Retail and E-commerce Segment is Expected to be Fastest Growing During Forecast Period for SAM Region

According to a new market research study on “SAM 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$ 5,842.24 million by 2028 from US$ 2,426.02 million in 2021. The market is estimated to grow at a CAGR of 13.4% from 2021 to 2028. The report provides trends prevailing in the SAM digital payment market along with the drivers and restraints pertaining to the market growth. Growing adoption of open-banking APIs and surging demand for mobile point of sales (mPOS) are the major factor driving the growth of the SAM digital payment market. However, lack of international cross-border payment standards hinders the growth of SAM digital payment market.       

In case of COVID-19, SAM is highly affected especially Brazil. The presence of various developing countries in SAM makes this region one of the key markets for the future growth of the digital payment market. Growing population, rising disposable income, surging demand for advanced technologies, and huge focus on digital transformation are a few key factors expected to drive the growth of the market in SAM in the coming years. The high number of COVID-19 confirmed cases and deaths in major SAM countries, such as Brazil, Peru, Chile, Ecuador, and Argentina, slightly affected the market growth in these countries in 2020. Subsequent to the pandemic, IT and technology businesses have received a growth in several countries of SAM since digital acceleration and the need for remote work have accelerated the market growth even in the pandemic. Thus, the digital payment market in SAM is not majorly affected during the pandemic.

The SAM 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 Brazil, Argentina, and rest of SAM.   

ACI Worldwide, Inc.; Adyen; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; PayPal Holdings, Inc.; and PayU are among the leading companies in the SAM 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 2019, Fiserv completed the acquisition of First Data Corporation, and the acquisition was priced at US$ 22Bn in an all-stock transaction. With this acquisition, Fiserv is one of the world’s largest payment and financial technology providers.

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