US)
- Paytm (India)
- Skrill (United Kingdom)
- TransferWise (Estonia)
- Dwolla Inc. (US)
- Venmo (US)
- Zelle (US)
- Amazon Pay (US)
- QuickPay (Denmark)
- Klarna (Sweden)
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Key Questions Answered in Digital Payment Market Report
- What is the current size of the Digital Payment Market?
- What drives the Digital Payment Market growth?
- Who are the leading Digital Payment providers in the world?
This report provides the following insights:
Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of digital payment market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the digital payment market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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USA (+1) 351-333-4748
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