Real-Time Payments Market by Nature of Payment (P2P, P2B & B2P), Component (Solutions (Payment Gateway, Payment Processing & Payment Security & Fraud Management) & Services), Deployment Mode, Enterprise Size, Vertical, & Region - Global Forecast to 2023
The global Real-Time Payments (RTP) market is estimated to grow at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period
MarketsandMarkets forecasts the global RTP market size to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a CAGR of 30.6% during the forecast period. The major growth factors expected to drive the growth of the RTP market include the high proliferation of smartphones, adoption of cloud-based solutions, customers’ demand for immediacy of payments and quicker payment settlements, and the government initiatives. The lack of of interoperability between schemes and the increasing market competition are expected to restrain the adoption of RTP solutions in the emerging economies, which in turn, may restrain the market from growing.
The Person-to-Person (P2P) nature of payment is estimated to grow at the highest CAGR during the forecast period
The RTP market by nature of payment has been segmented into Person-to-Person (P2P), Person-to-Business (P2B), Business-to-Person (B2P), and others (Business-to-Business (B2B), Government-to-Business (G2B),Business-to-Government (B2G), Person-to-Government (P2G), and Government-to-Person (G2P)). The P2P nature of payment is expected to grow at the highest CAGR, as it is used by consumers for different use cases, including repayment of a movie ticket to a friend, repayment of money to a friend, and gifting money to a child or a grandchild.
Among regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC has distinctively been one of the fastest-growing markets in terms of rapidly adopting RTP solutions. The RTP market is also termed as the next big boom with regards to the ever-increasing adoptions across the APAC region. The RTP market in APAC has gained traction, due to the rising demand for quick, hassle-free, and secured payment systems.
Moreover, the rapid growth of the RTP market in the region can be attributed to the active online engagement of consumers in the emerging countries of the region. The extensive facilities to deploy and manage RTP solutions at a low cost of ownership is boosting the market growth in this region. Furthermore, various international and domestic enterprises located in this region are partnering with RTP providers to enhance and provide tailormade offerings to local clients. The developed APAC countries, such as Australia, Japan, Singapore, and New Zealand, have expansively considered the use of RTP solutions and services. This growth of this region can be attributed to the increased demand for RTP solutions and advancements in digital technologies, benefitting all stakeholders present in the RTP ecosystem in the APAC region. The increase in the number of mobile subscribers and feasible RTP solutions provided by banks, financial institutions, and payment agents are the additional factors contributing to the growth of the RTP market in APAC. China and India are among the key countries considered for the RTP market analysis in this region. Additionally, the rapid expansion of domestic as well as global enterprises in the APAC region is also one of the important factors that is influencing the growth of the RTP market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the RTP market.
By Company: Tier I: 20%, Tier II: 55%, and Tier III: 25%
By Designation: C-Level: 25%, Director Level: 30%, and Others: 45%
By Region: North America: 40%, Europe: 22%, APAC: 20%, MEA: 8%, and Latin America: 10%
The report includes the study of the key players offering RTP solutions. It profiles major vendors in the global RTP market, which include ACI Worldwide (US), FIS (US), Fiserv (US), Mastercard (US), Worldline (France), PayPal (US), Visa (US), Apple (US), Ant Financial (China), INTELLIGENT PAYMENTS (Gibraltar), Tmenos (Swtizerland), Wirecard (Germany), Global Payments (US), Capgemini (France), IntegraPay (Australia), SIA (Italy), Obopay (India), Ripple (US), Pelican (UK), Finastra (UK), Nets (Denmark), FSS (India), Montran (US), REPAY (US) and iCon Solutions (UK). It also includes an in-depth competitive analysis of the key RTP market players, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The report segments the global RTP market by nature of payment, component, deployment mode, enterprise size, vertical, and region. The nature of payment segment includes P2P, P2B, B2P, and others (B2B,G2B, B2G, P2G, and G2P). The component segment comprises solutions and services. The RTP market by deployment mode has been segmented into cloud and on-premises. The RTP market by enterprise size has been categorized into Small and Medium-sized Enterprises (SMEs) and large enterprises. The RTP market by vertical has been categorized into Banking, Financial Services, and Insurance (BFSI), retail and eCommerce, IT and telecommunications, government, energy and utilities and others (healthcare and life sciences, media and entertainment, transport, manufacturing, travel and hospitality, and education). The report covers the RTP market with respect to 5 major regions, namely North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The report would help the market leaders and new entrants in the global RTP market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies
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