Digital Payment Market Research Report - Global Forecast Till 2032

Digital Payment Market Research Report Information By Component Solution (Solution, Service), By Deployment (On-Premise, Cloud), By Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032.

ID: MRFR/ICT/6103-CR | 111 Pages | Author: Aarti Dhapte | August 2019         

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Digital Payment Market Overview


Digital Payment Market Size was valued at USD 80.9 billion in 2022. The market for Digital Payment is expected to experience significant growth, reaching USD280.8321372 billion by 2032 with a CAGR of 14.83% during the forecast period (2023-2032), compared to USD 92.89747 billion in 2023. The key market drivers enhancing market growth are the increased need to drive efficiency and effectiveness and growing adoption across various verticals, including energy and utilities, healthcare, and life sciences.


Digital Payment Market Overview


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Digital Payment Market Trends


Increased technological advancements are driving the market growth


Adopting the latest technologies to ease business operations is driving the growth of digital payment in the healthcare market during the forecast period. Companies are looking forward to adopting these technologies to improve their scalability and flexibility and reduce the overall cost of business operations. To focus on the core competencies, the companies are outsourcing their business processes to the third-party company with the help of software as a service. Additionally, artificial intelligence and machine learning are helping to automate business processes. This factor drives the market CAGR.


Additionally, the growth of digital payment in the healthcare market is being propelled by various factors. One significant driver is the need to adopt IT solutions that align with consumer trends, the demand for streamlined procurement processes by businesses, and the management of compliance policies and agreements. However, outsourcing risks and management difficulties must be addressed to further stimulate market growth. On the positive side, technological advancements, increased demand from the manufacturing sectors, and the adoption of AI and big data technologies present promising opportunities for market expansion in the forecast period. The rise of e-commerce and technology-led initiatives are also key factors contributing to the trends observed in the digital payment market. Notably, prominent players such as Samsung Pay, Google, Alipay, and Apple have significantly invested in advanced technologies and expanded their digital payment services. For example, Alibaba developed Alipay to facilitate seamless payment services and enhance operations and customer engagement. Moreover, adopting Distributed Ledger Technology (DLT) offers several benefits, such as scalability and decentralized business continuity. Civic, a provider of the e-KYC platform, offers secure digital identity solutions at reduced costs. Cloud technology has also driven research and development efforts in digital payment offerings. Paygilant, a cloud-based service, utilizes an innovative mobile-based payment application to detect and prevent fraud during transactions. Thus, driving the Digital Payment market revenue.


Digital Payment Market Segment Insights


Digital Payment Component Insights


The Digital Payment market segmentation, based on components, includes solutions and services. The solution segment dominated the market because solutions streamline payment processes by allowing patients to make secure and convenient transactions electronically. They eliminate the need for manual paperwork, reduce administrative costs, and improve overall efficiency. Additionally, digital payment solutions provide greater transparency and accuracy in financial transactions, enhancing the patient experience.


Figure1: Digital Payment Market, by Component, 2022 &2032 (USD billion)


Digital Payment Market, by Component, 2022 &2032


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Digital Payment Deployment Insights


Based on Deployment, the Digital Payment market segmentation includes Cloud and on-premise. The dominance of the cloud segment in the Digital Payment in the Healthcare market can be attributed to its inherent benefits, such as scalability, flexibility, cost-effectiveness, and ease of implementation. Cloud-based solutions enable organizations to access services and data seamlessly, anytime and anywhere, using any device, providing convenience and accessibility.


Digital Payment Vertical Insights


Based on Vertical, the Digital Payment market segmentation includes BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, and Retail & E-Commerce. The dominance of the BFSI segment in the digital payment market is driven by its complex requirements, such as regulatory compliance, risk management, and cost optimization. The BFSI industry relies on robust solutions to address these specific needs.


Digital Payment Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Digital Payment market will dominate due to the increased need to drive efficiency and effectiveness and will boost the market growth in this Region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: DIGITAL PAYMENT MARKET SHARE BY REGION 2022 (%)


DIGITAL PAYMENT MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's Digital Payment market accounts for the second-largest market share because Digital Payment is witnessing growth across various verticals, including energy and utilities, healthcare, and life sciences. The increased adoption of Digital Payment services in these industries contributes to market expansion. Further, the German Digital Payment market held the largest market share, and the UK Digital Payment market was the fastest-growing market in the European Region.


