Frequent advances in the software development industry has driven the epayment system market to the forefront across developed and developing economies across the globe. The adoption of artificial intelligence capabilities in e-commerce and electronic payments systems are expected to generate massive opportunities for the players in the epayment system market.
An ever increasing number of customers around the world are making use of digital transaction methods, owing to increasingly popular trends of the internet based shopping and banking in the past few years. As the world moves forwards with international improvements in technology, the scope of growth for epayment systems will grow stronger.
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Epayment systems can be broadly classified into services and platforms, of these software platforms are projected to gain greater market share and a higher rate of growth in the near future. In addition, the rapid expansion of the ecommerce sector with high demand from consumers for secure, convenient, and fast shopping experiences are expected to play a major role in the growth of the global epayment system market. Other influential factors can include:
- Major market players across the world are increasing their focus on achieving strategic partnerships with other players in the field with the aim of sharing technologies, boosting rates of conversion and investments in expanding geographical reach. This trend is expected to play a crucial role in the growth of the epayment system market. The global market is also witnessing a trend of business strategies aiming towards consolidation, through carefully planned mergers and acquisitions.
- Increasing adoption and use of mobile wallet are aiding in the domination of North America in the market. In addition, the region has witnessed tech advancements in terms of financial activity such as cashless transactions. On the other hand, the increased interest in ecommerce and supportive government initiatives are projected to provide the Asia Pacific excluding Japan with a relatively higher rate of growth.
- Rise in the practice of in-store payments is creating significant opportunities for the use of mobile wallets, which will increase the scope of growth for the global epayment system market in the years ahead.
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Future Market Insights (FMI) has recently published a report titled ‘ePayment System Market – Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2026’. Payment systems are becoming highly complex, incorporating multiple technologies and diverse platform applications, which, in turn, has driven the need for complying with ever-growing technical standards as well as payment scheme requirements. ePayment systems have gained immense traction over the past few years, mainly because of the increasing penetration of Internet-based shopping and banking. As the world advances further with more technological developments, it complements the adoption of electronic payment systems and processing devices. ePayment systems have revolutionized business processing by reducing labor cost, transaction cost, and paperwork. Being less time-consuming and user-friendly than manual processing, ePayment systems are enabling business organizations in expanding their market reach.
Global ePayment System Market: Dynamics
The global ePayment system market is expected to grow at a CAGR of 13.4% in terms of value during the forecast period. The ePayment system market is estimated to be valued at US$ 256,078.0 Mn in 2017, and is projected to grow significantly to reach US$ 793,797.4 Mn by 2026. Furthermore, the growth of the global ePayment system market can be primarily attributed to the rapid expansion of the e-Commerce sector, along with the increasing consumer demand for a quick, easy, secure, and streamlined shopping experience. Several businesses are upgrading their payment terminals, creating further opportunity for retailers to offer additional payment options. In addition, the proliferation of smartphones is positively supporting the growth of the ePayment system market across the globe.
Global ePayment System Market: Segmental Analysis
In this report, FMI has segmented the global ePayment system market on the basis of product type, payment mode, and region. By product type, the ePayment system market is sub-segmented into software platforms and services. The software platforms sub-segment is poised to reflect higher lucrativeness, and is likely to lead the global ePayment system market in the years to follow. This segment showcases dual dominance, in terms of both, market share and growth rate for the ePayment system market during the forecast period. Due to the rising e-Commerce market, the software platforms sub-segment of the global ePayment system market is expected to account for more than 65% market share in 2017. In addition, the services sub-segment of the ePayment system market is estimated to register a high CAGR of 12.5% during the forecast period. This segment is estimated to reach US$ 229,810.2 Mn by the end of 2026 in the ePayment system market.
On the basis of payment mode, the global ePayment system market is sub-segmented into credit cards, e-wallets, debit & other cards, bank transfer, cash on delivery, and other modes. The credit cards sub-segment is estimated to dominate the overall ePayment System market. This segment is estimated to reach US$ 272,470.3 Mn by the end of 2026. In addition, the e-wallets ePayment system segment is expected to expand at a 15.2% CAGR over the forecast period in the ePayment systems market, and be valued at US$ 190,697.2 Mn by 2026 end.
Global ePayment System Market: Regional Analysis
Furthermore, on the basis of geography, North America is expected to dominate the global ePayment system market, due to the ongoing technological advancements in the U.S. and Canada. The ePayment system market has high potential in APEJ, owing to the growth of e-Commerce in India and China. In recent years, the ePayment system market in APEJ has witnessed significant growth because governments in the region taking initiatives to promote digital payments. The Western European ePayment system market will be a target market for market participants.
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According to FMI analysis, long-term contracts with business partners help increase revenue, and new innovation strategies enable ePayment system vendors reach new growth markets. Some of the market participants featured in the global ePayment system market are LightPointe Communications, Nakagawa Labs, LVX System, General Electric, Wipro, VLNComm, Philips, Oledcomm, Velmenni, and pureLiFi.