Global Real Time Payment Market Size, Share, Growth and Forecast 2022-2027
Global Real Time Payment market is expected to grow at a robust CAGR of around 30% during the forecast period. The global real time payment market is driven by the growing number of mobile phone users and increasing traction for instant payment transfers among population. Additionally, increasing cashless transactions, and increasing popularity of internet and mobile banking among the population is further projected to propel the growth of market during the next five years.
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The Global Real Time Payment market is segmented based on nature of payment, component, deployment mode, end user, company and region. Based on nature of payment, the market can be categorized into P2P, P2B, B2P. The P2B segment is expected to hold a significant market share owing to the growing volume of digital real time transactions. Based on component, the market can be bifurcated into solutions and services. The solutions segment is expected to dominate the market attributable to the growing customer preference for digital transactions, which has led to new reforms and regulations that make it necessary for banks and organizations across a number of industries to adopt Real Time Payment gateway, instant payment processing solutions, among others. Based on deployment mode, the market can be divided into on-premise and cloud. The on-premise segment dominates the market on account of high implementation of on-premise real time payment solutions across large enterprises to procure and access data securely within their premises.
The major players operating in the Real Time Payment market are ACI Worldwide, Inc., Mastercard Incorporated, Visa Inc., PayPal Holdings, Inc., Fiserv, Inc., Fidelity National Information Services, Inc. (FIS Inc.), Wirecard AG, Worldpay, Inc., Montran Corporation, Volante Technologies Inc. and others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. For instance, In August 2018, ACI Worldwide partnered with SPAN Enterprises, a cloud-based software company, to boost payments and enhance the customer experience in the transportation industry by deploying ACI’s Official Payments, an IRS tax payment system.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of global Real Time Payments market.
- To classify and forecast global Real Time Payment market based on nature of payment, component, deployment mode, end user, company and regional distribution.
- To identify drivers and challenges for global Real Time Payment market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global Real Time Payment market.
- To conduct pricing analysis for global Real Time Payment market.
- To identify and analyze the profile of leading players operating in global Real Time Payments market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
Key Target Audience:
- Real Time Payment manufacturers and suppliers
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to Real Time Payment
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
