Global Smart Payment Systems Market, By Type (Internet Payment, Mobile Payment, Phone Payment, Smart Payment System), End User (Retail, Media and Entertainment, Transportation, Hospital, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Smart payment systems market size is valued at USD 185.56 billion by 2028 and is expected to grow at a compound annual growth rate of 15.71% in the forecast period of 2021 to 2028. Data Bridge Market Research report on smart payment systems provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Smart payment systems are the type of systems which allow its users to pay their bills without giving any cash and through digital platforms. With the help of this system, payment services which are operated under fiscal regulation can be performed from a smartphone. It allows users to use their mobile phones to pay for a wide range of services and digital goods instead of paying with cheque, cash or debit or credit cards.
The increasing initiatives across the world for the promotion of smart or digital payments have been directly influencing the growth of smart payment systems market over the forecast period of 2021 to 2028. Also the rapid surge in the demand for smartphones and rising internet users are also flourishing the growth of the smart payment systems market. Also the high competition environment among the organizations has led to providing better customer experience is also positively impacting the growth of the market. Furthermore, the easy accessibility of digital payment mobile applications along with numerous governments across the world is also lifting the growth of the smart payment systems market. The major factors that determine the growth of the smart payment systems market is the various developments in mobile payment technology, growing number of e-commerce industries and increasing use of mobile wallets for making transactions. However, the growing awareness regarding the risk of unauthorized usage of personal data of the user, cyber-attacks as well as reluctance in adopting new technologies are acting as the major limitations for the growth of smart payment systems in the above mentioned forecasted period, whereas the increased security concerns amongst the consumers and lack of digital literacy in emerging countries have the potential to challenge the smart payment systems market growth in the forecast period of 2021 to 2028.
Likewise, the rapid changes in regulatory frameworks, high adoption of open-banking APIs as well as the rapid decline in unbanked population across the globe will further cater ample new opportunities that will lead to the growth of the smart payment systems market in the above mentioned forecasted period.
This 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 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.
Global Smart Payment Systems Market Scope and Market Size
Smart payment systems market is segmented on the basis of type and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the smart payment systems market is segmented into internet payment, mobile payment, phone payment and smart payment system.
- The end user segment of the smart payment systems market is segmented into retail, media and entertainment, transportation, hospital and others.
Smart Payment Systems Market Country Level Analysis
Smart payment systems market is analyzed and market size, volume information is provided by country, type and end user as referenced above.
The countries covered in the smart payment systems market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, 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).
North America leads the smart payment systems market due to the strong presence of a large number of digital payment solution providers in the region. Asia-Pacific is expected to expand at a significant growth rate of over the forecast period of 2021 to 2028 due to the increasing proliferation of the digitalization, associated with government initiatives to use digital payments in developing countries within this region.
The country section of the smart payment systems market 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 Smart Payment Systems Market Share Analysis
Smart payment systems 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, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to smart payment systems market.
The major players covered in the smart payment systems market report are Apple Inc., Amazon Pay, NMI, Dwolla, PDCflow, EBizCharge, Tipalti Inc., FIS, Google Pay, Boku Inc., PayPal, Infineon Technologies AG, Verimatrix, Visa, Inc., Total System Services LLC, Wirecard, Gemalto N.V., Giesecke+Devrient Mobile Security GmbH, Diebold Nixdorf, Incorporated, Heartland Payment Systems, and Ingenico among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.