Global Payment as a Service market share 2024, Forecast To 2033
4 Mar, 2024
The payment as a service market size has demonstrated rapid growth, escalating from$13.71 billion in 2023 to$16.44 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The historic growth is attributed to regulatory changes, consumer preferences, cost efficiency, security concerns, and the API economy. Looking ahead, the market is expected to experience exponential growth, reaching$35.32 billion in 2028 with a CAGR of 21.1%. This growth will be driven by rapid expansion in emerging markets, environmental sustainability initiatives, real-time payments, enhanced data privacy measures, continued regulatory developments, and personalized customer experiences. Major trends in the forecast period include digitalization of transactions, advancements in mobile technology, adoption of cloud technology, partnerships and collaborations, integration of blockchain and cryptocurrency, and the use of artificial intelligence in fraud detection.
Global Payment as a Service Market Key Driver
The increasing adoption of cashless transactions worldwide is expected to propel the growth of the payment as a service market going forward. A cashless transaction is an automated or online transaction between two people, companies, or organizations. With the help of payment as a service (PaaS) technology providers and cloud-based platforms, banks and credit unions can quickly expand and modernize their payment capabilities without making a significant initial investment. For instance, in July 2021, according to a report published by VISA, a US-based digital payment company, in Southeast Asia, 64% of consumers have tried to go cashless, with the highest percentages occurring in Vietnam (84%), Thailand (82%), and the Philippines (79%). Therefore, the increasing adoption of cashless transactions worldwide is driving the growth of the payment as a service market. The payment as a service market is poised to reach a value of $XX billion by 2023, with further expansion anticipated through 2024 and 2028.
Get A Free Sample Of The Global Payment as a Service Market ReportGlobal Payment as a Service Market Segments
The global payment as a service market covered in this report is segmented –
1) By Service: Professional Services, Managed Services
2) By Component: Platform, Services
3) By Vertical: Retail, Hospitality, Media and entertainment, Healthcare, Banking, Financial Services, and Insurance (BFSI), Other Verticals
By Geography: The regions covered in the payment as a service market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the payment as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the payment as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Payment as a Service Industry Players
Aurus Inc., Total System Services Inc., Ingenico Group SA, Paystand Inc., Mindgate Solutions Private Limited, VoPay International Inc., Agile Payments LLC, Route Mobile Limited, Arcus Financial Intelligence Inc., ACE Software Solutions Inc., StyloPAY Inc., FacilitaPay LLC, PaySky Holding SAL, International Business Machines Corporation., Radar Payments B.V., First Data Corporation, Paysafe Group Limited, Verifone Inc., Alpha Fintech Inc., First American Payment Systems LLC, Pineapple Payments LLC, PPRO Financial Ltd., Valitor hf., Fidelity National Information Services Inc., Helcim Inc., RAMP Holdings Inc., Jeeves Information Systems AB, Revolut Ltd., Ravelin Technology Limited
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Payment as a Service Market Overview
Payments as a Service (PaaS) refers to a service platform that provides platforms and develops the opportunity to offer payment options and generate revenue quickly and easily. It is used for enabling banks, payment providers, and other financial institutions for providing their customers with advanced payment products and services without resource-intensive internal development investment costs.
Payment as a Service Global Market Report 2023 provides data on the global payment as a service market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The payment as a service market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.