Report : Asia Pacific Digital Payment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution (Payment Gateways, Payment Processing, Payment Security and Fraud Management, Point of Sale, and Payment Wallet) and Services (Professional Services and Managed Services)), Deployment (Cloud-Based and On-Premises), Organization Size (Large Enterprises and SMEs), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others)
Large Enterprises Segment to Dominate APAC Digital Payment Market During 2021–2028
According to a new market research study on “APAC 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$ 56,718.42 million by 2028 from US$ 18,669.91 million in 2021. The market is estimated to grow at a CAGR of 17.2% from 2021 to 2028. The report provides trends prevailing in the APAC digital payment market along with the drivers and restraints pertaining to the market growth. Rising adoption of open-banking APIs and growing demand for mobile point of sales (mPOS) are the major factor driving the growth of the APAC digital payment market. However, dearth of international cross-border payment standards hinders the growth of APAC digital payment market.
In case of COVID-19, APAC is highly affected specially India. China was the 1st country to get affected by COVID. The country is the most crucial manufacturer and industrial producer since it trades more manufacturing goods than any other country across the world. It is also a world leader in several types of goods. A study by Center for Strategic and International Studies has reviewed the estimates of the China’s growth, and a drop was observed in Gross Domestic Product (GDP) in 2020. Other major economies, such as India, South Korea, Australia, and Japan, have also been impacted by the pandemic and are experiencing decline in the growth. However, the increasing number of COVID-19 cases and high death rates in countries, such as India, and various Southeast Asian countries have slightly affected the digital payment market growth in 2020. Mobility restrictions and cancellation/postponement of various business conferences and events due to the COVID-19 outbreak have negatively affected the overall market in APAC. Since firms have started working from home, the demand for digital payment solutions has mounted gradually, even in the breakdown. Thus, the disruption has hardly affected the market growth.
The APAC 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 China, India, Japan, South Korea, Australia, and rest of APAC.
ACI Worldwide, Inc.; Adyen; Block, Inc.; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; Novatti Group Ltd; PayPal Holdings, Inc.; and PayU are among the leading companies in the APAC 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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