Report : North America Digital Payment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component [Solution (Payment Gateways, Payment Processing, Payment Security and Fraud Management, Point of Sale, and Payment Wallet) and Services (Professional Services and Managed Services)], Deployment (Cloud-Based and On-Premises), Organization Size (Large Enterprises and SMEs), and Industry (BFSI, Retail & E-Commerce, Healthcare, Travel & Hospitality, Media & Entertainment, IT & Telecom, and Others)
Solution Segment to Dominate North America Digital Payment Market During 2021–2028
According to a new market research study on “North America 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$ 1,07,351.18 million by 2028 from US$ 38,853.59 million in 2021. The market is estimated to grow at a CAGR of 15.6% from 2021 to 2028. The report provides trends prevailing in the North America digital payment market along with the drivers and restraints pertaining to the market growth. Growing prevalence of smartphones enabling expansion of mCommerce and increasing adoption of contactless payments are the major factor driving the growth of the North America digital payment market. However, less international cross-border payment standards hinders the growth of North America digital payment market.
In case of COVID-19, North America is highly affected specially the US. Progress in vaccination programs and the reopening of businesses are anticipated to fuel the demand for digital payment in the coming years. While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. Market players are investing in customer experience management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, machine learning, and IoT technology in North America. Further, the advent of 5G technology, combined with IoT, is expected to create lucrative opportunities in maximizing efficiency and minimizing wastage of resources across various industry verticals. Thus, the digital payment market in North America is expected to grow at a significant pace post-COVID-19 pandemic.
The North America 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 US, Canada, and Mexico.
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 North America 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, Adyen’s proposal to open a Federal Foreign Branch in San Francisco, California, was granted by the US Office of the Comptroller of the Currency (OCC). Adyen will be able to improve its US activities and operations in accordance with those undertaken in Europe under its European banking license by obtaining this US branch license. Adyen’s single platform allows for better operational scalability and the potential to provide expanded services to its merchants.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com