What is Payment Software Market?
Of late, increasing digitization across the various sector and the growth of digital payment across the world are the major factors in the adoption of payment software. The growth of online payment is susceptible to a number of security threats, the need for payment software is growing constantly to prevent the losses incurred due to frauds and data breaches.
The market study is being classified by Type (Web Payment Software and System Based Payment Software), by Application (Retail Payments, Travels & Hospitality Payments, Transportation & Logistics Payments, E-Commerce and Others) and major geographies with country level break-up.
Bill.com (United States), PaySimple (United States), PDCflow (United States), Square, Inc. (United States), Paypal (United States), EBizCharge (United States), Tipalti (United States), Worldpay (United Kingdom), Recurly (United States), Cayan (United States) and MoonClerk (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Stripe (United States), gotoBilling, Inc. (United States), Worldpay (United Kingdom) and Payzer, LLC (United States).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Payment Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Payment Software market by Type, Application and Region.
On the basis of geography, the market of Payment Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Growth of Non-Cash Payment Globally
- The Growth of E-Commerce Industry Coupled with Increasing Online Payments Globally
Market Trend
- Increasing Deployment in Mobile-Based Payment Solutions
Restraints
- Increasing Cybersecurity Theft and Data Breaches Issue
Opportunities
- The Growth in Adoption of Payment Processing Solutions at Financial Institutions and Services.
- Government Initiatives for Digitalization
Challenges
- Lack of Digital Subscribers in Developing Countries.
- The Threat of Cyber-Attack Disturbing the Payment Processing Software
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance
Key Target Audience
Payment Software Providers, Government regulatory Bodies, E-Commerce Companies, Market Research Firms, End-User and Others