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Global Payment Software Market Forecasts to 2029 and Analysis

Published On 13 Aug 2021 05:30 AM


In the recent years, companies are investing towards enhancing customer experience by providing frictionless and secure transactions. There is a big shift from brick & mortar shopping to online shopping as customers are looking out for easy and flexible methods of payments and shopping experience. The global payment software market participants are providing various features in their software for centralized control over payment cycles and compatibility with different modes of payment with real time payment structure and data security. Companies are also providing software for small and medium businesses which facilitates integrated payments into their software and operate on referral or revenue share models and also provides the companies to enhance their user experience and further efficient customer operations. The increased adoption of payment software has opened up many business opportunities for the global payment software market, which include integrating new payment methods, harnessing machine learning authorization rates, and leveraging contemporary APIs and UX designs to create a modernized checkout flow. Cloud based payment software is witnessing rapid adoption across enterprises of all sizes. The segment is also anticipated to register highest growth rate over the forecast period in the global payment software market. Major inefficiencies and monetary burdens have been overcome through comprehensive solutions that bridge the online and offline business. For instance, Square offers a software app, which not only enables payment processing for merchants but also provides deep insights about respective business through advanced analytics, loyalty programs, employee management and others.

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Due to the effect of Covid-19, major verticals like manufacturing, retail and other sectors have been forced to adopt and integrate digital payment solutions into their interface to ensure efficient operations of their business activities. A simultaneous adoption of digital payment tools by consumers has furthered the growth of global payment software market. There are various sectors adopting payment software such as online grocery stores, online pharmacies, OTT players including telecom and media, EdTechs, and online gaming amongst others.  According to a survey, in the United States, more than 51% of people resorted to use mobile wallets, like Apple Pay and other go-to credit cards. The technologies such as ‘tap-to-pay’ and mobile wallets have been widely accepted by customers globally for easier and secure payments during the pandemic.

The global payment software market is expected to grow at a CAGR of 9.7% during the forecast years (2021-2029).

The detailed research study provides qualitative and quantitative analysis of global payment software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key Findings of the Report:

  • Amidst the Covid-19 pandemic, a significant growth in digital payment transactions was observed due to rise in e-commerce and retail industry. Various firms are introducing digital payment for easy and cashless transactions.
  • In the recent years, there is an increase in the global e-commerce and cross border trade, owing to increased demand from foreign markets. Thus, companies and organizations are incorporating payment software, which can ease their transactions and overcome the time and location constraints. The phenomenon indicates positive growth prospects for global payment software market over the forecast period.
  • The small and medium enterprises in the global payment software market are anticipated to witness highest growth rate over the period of next eight years. A substantial rise in the adoption of payment software is being observed by this segment of enterprises, globally.
  • In the past few years, consumer protection has been on the rise for data protection and payment usage. Payment software market participants are undertaking conscious investments towards addressing the prevalent concern most efficiently. For instance, Visa updated their billing rules to increase transparency and protection for customers. 
  • Some of the major players operating in the global payment software market are Bill.Com, Century Business solutions, EBizCharge, gotoBilling (OmniFund), MoonClerk, PaySimple, Payzer,LLC, PDCflow, Raklet, Recurly, Inc., Stripe, Tipalti, and Wordpay,LLC amongst others.

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Global Payment Software Market:

By Industry

  • Retail
  • Manufacturing
  • Healthcare
  • Others

By Organization size

  • Small and Medium Enterprises
  • Large Enterprises

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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