North America Digital Payment Market, By Offering (Solutions, Services), Deployment Model (On Premises, Cloud), Organization Size (Large Enterprises, Small & Medium Enterprises (SMEs)), Mode of Payment (Payment Cards, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, Online Payment), Mode of Usage (Mobile Application, Desktop/Web Browser), Technology (Application Programming Interface (API), Data Analytics and ML, Digital Ledger Technology (DLT), AI and IoT, Biometric Authentication), Use Case (Person (P/C), Merchant/ Business, Government), End User (Commercial, Consumer), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027.
Digital payment market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 19.3% in the forecast period of 2019 to 2027 and is expected to reach USD 183,264.83 million by 2027. Increasing need for hassle free payment origination is driving the growth for market.
Offline payments and receptions have always been lengthy and tiring process, with provisions of payments through digital platforms have made transactions an easy process without any paperwork; this ease has allowed digital payment market achieve rocketing growth rate of double digits.
This digital payment market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America digital payment market is segmented on the basis of offering, deployment model, organization size, mode of payment, mode of usage, technology, use case and end user. The growth among segments helps you analyse 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 offering, the market is segmented into solutions and services. In 2020, solutions holds the largest share in component segment as it requires high initial cost; on the other hand services incur low cost expenditure on occasional basis.
- On the basis of deployment model, the market is segmented into cloud, and on premise. In 2020, On premises dominates the deployment model segment considering large enterprises opt for on premises installations; however cloud is growing at higher rate due to specifications based costing.
- On the basis of organization size, the digital payment market is segmented into large enterprises, and small & medium enterprises (SMEs). In 2020, Loan amount size segment is dominated by less than US$ 7,000 category majorly due to people preferring low amount of loan through digital payments; however due to increasing assurance of these platforms US$ 7,001 to US$ 20,000 category is growing at higher CAGR.
- On the basis of mode of payment, the digital payment market is segmented into payment cards, point of sale, unified payments interface (UPI) service, mobile payment, and online payment. In 2020, payment cards segment dominates the mode of payment segment as majority of transactions are carried out via payment cards, however point of sale segment is growing at higher rate due to its faster and contactless operation.
- On the basis of mode of usage, the digital payment market is segmented into mobile application, and desktop/web browser. In 2020, due to feasibility and anywhere use of mobile phones and its applications allows mobile application segment to dominate the mode of usage segment.
- On the basis of technology, the digital payment market is segmented into application programming interface (API), data analytics and ML, digital ledger technology (DLT), AI and IoT, and biometric authentication. In 2020, application programming interface (API) segment holds the largest market share in technology segment as this technology is being rapidly adopted payment solutions provider for smoother distribution amongst other related payment platforms.
- On the basis of use case, the digital payment market is segmented into person (P/C), merchant/ business, and government. In 2020, use case segment is dominated by person (P/C) segment and is expected to grow at higher rate as digital transactions are rapidly being adopted by personal account holders to avoid handling cash and adopt safer as well as quicker mode of transaction
- On the basis of end user, the digital payment market is segmented into commercial, and consumer. In 2020, commercial segment holds the largest market share in end user segment as end users such as banking, financial services and insurance (BFSI), retail and e-commerce have major applications of digital payment as digital transactions are more in numbers.
Digital payment Market Country Level Analysis
Digital payment market is analysed and market size information is provided by country, offering, deployment model, organization size, mode of payment, mode of usage, technology, use case and end user.
The countries covered in digital payment market report are U.S., Canada and Mexico.
U.S. dominates the North America digital payment market as country has global leader headquarters such as Visa, PayPal Holdings, Inc. and Mastercard.
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 such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Need of Easy Loan Generating Systems
Digital payment market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in digital payment and changes in regulatory scenarios with their support for the digital payment market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Digital payment Market Share Analysis
Digital payment 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, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to North America digital payment market.
The major players covered in the report are ACI Worldwide, Inc., PayPal Holdings, Inc., Novatti Group Pty Ltd, Global Payments Inc., Visa, Stripe, Google (A Subsidiary of Alphabet Inc.), Finastra, SAMSUNG, Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.), Financial Software & Systems Pvt. Ltd., Aurus Inc., Adyen, Apple Inc., Fiserv, Inc., FIS, WEX Inc., Wirecard, Mastercard among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of digital payment market.
- In May 2020, Mastercard announced partnership with Samsung Electronics America, Inc. in order to provide debit card options for Samsung Pay. This partnership will allow payments via MasterCard debit card through Samsung pay app. The new partnership will enhance the customer base of the company.
- In February 2018, Google launched Google pay app for making payments; this app provides the feasibility of making payments through mobile app by adding the debit cards or credit cards using UPI addresses. This product launch has enhanced the product portfolio of the company.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for digital payment.
Customization Available: North America Digital Payment Market
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