Marketresearch.biz announces the publication of its most recently generated research report titled, “Global Real-time Payments Market by Component (Solutions and Services) By Payment Type (P2B, B2P, P2P, Other Payment Types), By Deployment Mode (Cloud and On-Premises), By End-Use Industry (BFSI, IT & Telecom, Healthcare and Education, Retail & E-commerce, Other End-Use Industries), and Region (North America, Europe, APAC, South America, MEA) – Global Forecast to 2031.”, which offers a holistic view of the Global Real-time Payments Market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2015–2020) is projected to be over US$ 25.03 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
A real-time payments system is an asynchronous messaging system with request and response capabilities that operates between financial institutions, third parties, gateways and directly connected businesses in real-time. Real-time payments enable people, businesses, and governments to make payments more quickly with funds immediately available for use.
Global Real-time Payments Market: Market Dynamics
According to industry estimates, mobile devices and internet usage are expected to reach 3 billion worldwide. Moreover, the smartphone adoption rate has reached 70% in developed countries, while feature phones often replace wallets and hard cash in various developing economies. New domestic Person-To-Person (P2P) payment providers are popping up regularly due to social platforms, digital currencies, and Near-Field Communication (NFC) based payments. This paradigm shift of technology is expected to fuel the demand for real-time digital payments in the near future.
Moreover, developing markets continue to be a vital source of demand for RTPs. The declining cost of mobile phones, a drive to extend network coverage, rapid addition of new subscribers, coupled with government initiatives and financial support and obligations, provide immense opportunities for real-time payments in emerging economies. This creates lucrative opportunities for the target market, specifically in the APAC countries such as China, Japan, South Korea, and India, as significant shareholding countries in this region.
Increasing online banking fraud to exploit loopholes and illegally obtain customer information and funds is a key restraining factor for the real-time payments market. Real-time payments give criminals an unprecedented ability to quickly move funds across multiple accounts, hiding the origin of their funds and moving them away from law enforcement. Fraudsters use malicious software, phishing scams, social engineering, remote access Trojans (RATs), keylogging, and other methods to gain account and withdraw funds, also known as account takeover attacks. As a result, banking sectors and other financial institutions need to be more vigilant about online fraud, first-party fraud, false claims and check fraud.
Several leading players are now focusing on adopting multiple policies to expand their respective businesses globally. Policies such as strategic mergers & acquisitions, joint ventures & partnerships with other companies, etc., are generally carried-out to develop new products/services, expand existing product portfolios, and maintain or improve their respective market positions. This is another major trend that is expected to complement the financial trajectory of this industry in the foreseeable future.
Global Real-time Payments Market: Market Forecast
The comprehensive research report comprises a complete forecast of the Global Real-time Payments Market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the Global Real-time Payments Market is estimated to expand at a moderate CAGR of 30.5% during the forecast period.
Global Real-time Payments Market: Segmental Snapshot
The market report has been segmented on the basis of components, payment type, deployment mode, end-use industry, and region. The component segment includes solutions and services. The payment type segment includes P2B, B2P, P2P, other payment types. The deployment mode segment includes cloud and on-premises. The end-use industry segment includes BFSI, IT & Telecom, healthcare and education, retail & e-commerce, other end-use industries. The region covered in the analysis are North America, Europe, APAC, South America, and MEA.
By Component: The solutions segment is expected to register a CAGR of over 28.9%, thereby accounting for highest revenue share among the component segments.
By Payment Type: The P2B segment is expected to register a CAGR of over 34.1% over the forecast period, thereby accounting for highest revenue share among the payment type segments.
By Deployment Mode: The on-premises segment is expected to register a CAGR of over 26.8%, thereby accounting for highest revenue share among the deployment type segments.
By End-Use Industry: The retail & e-commerce segment is expected to register a CAGR of over 35.% over the forecast period, thereby accounting for highest revenue share among the end-use industries segments.
By Region: The market in Asia-Pacific accounted for highest revenue share in the global Real-time Payments market in 2020, and is estimated to register a CAGR of over 34.8% between 2022 and 2031.
Global Real-time Payments Market: Competitive Analysis
The research report on the global Real-time Payments market includes profiles of major companies such as – Alipay, PayPal Holdings Inc., Google Pay, Apple Inc., Fiserv Inc., ACI Worldwide Inc., Paytm (One 97 Communications Ltd.), PROSA, PhonePe Pvt. Ltd., BharatPe, among others.
The Global Real-time Payments Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2022–2031 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Real-time Payments Market for 2015–2031.
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