Payment Processing Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Payment Method; By Deployment Type; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030
The global payment processing solutions market size is expected to reach USD 192.61 billion by 2030, according to a new study by Polaris Market Research. The report “Payment Processing Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Payment Method; By Deployment Type; By Industry Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growth of the global market is primarily driven by increasing digitization by the adoption of artificial intelligence, cloud computing, and data analytics. Further, there is an upsurge in the sales of e-commerce due to the growing penetration of mobile devices, enabling faster internet connectivity.
Further, a decrease in physical banking among end users is expected to enhance online payment processing. An increase in cashless transactions, greater inclination toward digital payments, and ease offered by these solutions for processing financial transactions at remote locations with ease and convenience support the industry growth.
Asia Pacific is expected to experience significant growth during the forecast period. The increasing adoption of the system for reduced risks associated with fraud and security drives growth in the region. The rise in penetration of mobile devices and an increase in investment by small and medium-sized businesses have further increased its adoption.
The COVID-19 pandemic has increased the adoption of the system owing to the introduction of lockdown across the world, restrictions on movement, and growth in e-commerce. In addition, its providers have certainly followed demand and requirements on both individual and group levels across several countries globally.
Payment Processing Solutions Market Report Highlights
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