Digital Payment Market Rate, Future Trends, Market Drivers and Opportunities
Market Analysis
The digital payment market is predicted to touch USD 120,245.9 million at a whopping 16.77% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Digital payment, simply put, is a payment method that is done through a digital mode. Here, both the payee and payer use digital modes for sending and receiving money. Digital payment is also known as electronic payment. This payment does not involve any hard cash.
Various factors are propelling the global digital payment market share. According to the recent MRFR report, such factors include the increasing awareness about the different perks of digital payment usage, reliable and safer than traditional methods with less scope for robbery and theft, the proliferation of smartphones, government initiatives to promote digital payment, and proliferation of mobile payments. Additional factors adding market growth include digital innovation and the adoption of advanced technologies like AI, machine learning, and blockchain. Additional factors fuelling market growth include the growing demand for better customer experience, an increase in e-commerce industries, increasing use of mobile wallets to make transactions, global digitalization, and increasing use of digital payment during the COVID-19 pandemic.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global digital payment in healthcare market based on vertical, organization size, deployment, and component.
By component, the global digital payment market is segmented into services and solutions.
By deployment, the global digital payment market is segmented into on-premise and cloud. Of these, the on-premise segment will lead the market over the forecast period.
By organization size, the global digital payment market is segmented into large enterprises & SMEs. Of these, the large enterprise segment will have a major share in the market over the forecast period.
By vertical, the global digital payment market is segmented into hospitality, healthcare, media and entertainment, retail and e-commerce, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will have a major share in the market over the forecast period.
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