Real Time Payment Market Trend, Industry Share, Growth Factors, New Project Investment, Regional Analysis and Global Forecast 2023 | MRFR


Posted January 30, 2019 by DhanashreeP

Global real time payment market is expected to grow with a staggering market value by 2023. The major driver fueling the growth of real-time payment payment is the increased usage of card payments by individuals for transactions.
 
According to Market Research Future, the global real time payment market is segmented into solution, service, deployment, verticals, and region.
The increased number of online transactions, consumer shift towards online retail are the major factors in using real time payments solutions. These solutions are expected grow significantly during the forecast period. Asia-Pacific region is among the high potential for the increasing demand for payments services. By solution, the market is segmented into payment gateway, payment processing, payment security, fraud management, and others. Among the solutions, payment security is expected to grow with a highest CAGR owing to increased cyber security threats on online payments. On the other hand, payment gateway dominated the solution segment in 2017.
By services, the market is segmented into professional services, and managed services. Among these, the managed service is expected to grow at a higher CAGR. On the other hand, professional services dominated the market in 2017 owing to greater demand from consumers and industry verticals for real time payments solutions. By deployment, the market is segmented into on-premise, and cloud. Cloud deployment is holding the largest market value in terms of services.

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By verticals, the market is segmented into BFSI, IT & telecommunication, retail, government, energy & utilities, and others. Among the industry verticals, retail is dominated real time payments market size and is also expected to grow at the highest CAGR during the forecast period. This is due to the high demand for fast payments from retailers. The real time payment services provide an additional advantage offering faster and cheaper mode of payment. Additionally, the increased online e-commerce transactions is expected to boost the growth of retail sector.
By region, the real time payment market is segmented into North America, Europe, Asia-Pacific, and rest of the world.

Key Players
The key players in the real time payment market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— ACI Worldwide Inc (US), Fidelity National Information Servcs Inc (US), Fiserv Inc (US), Paypal Holdings Inc (US), Wirecard AG (Germany), Mastercard Inc (US), Worldline SA (France), Temenos AG (Switzerland), Visa Inc Class A (US), and Apple Inc (US). These players contribute a major proportion towards market growth.
Apart from the top key players, the other players contribute nearly 30–35 % in the real time payment market. These include Ant Financial Services Group (China), Global Payments Inc (US), Capgemini SE (France), Icon Solutions Ltd (India), REPAY (US), IntegraPay (US), Obopay (US), Ripple Labs Inc (US), ACE Software Solutions Inc (US), Finastra (UK), Nets A/S (Denmark), Financial Software & Systems Pvt. Ltd (India), Intelligent Payments Group Ltd (UK), Montran (US), and others.

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Regional analysis
The global market for real time payment is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of real time payment market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
North America is the largest market for real-time payment. It has generated highest revenue in 2017 and is estimated to highest market value during the forecast period. The growth of North American region is attributed to increased adoption of digital payments by customers in the countries including the US, and Canada. US has generated highest revenue in 2017 and is projected to grow with fastest CAGR during forecast period 2018–2023. It is followed by Canada and Mexico.
Europe is the second largest market for real-time payment. It is technically advanced region and has established infrastructure. The UK has generated highest revenue in 2017 and is projected to grow with a highest CAGR during forecast period 2018–2023. Technical advancements in the provision of secure payment has fueled the growth of real-time payment market in these countries.

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Last Updated January 30, 2019