North America Digital Payment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component [Solution (Payment Gateways, Payment Processing, Payment Security and Fraud Management, Point of Sale, and Payment Wallet) and Services (Professional Services and Managed Services)], Deployment (Cloud-Based and On-Premises), Organization Size (Large Enterprises and SMEs), and Industry (BFSI, Retail & E-Commerce, Healthcare, Travel & Hospitality, Media & Entertainment, IT & Telecom, and Others)
The North America digital payment market is expected to grow from US$ 38,853.59 million in 2021 to US$ 107,351.18 million by 2028; it is estimated to grow at a CAGR of 15.6% from 2021 to 2028.
The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. Bankers and payment service providers are making significant use of the fact that customers are intrinsically tied to their mobile phones. Banks provide banking apps that allow transactions to be completed on mobile devices. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments, owing to the growth of the digital payment market. For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors, where they compete with the market leaders in their respective countries. With a consistent rise in mobile payment in several countries, the North America digital payment market is growing at a significant pace.
While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. Market players are investing in customer experience management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, machine learning, and Io T technology in North America. Further, the advent of 5G technology, combined with Io T, is expected to create lucrative opportunities for maximizing efficiency and minimizing wastage of resources across various industry verticals. Progress in vaccination programs and the reopening of businesses are anticipated to fuel the demand for digital payment solutions in the coming years, which is likely to boost the digital payment market in North America during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America digital payment market at a good CAGR during the forecast period.
North America Digital Payment Market Revenue and Forecast to 2028 (US$ Million)
North America Digital Payment Market Segmentation
North America Digital Payment Market, by Component
Solution Payment Gateway Payment Processing Payment Security and Fraud Management Point of Sale Payment Wallet Services Professional Services Managed Services
North America Digital Payment Market, by Deployment
On-Premise Cloud-Based North America Digital Payment Market, by Organization Size
SMEs Large Enterprises North America Digital Payment Market, by Industry
BFSI Retail and Ecommerce Healthcare Travel and Hospitality Media and Entertainment IT and Telecom Others North America Digital Payment Market, by Country
US Canada Mexico North America Digital Payment Market - Companies Mentioned
ACI Worldwide, Inc. Adyen Block, Inc. Financial Software & Systems Pvt. Ltd. Fiserv, Inc. Global Payments Inc. Novatti Group Ltd Pay Pal Holdings, Inc. Paysafe Limited Pay U
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