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Digital Payment Market to Hit USD 19.89 Tn by 2026 in Terms of Transaction Value; Growing Penetration of Internet Services to Bolster Sales Opportunities: Fortune Business Insights™
PUNE, India , Jan. 27, 2020 /PRNewswire/ -- The global digital payment market size is anticipated to reach a transaction value of , exhibiting a during the forecast period owing to the increasing usage of smartphones worldwide. Smartphones can be viewed as one of the greatest, if not the greatest, revolutions in the information and telecommunication industry in the last century. Today, any kind of information is available at your fingertips due to the omnipresence of smartphone technology and its usage is only growing. For instance, a study conducted by the Pew Research Center in early 2019 found that close to 5 billion people worldwide use mobile phones, with South Korea accounting for the highest percentage. The proliferation of smartphones has given rise to the concept of digital transactions wherein payments can be made using novel technologies such as Quick Response (QR) codes and m-wallets. The convenience of making transactions using just your phone has disrupted traditional modes of exchange and has spurred companies, banks, and governments to innovate, thereby driving the digital payment market trends.
illustrates the above information and more in its new report, titled " Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026". The report states that the value of this market stood at a transaction value of . Apart from this, the report also shares:
Electronic payments are transactions between buyers and sellers that are facilitated by the internet. These transactions require filling of private financial information such as card details, which makes the user susceptible to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities. Moreover, protection of financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Lastly, digital payments heavily rely on a stable internet connection, which may not always be available, leading to disruption and confusion in the marketplace. However, the pros of digital transactions far outweigh the cons, auguring well for the digital payment market growth.
Asia-Pacific is likely to dominate the digital payment market in the coming decade on account of rapidly rising smartphone adoption in the highly populated countries such as India and China . Consumer preferences are maturing and shifting towards digital and electronic means of transacting business, says one of our lead analyst. Furthermore, governments in the region are aggressively promoting digital payment methods, such as Indian Government's Digital India campaign.
In 2018, the market size of North America was USD 0.96 trillion in terms of transaction value and the region is expected to grow remarkably owing to the presence of some of the biggest financial institutions and technology pioneers in the world. In Europe , a large chunk of people owns smartphones and the banking sector in EU member states is robust, which bodes well for the market in the region.
With rising instances of cybercrimes, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activities. Many companies are actively collaborating to come up with innovative solutions, some other companies are targeting niche sectors in emerging economies.
Size, Share & Industry Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026
Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 – 2026
Size, Share and Global Trend by Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Geography Forecast till 2026
Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025
Size, Share And Industry Analysis By Component (Software, Hardware, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT And Telecommunication, Government, HealthCare And Life Science, Education, Retail, Real Estate, And Others) And Regional Forecast 2019-2026
Size, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026
Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2019 – 2026
Size, Share and Global Trend By Component (Software, Services), By Deployment (On-Premise, Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By End-Use Industry (BFSI, Telecom & IT, Retail, Healthcare, Government & Public Sector, Transportation, and Others) and Geography Forecast, 2019-2026
Size, Share and Industry Analysis By Component (Solutions, Services), By Application area (Insurance Claims, Services, Money Laundering), By Deployment (Cloud & On-premise), By Organization Size (Large, Small & Medium Enterprises), By Vertical (BFSI, IT and Telecommunication, Government,Travel and Transportation, Manufacturing, Healthcare and Life Sciences) and Geography Forecast, 2019 – 2026
Size, Share and Industry Analysis By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Regional Forecast 2019-2026
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https://www.fortunebusinessinsights.com/press-release/digital-payment-market-9532