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Global Smart Payment Systems Market – Industry Trends and Forecast to 2030

Semiconductors and Electronics

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Global Smart Payment Systems Market – Industry Trends and Forecast to 2030

  • Semiconductors and Electronics
  • Upcoming Report
  • Sep 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Smart Payment Systems Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 81030.00 Million
Diagram Market Size (Forecast Year) USD 367435.67 Million
Diagram CAGR %

Major Markets Players

  • Apple
  • Amazon Pay
  • NMI
  • Dwolla 9
  • PDCflow

Global Smart Payment Systems, By Type (Internet Payment, Mobile Payment, Phone Payment, Smart Payment System), End User (Retail, Media and Entertainment, Transportation, Hospital, and Others) – Industry Trends and Forecast to 2030.

Smart Payment Systems Market

Smart Payment Systems Market Analysis and Size

Advancements in technology have significantly impacted the global smart payment market. This includes innovations in encryption, tokenization, and secure authentication methods, which enhance the security of digital transactions. Consumers increasingly favor convenient and secure payment methods. The shift from traditional cash and card payments to digital wallets and contactless payment methods is driven by the desire for faster, more efficient transactions and many more such shows the inclination of global audience going cashless such as UPI, cards which is increasing overall global smart payment systems market.

Data Bridge Market Research analyses that the global smart payment systems market which was USD 81,030.00 million in 2022, is expected to reach USD 1, 85,560.00 million by 2030, and is expected to undergo a CAGR of 20.8% during the forecast period of 2023 to 2030. “Internet Payment” dominates the type segment of the smart payment systems market due to their sports and fitness segment is expected to dominate the market as due to continuous increasing adoption of wearable electronic devices for sports and fitness in the order to enhanced sports, fitness, and well-being by monitoring physiological conditions of wearers. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Smart Payment Systems Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Internet Payment, Mobile Payment, Phone Payment, Smart Payment System), End User (Retail, Media and Entertainment, Transportation, Hospital, and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Apple Inc. (U.S.), Amazon Pay (U.S.), NMI (U.K.), Dwolla 9 (U.K.), PDCflow (U.K.), EBizCharge (U.K), Tipalti Inc. (U.S.), FIS (U.S.), Google Pay (U.S.), Boku Inc. (U.S.), PayPal (U.S.), Infineon Technologies AG (Germany), Verimatrix (France), Visa, Inc. (U.S.),  Total System Services LLC (Georgia), Wirecard (U.K), Gemalto N.V. (Netherland), Giesecke+Devrient Mobile Security GmbH (Germany), Diebold Nixdorf (U.S.), Incorporated (U.S.), Heartland Payment Systems (U.S.), and Ingenico (France)

Market Opportunities

  • Advanced Sensor Technology
  • Internet of Things (IoT) Integration
  • Wireless and Portable Solutions

Market Definition

The smart payment systems market refers to a dynamic and rapidly growing sector within the financial technology (fin-tech) industry that encompasses a wide array of innovative solutions designed to revolutionize the way individuals and businesses handle payments and financial transactions. This market includes digital payment methods such as mobile wallets, contactless payments, and cryptocurrencies, as well as payment processing services, point of sale (POS) systems, and online payment gateways. It also encompasses emerging technologies such as blockchain and biometric authentication, offering heightened security and user convenience.

Global Smart Payment Systems Dynamics

Drivers

  • Technological Advancements of Smart Payment Systems

Advancements in technology have significantly impacted the smart payment market. This includes innovations in encryption, tokenization, and secure authentication methods, which enhance the security of digital transactions. In addition, the development of blockchain and distributed ledger technology has opened up possibilities for more secure and transparent transactions, with cryptocurrencies like Bitcoin and Ethereum becoming viable payment options.

  • Changing Consumer Preferences

Consumers increasingly favor convenient and secure payment methods. The shift from traditional cash and card payments to digital wallets and contactless payment methods is driven by the desire for faster, more efficient transactions. This is particularly evident in younger generations who are more tech-savvy and comfortable with mobile payments

Opportunities

  • Microfinance and Digital Banking

Offering microfinance services and digital banking solutions tailored to underserved populations can help bridge the financial inclusion gap. This includes mobile-based banking and microloans.

