Online Payment Gateway Market Size is Projected to Reach USD 90,431.01 Million by 2025 | Valuates Reports
BANGALORE, India, Sept. 23, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Online Payment Gateway Market by Type (API/Non-hosted Payment Gateways, Direct Payment Gateways, Hosted Payment Gateways, Local Bank Integrates, Platform-based Payment Gateway, Pro/Self-hosted Payment Gateways), by Application (Large Enterprise, Micro and Small Enterprise, Mid-sized Enterprise), by End User (Banking, Retail, Travel) and Region – Global Forecast to 2025", published on Valuates Reports.The Global Online Payment Gateway Market size is expected to grow from USD 43,491.95 Million in 2019 to USD 90,431.01 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 12.97%.
Major factors that drive the growth of Online Payment Gateway Market size are the growing eCommerce revenues along with increasing internet penetration, acceptance of contactless payments, and changing consumer preferences.
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COVID-19 EFFECT ON THE ONLINE PAYMENT GATEWAY MARKET SIZE
The COVID-19 outbreak is expected to have a positive impact on the Online Payment Gateway Market size. Many major Payment Gateway firms are developing new products to meet the emerging need for contactless transactions during the COVID-19 pandemic. Also, since the lockdown, eCommerce sales have increased worldwide, particularly for groceries and health items, even though many retailers are struggling with logistics.
TRENDS INFLUENCING THE ONLINE PAYMENT GATEWAY MARKET SIZE
Increasing eCommerce sales and growing internet penetration is expected to drive the Online Payment Gateway Market size. Internet connectivity has reached all parts of the globe, and this has strengthened the online shopping industry. The growth of eCommerce is driven by the rapid adoption of smartphones and tablets and internet connectivity through 4G, 5G, and so on. Rising eCommerce transactions are therefore expected to impact the growth of the Online Payment Gateway Market positively.