Online Payment Market Size [2022-2029] Industry Trends, Share, Growth, SWOT Analysis, Market Drivers

 The global Online Payment Market Size is expected to rise with an impressive CAGR and generate the highest revenue by 2029. Fortune Business Insights™ in its latest report published this information. The report is titled "Online Payment Market Size, Share and Trends Forecast". The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period [2022 - 2029].

  • Fortune Business Insights says that the market value stood at US $ 3286.52 Million in 2019
  • By 2027, the Online Payment Market size is expected to reach US $ 17643.335 Billion
  • The market is expected to grow at a CAGR of 23.7% in the forecast period (2020-2027).
  • The growth rate of the Global Online Payment Market is 23.7%, with an estimated value of US $ 17643.335 Billion million by 2027.

Gather more insights about the market drivers, restrains and growth of the Global Online Payment Market

Driving Factor:

Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth

The retail industry is considered to be one of the major contributors to the online payment market growth as it is adopting such platforms rapidly. The main aim behind this is to gather consumer data, such as the intervals of shopping, preferences, and their most purchased items. They are further utilizing such data to deliver personalized customer services. Starbucks, for instance, introduced its this payment app for customers where they can choose food and beverages and pay for the same directly from their bank accounts. Besides, the company started offering services, such as loyalty points and discount codes for enhancing customer engagement.

However, the outbreak of the COVID-19 pandemic has started to cause a shift in the market. The consumer behavior is transforming at a fast pace owing to the increasing need to prevent the spread of the virus. Hence, they are opting for contactless transactions and are using digital wallets. As per a survey by the MasterCard Corporation, around 79% of customers are using contactless payment worldwide to maintain safety. There is also a reduction in transactions because of the complete shutdown of hospitality, aviation, travel, and entertainment industries. It may hamper the demand for online payment solutions.

Major companies in Online Payment Market Report are:

  • com Co Ltd. (Hangzhou China)
  • Adyen (Amsterdam Netherlands)
  • American Express Co. (New York USA)
  • ACI Worldwide Inc. (Florida USA)
  • JPMorgan Chase & Co (New York USA)
  • Facebook Inc. (California USA)
  • MasterCard Incorporated (New York USA)
  • Apple Inc. (New York USA)
  • Amazon Inc. (Washington USA)
  • PayPal, Inc. (California USA)
  • Visa, Inc. (California USA)

Pre-Post COVID-19 Impact on Global Online Payment Market

COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. 

In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Online Payment Market, since end-user industries were still not operating at their full capacity.

Secondary Research:

This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global Online Payment Market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research:

Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.

Estimation of Market Size

The total size of the Online Payment Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:

Extensive secondary research was used to identify the industry’s key players.

The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.

All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.

FAQ's:

1. How big is Online Payment Market?

The global online payment market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period, to Reach USD 17643.335 Billion by 2027, from USD 3286.52 Billion in 2019

2. Who is the market leader in Online Payment?

 Alipay.com Co Ltd., Adyen, American Express Co., JPMorgan Chase & Co, Facebook Inc., MasterCard Incorporated, Apple Inc., Amazon Inc., PayPal, Inc, Visa, Inc.
 
3. Which region is expected to hold the highest market share?
 
Europe is expected to hold the highest market share.

Major Points in Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global Market Share Analysis and Matrix, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Online Payment Market Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029

TOC Continued...!

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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