  • Integration of Internet of Things (IoT)

The integration of internet of things (IoT) with smart payment systems also further offer numerous growth opportunities within the market. Real-time location data are being produced as a result of the internet of things (IoT) platforms' increasing use in business operations to provide customers with highly relevant and location-specific services. In addition, the combination of smart payment systems and internet of things (IoT) devices gives users access to accurate data for geospatial data analysis. For instance, geographical data can be used to monitor an IoT-enabled valve from any location in the world

Restraint/Challenge

  • High Cost of Technology Payment System

The pricey geographic information system will further derail the overall market’s growth. The smart payment systems is expensive because in addition to the technology and software, it is necessary to have a properly qualified human workforce. Specialized knowledge is needed to comprehend and interpret the information gathered by a smart payment systems, which is expensive to hire and train. This factor will therefore obstruct market growth over the forecast period of 2023 to 2030.

This global smart payment systems market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global smart payment systems market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In June 2022, Hexagon, a multibillion dollar market leader in sensor, software, and digital reality solutions, is supporting start-ups to boost productivity and ESG. Hexagon Manufacturing Intelligence Division awarded Smart Parts and RIIICO recognition. The manufacturing sector's efficiency and sustainability will rise thanks to the open innovation platform's assistance in scaling start-ups and expanding connectivity with top-tier businesses
  • In June 2022, Construct Helix was introduced by Bentley Acceleration Initiatives, the company's internal incubator for strategic investments. Bentley Systems is a provider of infrastructure engineering software. By offering SaaS solutions that will enable a connected data environment, it is specifically designed to digitalize the flow of construction project workflows

Global Smart Payment Systems Market Scope

The smart payment systems market is segmented on the basis of type and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Internet Payment
  • Mobile Payment
  • Phone Payment
  • Smart Payment System

End User

  • Retail
  • Media and Entertainment
  • Transportation
  • Hospital
  • Others

Global Smart Payment Systems Market Regional Analysis/Insights

The global smart payment systems market is analysed and market size insights and trends are provided by type and end user as referenced above.

The countries covered in the global smart payment systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the global smart payment systems market because of the high rate of adoption of Smart Payment Systems technology within the region over the forecast period of 2022 to 2029. Moreover, the increased research and development proficiencies to improve the technology is further estimated to accelerate the expansion over the forecast period.

Asia-Pacific is expected to witness significant growth in the global smart payment systems market during the forecast period of 2023 to 2030 due to rapid urbanization and construction of smart cities within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Smart Payment Systems Market Share Analysis

The global smart payment system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to global smart payment system market.

Some of the major players operating in the global smart payment systems market are:

  • Apple Inc. (U.S.)
  • Amazon Pay (U.S.)
  • NMI (U.K.)
  • Dwolla 9 (U.K.)
  • PDCflow (U.K.)
  • EBizCharge (U.K)
  • Tipalti Inc. (U.S.)
  • FIS (U.S.)
  • Google Pay (U.S.)
  • Boku Inc. (U.S.)
  • PayPal (U.S.)
  • Infineon Technologies AG (Germany)
  • Verimatrix (France)
  • Visa, Inc. (U.S.)
  • Total System Services LLC (Georgia)
  • Wirecard (U.K)
  • Gemalto N.V. (Netherland),
  • Giesecke+Devrient Mobile Security GmbH (Germany)
  • Diebold Nixdorf (U.S.)
  • Incorporated (U.S.)
  • Heartland Payment Systems (U.S.)
  • Ingenico (France)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The smart payment systems market size will be worth USD 1, 85,560.00 million by 2030.
The growth rate of the smart payment systems market is 20.8% in the forecast period by 2030.
Technological advancements of smart payment systems & changing consumer preferences are the growth drivers of the smart payment systems market.
Type and end user are the factors on which the smart payment systems market research is based.
Major companies in the smart payment systems market are Apple Inc. (U.S.), Amazon Pay (U.S.), NMI (U.K.), Dwolla 9 (U.K.), PDCflow (U.K.), EBizCharge (U.K), Tipalti Inc. (U.S.), FIS (U.S.), Google Pay (U.S.), Boku Inc. (U.S.), PayPal (U.S.), Infineon Technologies AG (Germany), Verimatrix (France), Visa, Inc. (U.S.), Total System Services LLC (Georgia), Wirecard (U.K), Gemalto N.V. (Netherland), Giesecke+Devrient Mobile Security GmbH (Germany), Diebold Nixdorf (U.S.), Incorporated (U.S.), Heartland Payment Systems (U.S.), and Ingenico (France)
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