Payment as a Service Market

Payment as a Service Market by Services (Managed and Professional), Industry Verticals (Healthcare, Retail & E-commerce, BFSI, Travel & Hospitality, and Others), Components (Services and Platform), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-3317
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 1
  • No. Of Pages: 211
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The global payment as a service market size was valued at USD 8.4 billion in 2020 and is estimated to expand at high CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rise in demand of convenient and easy purchase of services & goods through mobile application, penetration of smartphones, and increasing e-commerce business led to exponential shift towards cashless or digital payment.

Payment as a Service Market Key Takeaways

The payment business has experienced a radical change and the traditional payment modules have been substituted by the new modules where the payment is just a click away. The Payment as a Service (PaaS) is a platform provided by third party company to enterprises for accepting electronic payments by various methods such as real-time bank transfer, credit card, debit card, and net banking. PaaS uses software as a service model (SaaS) to streamline the payment for customer. Digital payments are done through website, e-wallets, and other applications. PaaS manages transaction between seller and buyer as well as PaaS is trusted by both. It safeguards the payment information and offers risk free payment. The COVID-19 pandemic outbreak has a positive impact on the payment as a service market. Pandemic lead to reduction in cash-based transaction and increase in mobile payment by e-wallets.

Market Trends, Drivers, Restraints, and Opportunities

  • Rising transaction on cloud-based service model then on-premise service model and optimized consumer experience for secure and fast payment methods are key factors driving the market growth.
  • Growing focus of government to promote payment solution based on real-time and secure transactions is projected to drive the market expansion during the forecast period.
  • Increasing cyber-crime and data stealing can hamper the market growth in the projected timeline.
  • Charging service fees by third party payment processors and payment gateways act as a major challenge that can restrict the market growth.
  • Offering enhanced security solution and integrating application process interface (API) software with payment platform service is projected to create significant growth opportunities for the market.

Scope of the Report

The report on the global payment as a service market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Payment as a Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Services (Managed and Professional), Industry Verticals (Healthcare, Retail & E-commerce, BFSI, Travel & Hospitality, and Others), and Components (Services and Platform)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

First American Payments Systems; Aurus Inc.; First Data (Fiserv Inc.); Verifone Holdings, Inc.; TSYS (Global Payments Inc.); Agilisys Inc.; Alpha Fintech; Ingenico; Pineapple Payments; and PaySafe limited.

Market Segment Insights

Professional segment is expected to grow at a rapid pace

Based on services, the global payment as a service market is bifurcated into managed and professional. The professional segment is expected to grow at a rapid pace during the forecast period as professional services contain maintenance, consulting, integration, training, and deployment. The growing demand for API based services along with transformation of traditional checks to digital payment is projected to boost the growth of the professional segment. However, the managed segment is anticipated to expand at a substantial CAGR during the forecast period in the coming years due to reducing infrastructure complexity thus providing safe infrastructure and reduced operational cost.

Healthcare segment is projected to expand at a considerable CAGR

On the basis of industry verticals, the market is segregated into healthcare, retail & ecommerce, BFSI, travel & hospitality, and others. The retail & ecommerce segment is expected to account for a major market share in the projected timeline owing to integration of SaaS, digital stores, and Artificial Intelligence to increase the presence and visibility in market. Additionally, payment through debit card, credit card, net banking, and e-wallets has reduced operating cost and transaction time. On the other hand, the healthcare segment is projected to expand a considerable CAGR during the forecast period attributed to the increased spending on medical equipment, supplies, and medicines.

Payment as a Service Market By Industry Verticals

Platform segment is estimated to account for a significant market share.

Based on components, the global payment as a service market is bifurcated into services and platform. The platform segment is estimated to account for a significant market share during the forecast period owing to integration of payment platform with online stores and this platforms are integrated with payment gateways, fraud detection system, and enhanced security. However, the services segment is anticipated to expand at a substantial CAGR during the forecast period in the coming years due to enhanced customer experience, offering skills required for API based transaction, and fulfilling other customer requirements.

