The Global Online Payment Market Size, which was estimated to be worth USD 3,286.52 billion in 2019, is expected to grow to USD 17,643.35 billion by 2027, at a CAGR of 23.7%.

The payment market is growing as digitalization spreads. The demand for mobile payment transactions is increasing due to the increasing use of smartphones and the widespread availability of internet connectivity. Similar to this, government programs are urging users to switch to contactless payment methods. Furthermore, the incorporation of technologies like artificial intelligence and machine learning is probably going to improve the security system, further boosting consumer confidence in the payment system.

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Information about the report:

• Forecast Timeframe: 2020-2027
• The starting year is 2021.
• Market Size in 2019 - USD 3,286.52 billion
• The market size in 2027 will be USD 17,643.35 billion
• CAGR - 23.7%
• Segments Included: according to deployment type, application, enterprise type, sector, and geographic region

The Online Payment Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. Market share is the portion of the market that a single provider or a group of providers controls. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.

Analyses of the worldwide Online Payment Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.

By Payment Type Analysis,

The market is divided into three segments: digital wallets, online banking, and mobile payments.

The volume of non-cash transactions increased by double digits globally in 2016, according to the World Payment Report. Additionally, it is anticipated to increase the volume of transactions by almost 8.6% of all non-cash transactions. Offering value-added features and top-notch user experiences are digital wallet providers like Google LLC, Amazon Inc., Facebook Inc., and Alibaba Group. For instance, PayPal Inc. provides real-time and cross-border e-payment services in various nations. This has a favorable effect on how widely customers use digital wallets.

By Analysis,

The main obstacle to the adoption of the online payment system is security worries about data loss and privacy. According to PwC's Mobile Payment Report, more than 50% of customers in Europe in 2019 cited privacy as their top worry, while 75% of respondents cited security as their top worry. Similar to this, the Reserve Bank of Australia claims that the most common form of fraud in Australia is the card-not-present transaction. This is likely to hamper market growth.

By Industry Analysis,

The market includes the following industries as its segments: media & entertainment, retail, BFSI, food & beverage, IT & telecom, transportation, and others.