Cloud-Based Segment to Dominate Europe Digital Payment Market During 2021–2028  

According to a new market research study on “Europe Digital Payment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment, Organization Size, and Industry” is expected to reach US$ 64,508.08 million by 2028 from US$ 25,079.22 million in 2021. The market is estimated to grow at a CAGR of 14.4% from 2021 to 2028. The report provides trends prevailing in the Europe digital payment market along with the drivers and restraints pertaining to the market growth.  Accentuating adoption of contactless payments and burgeoning prevalence of smartphones enabling expansion of mCommerce are the major factor driving the growth of the Europe digital payment market. However, dearth of international cross-border payment standards hinders the growth of Europe digital payment market.    

In case of COVID-19, Europe is highly affected specially the UK. The government body of Europe realizes that all businesses, irrespective of their size scale, need assistance during the COVID-19 outbreak. The crisis is negatively impacting the business operations of public and private companies in Europe. Russia, the UK, France, Italy, Spain, and Germany are among the worst affected member states in Europe due to the COVID-19 outbreak. Businesses in the region face severe economic difficulties as they either suspend their operations or substantially reduce their activities. Due to the business shutdown, Europe witnessed an economic slowdown in the first half of 2021. However, the software industry is not affected as compared to other industries, such as automotive and manufacturing, since businesses allowed their employees to work from home.

The Europe digital payment market is segmented on the basis of component, deployment, organization size, industry, and country. Based on component, the market is segmented into solution and services. The solution segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on solution, the market is segmented into payment gateways, payment processing, payment security and fraud management, point of sale, and payment wallet. Based on services, the market is segmented into professional services and managed services. By deployment, the market is bifurcated into cloud-based and on-premises. The cloud-based segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on organization size, the market is segmented into large enterprises and SMEs. The large enterprises segment dominated the market in 2020 and SMEs segment is expected to be fastest growing during forecast period.  Based on industry, the market is segmented into BFSI, retail and e-commerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. The BFSI segment dominated the market in 2020 and retail and e-commerce segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UK, Germany, France, Italy, Russia, and rest of Europe.

ACI Worldwide, Inc.; Adyen; Block, Inc.; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; Novatti Group Ltd; PayPal Holdings, Inc.; Paysafe Limited; and PayU are among the leading companies in the Europe digital payment market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, The Fiserv, Inc purchased Inlet, LLC (“Inlet”), a supplier of secure digital delivery solutions for invoices and statements for enterprise and middle-market billers. The Payments sector includes Inlet, which advances the company’s digital bill payment strategy.   

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