Payment-as-a-Service Market 2021 | Latest Technological Advancement, Industry Trends, Competitive Landscape, Explosive Factors of Revenue by Key Vendors Size Forecast Analysis 2030

In a recent published report, Kenneth Research has updated the market report for Payment-as-a-Service Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Payment-as-a-Service Market products.

Download Sample of This Strategic Report:-

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

Market Synopsis

The global payment as a service market was valued at USD 4.27 billion in 2018 and is expected to reach USD 14.37 Billion by 2024 growing at a 23.20% CAGR during the forecast period 2019–2024. Increasing adoption of cashless transactions worldwide, especially in developing nations supported by the respective governments, development of smart technology products, and increasing use of smartphones by users are some of the primary factors driving the growth of payment as a service market. However, the lack of global standard payment guidelines is one of the crucial factors expected to restrain the growth of payment as a service market in the coming years.

The Final Report will cover the impact analysis of COVID-19 on this industry:

Download Sample of This Strategic Report:-

Developing digital and advanced network technologies such as 5G, and rising adoption of digital payment models by developing nations such as Malaysia, Thailand, Indonesia, the Philippines, Taiwan, Pakistan, Sri Lanka, and Bangladesh are some of emerging factors which are expected to create fruitful opportunities for the market players in the coming years. Whereas, the lack of standard digital payment infrastructure is one of the major challenges faced by the payment as a service market as cash-based payments still hold a significant share in the market.

Key Players

First Data Corporation, Total System Services (TSYS), Paysafe Group Ltd, Verifone, Ingenico, Aurus, Inc., Pineapple Payments, ePay, BlueSnap, Inc., PayU, Alpha Fintech, Google, Stripe, Braintree, Amazon, Skrill, Zoho Checkout, BitPay,, WePay, and First American Payment Systems are some of key players covered in the Payment as a service market research study.

Global Payment as a Service Market, 2018–2024 (USD Billion)

Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, KENNETHRESEARCH Analysis


The global payment as a service market has been segmented on the basis of component, vertical, and region.

Download free Sample of This Strategic Report:-

By component, the market is segmented into platform and services. By services, the market has been further segmented into professional and managed services.

By vertical, the market has been categorized into retail, hospitality, media & entertainment, healthcare, and BFSI among others.

By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

Market Research Future (MRFR) study has covered the following countries in the regional analysis of payment as a service market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Sweden, and Italy in Europe. China, Japan, India, Singapore, Australia, Malaysia, Thailand, Indonesia, Vietnam, the Philippines, and South Korea in Asia-Pacific. The Middle East & Africa and South America in the rest of the world.

The payment as a service market is currently dominated by North America due to the presence of key payment service providers in the region. The US, among all the countries, accounts for the largest market share as well-established infrastructure and developing mobile payment services has propelled the market growth of payment as a service in the country.

Europe, followed by Asia-Pacific, is projected to be the fastest growing market for payment as a service. Government investment in developing advanced or digital or electronic payment services and increasing consumer awareness about digital payments has propelled the market growth of payment as a service market in Europe. Whereas, advancement in payment technologies, developments in network functionalities and digital technology infrastructure, and increasing adoption of the cloud for payment services, has increased the growth of payment as a service market in Asia-Pacific.

Request For Full Report-

The payment as a service market in the Middle East & Africa has also expected to grow at a significant rate during the forecast period due to rising adoption of contactless payment services by the consumers in the region supported by the government.

Recent Developments

May 2018, Worldline, a European payment and transaction services provider, acquired SIX payment services company. With this acquisition, Worldline would strengthen its position in Europe market by increasing its geographical presence in Switzerland, Austria, Luxembourg, and Germany.

January 2018, ING, a global finance institute located in Europe, signed an agreement to acquire around 75% stake in Payvision company, a provider of omnichannel payments services worldwide. With this stake, ING is looking towards its service portfolio expansion and increasing its customer base worldwide.

Intended Audience

Investors and consultants

Research/Consultancy firms

Technology solution providers

Government agencies

Financial service providers

Insurance companies

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

Contact Us

Name: Kenneth research
Phone: +1 313 462 0609

Molecular Modelling Market
3D Cell Culture Market
Over The Wire Micro Guide Catheter Market
Avascular Necrosis Market
Creatinine Test Market
Haircare Market
On-Line Total Organic Carbon Analyzer Market
Sterility Testing Market
Sturge Weber Syndrome Market

Leave a Reply

Your email address will not be published. Required fields are marked *