Digital Payment Market is expected to reach US$ 243,426.71 million by 2028

According to our latest market study on "Digital Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Organization Size, and Industry," the market was valued at US$ 89,045.67 million in 2021 and is projected to reach US$ 243,426.71 million by 2028; it is expected to grow at a CAGR of 15.4% from 2021 to 2028.   

Increasing Prevalence of Smartphones Enabling Expansion of mCommerce Boosts Demand for Digital Payment Market

Market Overview

The growth of mobile commerce is directly influenced by the way people access the internet. Due to affordability and widespread availability of high-speed internet in many countries, users prefer smartphones for internet surfing over PCs. As a result, retailers have developed shopping applications that offer easy-to-browse catalogs and a seamless checkout experience. Payment service providers and banks have also taken advantage of customers' attachment to their mobile phones by providing banking apps that enable transactions to be completed on mobile device screens. Furthermore, the rise of mobile commerce has transformed the way brick-and-mortar businesses operate, particularly in their acceptance of cashless payments. All of these factors are driving the growth of the digital payment market. For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors in Europe, where they compete with the market leaders in their respective countries. In China, the rise of mobile payment has been inconsistent, with a few prominent payment services, such as AliPay, WeChat, and LinePAY, leading to the growth of the digital payment market.

Market Segmentation

On the basis of component, the digital payment market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. This is because the solution segment includes various payment software and tools that are essential for conducting digital transactions, such as payment gateways, payment processing software, fraud detection and prevention systems, and point-of-sale (POS) terminals. These solutions play a critical role in enabling secure and efficient digital transactions, which is the primary goal of the digital payment market. As a result, the demand for digital payment solutions has increased rapidly in recent years, especially with the growing adoption of digital payments across various industries and sectors. On the basis of deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. On the basis of organization size, the digital payment market is bifurcated into small and medium enterprises and large enterprises. The large enterprise segment held a larger revenue share in 2020. Large enterprises have the resources to invest in and implement advanced digital payment technologies and systems, which can help them improve their operational efficiency and provide better customer experiences. Additionally, large enterprises typically have a larger customer base, resulting in higher transaction volumes and revenue generated from digital payments. Furthermore, large enterprises often have established partnerships with financial institutions and payment service providers, which can provide them with better rates and fees for digital payment transactions. Overall, these advantages make the large enterprise segment a more significant contributor to the digital payment market revenue than the small and medium enterprise segment.On the basis of industry, the digital payment market is segmented into BFSI, retail and Ecommerce, healthcare, travel and hospitality, media & entertainment, IT and telecom, and others. In 2020, the BFSI segment led the market globally. The digital payment market is segmented into five key regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.

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