North America is anticipated to constitute a key market share

In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to adoption of PaaS over traditional system and increased penetration of digital payment instrument. However, the Asia Pacific market is anticipated to increase at a rapid pace during the forecast period due to use of payment as a service system by small & medium enterprises and large enterprises in the region.

Segments

Segments Covered in the Report
The global payment as a service market has been segmented on the basis of

Services
  • Managed
  • Professional
Industry Verticals
  • Healthcare
  • Retail & E-commerce
  • BFSI
  • Travel & Hospitality
  • Others
Components
  • Services
  • Platform
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • First American Payments Systems
  • Aurus Inc.
  • First Data (Fiserv Inc.)
  • Verifone Holdings, Inc.
  • TSYS (Global Payments Inc.)
  • Agilisys Inc.
  • Alpha Fintech
  • Ingenico
  • Pineapple Payments
  • PaySafe limited

Competitive Landscape

Key players competing in the global payment as a service market are First American Payments Systems; Aurus Inc.; First Data (Fiserv Inc.); Verifone Holdings, Inc; TSYS (Global Payments Inc.); Agilisys Inc.; Alpha Fintech; Ingenico; Pineapple Payments; and PaySafe limited.

Companies are focusing on development of innovative products, acquisitions, mergers, and partnerships to expand their market share. In January 2019, First Data was acquired by Fiserv Inc. to offer a range of financial services and payments, such as integrated payments, spanning account processing, digital banking, and other products & services. In May 2019, TSYS merged with Global Payments Inc. to provide solutions on payment technologies.

Payment as a Service Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Payment as a Service Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Payment as a Service Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Payment as a Service Market - Supply Chain
  4.5. Global Payment as a Service Market Forecast
     4.5.1. Payment as a Service Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Payment as a Service Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Payment as a Service Market Absolute $ Opportunity
5. Global Payment as a Service Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Payment as a Service Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Payment as a Service Demand Share Forecast, 2019-2026
6. North America Payment as a Service Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Payment as a Service Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Payment as a Service Demand Share Forecast, 2019-2026
7. Latin America Payment as a Service Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Payment as a Service Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Payment as a Service Demand Share Forecast, 2019-2026
8. Europe Payment as a Service Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Payment as a Service Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Payment as a Service Demand Share Forecast, 2019-2026
9. Asia Pacific Payment as a Service Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Payment as a Service Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Payment as a Service Demand Share Forecast, 2019-2026
10. Middle East & Africa Payment as a Service Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Payment as a Service Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Payment as a Service Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Payment as a Service Market: Market Share Analysis
  11.2. Payment as a Service Distributors and Customers
  11.3. Payment as a Service Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. First American Payments Systems Aurus Inc. First Data (Fiserv Inc.) Verifone Holdings, Inc. TSYS (Global Payments Inc.) Agilisys Inc.  
Segments Covered in the Report
The global payment as a service market has been segmented on the basis of

Services
  • Managed
  • Professional
Industry Verticals
  • Healthcare
  • Retail & E-commerce
  • BFSI
  • Travel & Hospitality
  • Others
Components
  • Services
  • Platform
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • First American Payments Systems
  • Aurus Inc.
  • First Data (Fiserv Inc.)
  • Verifone Holdings, Inc.
  • TSYS (Global Payments Inc.)
  • Agilisys Inc.
  • Alpha Fintech
  • Ingenico
  • Pineapple Payments
  • PaySafe limited

Key players competing in the global payment as a service market are First American Payments Systems; Aurus Inc.; First Data (Fiserv Inc.); Verifone Holdings, Inc; TSYS (Global Payments Inc.); Agilisys Inc.; Alpha Fintech; Ingenico; Pineapple Payments; and PaySafe limited.

Companies are focusing on development of innovative products, acquisitions, mergers, and partnerships to expand their market share. In January 2019, First Data was acquired by Fiserv Inc. to offer a range of financial services and payments, such as integrated payments, spanning account processing, digital banking, and other products & services. In May 2019, TSYS merged with Global Payments Inc. to provide solutions on payment technologies.

Payment as a Service Market By Key Players

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