Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Payment Orchestration Platform Market Size, Share & Trends Analysis Report By Type (B2B, B2C, C2C), By Functionality, By End-use (BFSI, Healthcare, E-Commerce), By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global Payment Orchestration Platform (POP) market is expected to reach USD 6.52 billion by 2030, with a CAGR of 24.7% from 2023 to 2030. The growth of the market is driven by the increasing use of smartphones for making payments and consumer awareness about multiple payment options, leading to higher expectations for secure and fast payments.
Key Market Drivers:
- Growing E-commerce Platforms: The increasing adoption of e-commerce platforms by businesses and consumers has led to a higher demand for efficient and secure payment solutions. Payment orchestration platforms offer 24/7 payment services and operational cost-efficiency, making them attractive options for businesses.
- Increasing Penetration of Smartphones and the Internet: The widespread use of smartphones and the internet has made digital payments more accessible and convenient for consumers. This has led to a shift in consumer behavior towards digital payments, driving the demand for payment orchestration platforms.
Market Challenges:
- Data Security Risk: With the increasing adoption of digital payment solutions, the risk of data breaches and cyberattacks has also risen. Data security remains a significant challenge for the payment orchestration platform market, and providers need to invest in robust security measures to address these concerns.
Market Segmentation:
The report highlights different segments of the Payment Orchestration Platform market, including:
- Type: The B2C segment is expected to witness the fastest growth over the forecast period. This growth is driven by the introduction of multiple payment platforms by major payment orchestration providers and the adoption of these platforms by e-commerce merchants worldwide.
- Functionality: The advanced analytics & reporting segment is expected to witness the fastest growth over the forecast period. The rising demand for AI-enabled payment platforms and centralized dashboards to increase business productivity is anticipated to drive segment growth.
- End-use: The e-commerce segment is anticipated to witness the fastest growth over the period. Changing customer expectations and behavior towards online shopping are leading merchants to opt for payment orchestration platforms, propelling segment growth.
Regional Market Growth:
The Asia Pacific regional market is expected to register rapid growth during the forecast period. The increasing migration of various businesses to this region and the growing e-commerce market are boosting the regional market growth.
Key Players:
Some of the key players in the Payment Orchestration Platform market include CellPoint Digital, IXOLIT Group, Payoneer Inc., APEXX Fintech Limited, Rebilly, Spreedly, Modo Payments, Akurateco, BNT Soft, and aye4fin GmbH.
Strategic Initiatives:
Companies in the payment orchestration platform market are involved in mergers, acquisitions, and partnerships to gain a competitive edge. The report mentions that companies are also entering into strategic partnerships to develop the payment orchestration platform, thereby driving the growth of the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.13 Billion |
| Forecasted Market Value (USD) by 2030 | $6.52 Billion |
| Compound Annual Growth Rate | 24.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ktcc4s
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