The Asia-Pacific Digital Payment Market is expected to grow fastest from 2023 to 2032. This is due to adoption in the manufacturing vertical. The verticals include retail and consumer goods, manufacturing, IT, and telecommunications. Moreover, China’s Digital Payment market held the largest market share, and the Indian Digital Payment market was the fastest-growing market in the Asia-Pacific region.


Digital Payment Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the digital payment market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To thrive in the increasingly competitive healthcare industry, digital payment solutions must provide cost-effective options to expand their reach and meet the growing market demands.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Digital Payment industry to benefit clients and increase the market sector. The Digital Payment industry has offered some of the most significant advantages in recent years. Major players in the Digital Payment market, including PayPal, Visa Inc., MasterCard Incorporated, Amazon.com, Paytm Mobile Solutions Private Limited Alipay.com Co. Ltd., To boost market demand, some companies are focusing on enhancing their research and development capabilities.


ParkMobile, a subsidiary of the EasyPark Group, is a renowned provider of smart parking and mobility solutions across North America. Its innovative approach allows users to find, reserve, and pay for parking using their mobile devices, offering a convenient and contactless experience. With a strong presence in over 3,000 locations, including 39 of the top 100 U.S. cities, ParkMobile has attracted more than 40 million users. The company's comprehensive range of services covers various parking options, including on- and off-street parking, airport and event reservations, transient reservations, and municipal parking permit solutions. Recently, ParkMobile announced a partnership with EasyPark, a cooperative specializing in office solutions, further enhancing their offerings and expanding their reach in the industry.


Aliant is an international law firm comprised of carefully selected elite law firms worldwide. These independent firms combine expertise in cross-border transactions and litigation, combining knowledge with local understanding to deliver top-notch legal advice. In a pioneering move, Aliant became one of the first payment processors to offer a cryptocurrency payment solution called CryptoBucks. This strategic initiative aims to expand partnerships with major retailers, fintech companies, and software developers, fostering greater adoption of cryptocurrency payments.


Key Companies In The Digital Payment Market Include



Digital Payment Industry Developments


July 2020: ParkMobile, a stopping arrangement provider, announced its partnership with EasyPark, a cooperative specializing in offices.


April 2017: Aliant became one of the first payment processors to offer a cryptocurrency payment solution to merchants. The CryptoBucks app launch is the latest development in a growth strategy to partner with both major retailers and fintech and software developers to increase the use of cryptocurrency payments.


December 2019: Swiss Bankers Prepaid Services launched a money transfer solution on the MasterCard platform called "Send." The company focuses on providing secured international payments through gateways such as digital wallets, bank accounts, etc.


April 2019: Amazon Pay launched person-to-person (P2P) payment services in India via UPI for Android users. This launch has enabled customers to send or request money instantly from the Amazon Mshop app. Also, Amazon customers can immediately transfer money to banks using Amazon's UPI platform.


May 2018: PayPal Holdings Inc. and Visa Inc. announced their strategic collaboration to expand their digital and mobile payment for customers in Canada. Customers can pay through their Visa card at the PayPal gateway.


Digital Payment Market Segmentation


Digital Payment By Component Outlook




  • Solution




  • Service




Digital Payment By Deployment Outlook




  • Cloud




  • On-Premise




Digital Payment By Vertical Outlook




  • BFSI




  • Media & Entertainment




  • IT & Telecommunication




  • Hospitality




  • Healthcare




  • Retail & E-Commerce




Digital Payment Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size2022 USD 80.9 billion
Market Size 2023 USD 92.89747 billion
Market Size2032 USD 280.8321372 billion
Compound Annual Growth Rate (CAGR) 14.83% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Component Solution, Deployment, Vertical, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled PayPal, Visa Inc., MasterCard Incorporated, Amazon.com, Paytm Mobile Solutions Private Limited, Alipay.com Co. Ltd.
Key Market Opportunities Digital payment solutions are witnessing a notable rise in adoption across various industries, including energy and utilities, healthcare, and life sciences.
Key Market Dynamics Different analyses and surveys have concluded that the healthcare industry will play a big role in the overall upsurge in the Digital Payment Market.




Frequently Asked Questions (FAQ) :

The Digital Payment market size was valued at USD 80.9 Billion in 2022.

The market is estimated to grow at a CAGR of 14.83% during the forecast period, 2023-2032.

North America witnessed the largest share of the market

The key players in the market are PayPal, Visa Inc., MasterCard Incorporated, Amazon.com, Paytm Mobile Solutions Private Limited, Alipay.com Co. Ltd.

The Solution Digital Payment category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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