[FURL=https://www.industryarc.com/Report/19343/payment-processing-software-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Payment Processing Software market[/FURL] size is estimated to reach $68.7 billion by 2026 at CAGR of 9.6% during the forecast period 2021-2026. Increasing use of digital wallets, mobile banking, credit and debit cards for online transaction, along with worldwide growth of ecommerce sector, has accelerated the growth of this Payment Processing Software industry globally. In addition, the market will also be driven by innovation in payment technology using block chain, the Internet of Things (IoT), Artificial Intelligence (AI), and real-time payments.Key Takeaways
North America dominated the market by a market share of more than 32.7% in 2020, early adoption for new technologies and increasing adoption of online payment methods are the key factors contributing to the market growth.
The spread of the coronavirus and governments’ subsequent reaction has led to a surge in the adoption in contactless payment methods such as card and mobile payments
Retail & e-commerce is the fastest growing segment among the other end-user industry segment, growing at a CAGR of 10.5% in the forecast period, the wide availability of smartphones, coupled with increasing usage of mobile wallet apps.
Cloud deployment is growing at a highest CAGR of 10.8% in the forecast period as it offers operational flexibility and real-time deployment to the companies compared to on-premises solutions.
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Payment Processing Software Market Segment Analysis - By Geography
North America dominated the market by a market share of more than 32.7% in 2020 and is estimated to witness a significant amount of growth during the forecast period 2021-2026, owing to early adoption of technology, growing penetration of internet and online transaction methods. In June 2020, FBI published a report, according to which 75% Americans used different banking apps last year and the numbers had increased by 8% in just two months. In addition to this, presence of major market players and their business strategies for development of payment processing software is fuelling the market growth of this region.
Payment Processing Software Market Drivers
Initiatives provided by governments across the globe is driving the market growth
Rise in the adoption of contactless payments owing to Covid-19 pandemic is analysed to drive the market
Payment Processing Software Market Landscape
Payment Processing Software top 10 companies include Adyen, Alphabet Inc., BlueSnap, First Data Corporation, Global Payments PayU, Jack Henry & Associates Paysafe, PayPal Holdings Inc., Stripe, Square Inc., Visa Inc., Fisrev, Inc.
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