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The large enterprises segment will register gains at nearly 25.5% between 2023 and 2032. Large enterprises rely on business parameters such as diversified product portfolios, a high level of security, and payment gateways to generate bulk transactions. These businesses also tend to use on-site payments, where the checkout experience and payment processing work through their systems. Rapid digitalization and the rising awareness about the role of online payment systems in maintaining robust customer relationships will boost the payment gateway market share.
The market value from the travel and hospitality applications is anticipated to surpass USD 22 billion by 2032, due to the escalating adoption of digital wallets. Furthermore, the preference for contactless services and the subsequent rise in the usage of flexible, secure, and easy-to-use payment options will fuel payment gateway integration in the travel and hospitality industries.
The payment gateway market size in the non-hosted type segment is poised to be worth over USD 50 billion by 2032. Faster transactions, convenience, and the capability to improve brand images and customer relationships are contributing to the adoption of a non-hosted payment gateway. Non-hosted gateways are beneficial in terms of controlling the payment page since the merchant can directly provide the page to customers. Moreover, the low complexity associated with this form of payment gateway in tracking user data may constrain product development.
Europe payment gateway market is projected to exhibit a CAGR of 22% up to 2032. The rising emphasis of regional governments on increasing the use of digital payment platforms is one of the key drivers for payment gateway demand.
To cite an instance, in December 2021, the UK took additional measures to offer more accessible financial services when people obtain insurance, credit, or mortgages and set up their bank accounts and retirement planning. These factors, along with the emergence of e-commerce as a booming sector, will also stimulate payment gateway deployment across Europe.